Yes, you can open a savings account at 16, but the account type and what you can do with it depends on your bank
Most banks and credit unions let you open a savings account at 16 without a parent or guardian present. However, the account is usually a minor savings account, which means the bank treats it differently than an adult account. You may have limits on how much you can deposit, how many withdrawals you can make per month, or what features you can access. Some banks require a parent to co-sign the account even if you can open it alone.
The rules vary by bank and by state. A bank in one state might let 16-year-olds open accounts independently, while another bank in the same state might require a parent. Before you go to a branch or apply online, check the specific bank's website or call their customer service line to confirm what they require for your age.
Key Takeaways
- Most banks allow 16-year-olds to open savings accounts without a parent present, though some require a parent to co-sign.
- Minor savings accounts often have withdrawal limits, deposit caps, or monthly transaction limits that adult accounts do not have.
- You will need a valid ID (usually a state ID, passport, or school ID) and proof of address to open an account.
- Some banks offer teen checking accounts with debit cards at 16, which may have different rules than savings accounts.
- Turning 18 usually converts your minor account to a standard adult account automatically, though you should confirm this with your bank.
What you need to bring to open an account at 16
You will need a valid photo ID. A state ID, driver's license, or passport all work. Some banks accept a school ID if it has your photo and birthdate, but call ahead to confirm. You will also need proof of address — a utility bill, lease, or mail from a government agency with your name and current address on it.
Bring a small amount of money to deposit. Most banks require a minimum opening deposit, which ranges from $0 to $100 depending on the bank. Some banks waive the minimum for minors. If you do not have a Social Security number, some banks can still open an account for you, but you will need to provide an Individual Taxpayer Identification Number (ITIN) instead. Ask your bank whether they accept ITINs before you visit.
How minor savings accounts differ from adult accounts
A minor savings account is designed to let you learn to save while the bank limits your risk. Common restrictions include a cap on the number of withdrawals per month (often six), a maximum balance you can hold, or a requirement that you keep a minimum balance. Some banks charge a monthly fee if your balance drops below that minimum, while others waive fees for minors.
Interest rates on minor savings accounts are usually the same as adult savings accounts at that bank, though they tend to be very low — often less than 0.01% annually. The real difference is control: a parent or guardian may be able to see your account activity or withdraw money without your permission, depending on how the account is set up. Ask your bank exactly what a parent can and cannot do before you open the account.
Banks that let 16-year-olds open accounts without a parent
Chase, Bank of America, Wells Fargo, and Citibank all allow 16-year-olds to open savings accounts in most states without a parent co-signing, though some require a parent to be present at the branch. Credit unions often have the same policy. Online banks like Ally and Marcus generally do not offer accounts for minors under 18, so check their website before applying.
The rules change by state and by branch, so the best approach is to contact your bank directly. Call the customer service number on their website or visit a local branch and ask: "Can a 16-year-old open a savings account without a parent co-signing?" Write down the answer and the name of the person who told you, in case you need to reference it later.
What happens to your account when you turn 18
Most banks automatically convert your minor savings account to a standard adult account on your 18th birthday. The account number, balance, and interest rate usually stay the same. However, any restrictions on withdrawals or deposits are lifted, and you gain full control over the account.
Some banks send you a notice before the conversion happens, and some do not. A few banks require you to visit a branch or call to confirm the conversion. Log into your account online or call your bank's customer service line a few weeks before your 18th birthday to ask what will happen. If your bank requires action from you, they will tell you what to do.
Teen checking accounts versus savings accounts at 16
Many banks offer teen checking accounts in addition to or instead of teen savings accounts. A teen checking account usually comes with a debit card, which lets you spend money at stores and online. A savings account does not come with a card — you withdraw money at an ATM or by visiting a branch.
Teen checking accounts often have the same restrictions as teen savings accounts: limits on the number of transactions per month, a minimum balance requirement, or a monthly fee. Some banks let you open both a checking and a savings account at 16, while others require you to choose one. If you want a debit card, ask whether the bank offers a teen checking account and what the fees and limits are.
What to do if a bank says you cannot open an account at 16
If your bank says you must be 18 to open an account, you have two options. First, ask whether a parent can open an account in your name that you can access. Some banks call this a custodial account — the parent is the legal owner, but you can use the account to save money. The parent can withdraw money without your permission, so this is not the same as an account you fully control.
Second, try a different bank or credit union. Credit unions in your area may have different age requirements than national banks. If you belong to a credit union through your employer or school, ask whether they offer accounts for 16-year-olds. You can also search for credit unions near you on the CO-OP network website or Alliant Credit Union's locator tool.
Frequently Asked Questions
Do I need a parent to sign anything if I open an account at 16?
It depends on the bank. Some banks let you sign all documents yourself, while others require a parent to co-sign the account agreement. A few banks require a parent to be present but not to sign anything. Call your bank before you visit to find out what they require.
Can my parent see my account activity or take money out?
That depends on how the account is set up. If it is a true minor account in your name alone, your parent usually cannot see your balance or withdraw money. If it is a custodial account or if your parent is a co-owner, they may have full access. Ask your bank to explain what a parent can and cannot do before you open the account.
Will I be charged a monthly fee on a teen savings account?
Many banks waive monthly fees for minor accounts, but some charge $5 to $10 per month if your balance falls below a minimum (often $100 to $500). A few banks charge a fee regardless of your balance. Ask your bank about fees before you open the account, and read the account agreement carefully.
Can I open an account online at 16, or do I have to visit a branch?
Most national banks require you to visit a branch in person to open a minor account, because they need to verify your ID and age. Some credit unions and smaller banks let you start the process online and finish it in person. Online-only banks typically do not offer accounts for minors under 18.
What happens if I want to close my account before I turn 18?
You can close your account at any time by visiting a branch or calling customer service. The bank will send you a check for your balance, or you can transfer the money to another account. Some banks require a parent to sign the closure paperwork if you are under 18, so ask your bank about their policy.