What a youth savings account is and who can open one

A youth savings account is a bank or credit union account designed for people under 18, usually with lower minimum balances, fewer fees, and parental oversight built in. Most banks offer them starting at age 13 or younger, though the exact age varies by institution. The account belongs to the young person, but a parent or guardian co-owns it and can monitor activity until the account holder reaches the age of majority (usually 18).

The main difference from an adult account is control: the parent can see transactions and set limits, but the young person learns to manage money with real consequences. Some youth accounts have no monthly fees, no minimum balance requirements, and come with a debit card. Others are savings-only with no card at all. The features depend entirely on which bank or credit union you choose.

Key Takeaways

  • Youth accounts are offered by most banks and credit unions starting at age 13 or younger, with a parent or guardian as co-owner.
  • You will need the young person's Social Security number, proof of identity, and proof of address to open an account.
  • Some accounts have no monthly fees or minimum balance; others charge fees or require a deposit to start.
  • The account transitions to a standard adult account when the young person reaches 18, though the exact process depends on the bank.

What documents and information you need to bring

To open a youth savings account, you will need the young person's Social Security number, a form of ID (usually a school ID, passport, or state ID), and proof of the address where they live. The parent or guardian will also need to show ID. Some banks accept a utility bill or lease as proof of address; others accept a bank statement or government mail. Call ahead to ask what your specific bank takes.

You do not need an existing bank account to open a youth account. You do not need to bring money on the day you open it, though some banks offer a small incentive (like $5 or $10) if you make an initial deposit. Bring both the young person and the parent or guardian to the bank or credit union in person—most institutions will not open a youth account online or by mail because they need to verify identity and get both signatures on the account agreement.

Where to open a youth account: banks versus credit unions

Most national banks (Chase, Bank of America, Wells Fargo, Citibank) offer youth accounts with debit cards and online access. Credit unions often have lower fees and simpler account structures, though they may have fewer branches. The choice depends on what features matter most to you: if the young person needs a debit card and ATM access everywhere, a national bank is usually easier. If you want the lowest fees and do not mind a smaller network, a credit union may be better.

Start by checking whether your family already banks somewhere—many institutions waive fees or offer better terms if you already have an adult account there. If you are starting from scratch, visit the websites of 2 or 3 banks and credit unions in your area and compare their youth account offerings side by side. Look at monthly fees, minimum balance requirements, debit card features, and whether the account earns interest on savings.

The step-by-step process for opening the account

Visit your chosen bank or credit union with both the young person and the parent or guardian, along with the documents listed above. Tell the teller or banker you want to open a youth savings account. They will ask for the young person's name, date of birth, Social Security number, and address. They will also ask for the parent or guardian's information and will verify both IDs.

You will sign an account agreement that spells out the rules: monthly fees (if any), minimum balance requirements, what happens when the account holder turns 18, and what the parent can and cannot do with the account. Read this carefully—it is the contract that governs the account. The banker will explain the features (debit card, online banking, overdraft protection) and ask which ones you want. Once both signatures are on the agreement, the account is open. You will receive a debit card in the mail within 5 to 10 business days, and online access is usually available immediately.

Fees, minimums, and what to watch for

Youth accounts vary widely in cost. Some have no monthly maintenance fee at all. Others charge $5 to $15 per month if the balance falls below a certain amount (often $100 to $500). Some charge per transaction if you use the debit card too many times in a month. A few offer interest on the balance—usually a very small amount, but better than nothing.

Before you open the account, ask the banker about overdraft fees (what happens if the young person spends more than is in the account), ATM fees (whether you can use ATMs outside the bank's network for free), and whether the account has a minimum balance to avoid fees. Write down the answers. The account agreement will have all this in writing, but asking first means you can compare accounts before you commit.

What happens when the account holder turns 18

When the young person reaches 18, the account automatically converts to a standard adult account at most banks. The parent's access ends, and the account is now solely in the young person's name. Some banks send a notice 30 days before the conversion; others do it without warning. The debit card, online banking, and account number usually stay the same, so there is no disruption.

A few banks require the young person to visit in person to sign new paperwork when they turn 18. Check your account agreement or call the bank a few months before the birthday to find out what your institution does. If the young person wants to keep the account, nothing else needs to happen. If they want to close it or switch banks, they can do that once they turn 18.

Frequently Asked Questions

Can a young person open a youth account without a parent?

No. Youth accounts require a parent or legal guardian to co-own the account and sign the agreement. The young person cannot open one alone. Once they turn 18, they can open their own account without a parent's involvement.

What if the young person loses the debit card?

Call the bank immediately and report it lost. The bank will cancel the card and mail a replacement, usually within 5 to 10 business days. Most banks do not charge a fee for the first replacement. In the meantime, the young person can withdraw cash at the bank's ATMs or ask the parent to help them access their money.

Can the parent withdraw money from the youth account?

Yes, as a co-owner, the parent can withdraw money. However, the account is meant to teach the young person financial responsibility, so most parents do not withdraw without permission. The account agreement will spell out what the parent can do.

Do youth accounts earn interest?

Some do, but the rate is usually very low—often less than 0.01% per year. A few credit unions and online banks offer slightly higher rates on youth savings accounts. If interest matters, ask the banker what rate the account earns before you open it.

What if the young person is under 13?

Most banks require the account holder to be at least 13 years old. Some credit unions and online banks allow accounts for younger children, but they are less common. Call ahead to ask if your bank offers accounts for younger ages.