You can open a savings account at any age, but a minor needs a parent or guardian
There is no legal minimum age to open a savings account. Banks and credit unions will open accounts for children of any age, including infants. The catch is that anyone under 18 (or 19 in some states) cannot sign a contract on their own, so a parent or legal guardian must be present and co-sign the account.
The account will be registered as a custodial account or minor account, which means the adult has full control until the child reaches the age of majority in that state. The child's name appears on the account, and they can use the debit card and make deposits, but the parent can see all transactions and can withdraw money.
Once the child turns 18 (or 19 in Alabama, Nebraska, or Delaware), they can convert the account to a standard individual account or open their own account without a guardian's signature.
Key Takeaways
- A parent or legal guardian must open and co-sign any savings account for a minor under 18.
- The account is called a custodial or minor account, and the parent retains full control until the child reaches age of majority.
- The age of majority is 18 in most states, but 19 in Alabama, Nebraska, and Delaware.
- Many banks offer teen checking and savings accounts with features like spending limits and parental monitoring.
- Once the child reaches age of majority, they can take full control of the account or open a separate one.
What happens when you open an account for a child
When you bring a child to a bank or credit union to open a savings account, you will need to provide the child's Social Security number, proof of identity for yourself (driver's license or passport), and proof of address (utility bill or lease). Some institutions also ask for the child's birth certificate.
The bank will set up the account with both names on it: yours as the custodian and the child's as the account holder. You will receive a debit card in the child's name, and you will set up online access. The child can use the card to make purchases or withdraw cash, but you can see every transaction in your own login.
Most banks do not charge monthly fees on custodial accounts, and many offer them with no minimum balance. Interest rates are the same as regular savings accounts at that bank.
Teen accounts with spending controls and monitoring
Many large banks and online banks now offer accounts specifically designed for teenagers, usually starting at age 13. These accounts come with parental controls that let you set daily spending limits, block certain types of transactions, or require approval before the teen can spend above a certain amount.
Examples include Chase First Banking (age 6 and up), Bank of America BankSafe (age 8 and up), and Greenlight (age 6 and up, through a third-party app). These accounts typically charge a monthly fee of $5 to $15, though some waive the fee if you meet certain conditions like setting up direct deposit.
The trade-off is that these accounts teach financial habits with guardrails. The child can see their own balance and spending, and you can set up notifications when they spend. Some also offer a small interest rate or rewards for saving.
When the account converts to an adult account
On the date the child turns 18 (or 19 in Alabama, Nebraska, or Delaware), the account does not automatically convert. You and the young adult will need to visit the bank or call to remove the custodial status. At that point, the young adult becomes the sole owner, and you lose access to the account and cannot see transactions.
Some banks require you both to be present in person to make this change. Others allow it over the phone or through an online form. Call your bank ahead of time to find out their process and whether you need an appointment.
If the young adult wants to keep the account open, they can do so without any action. If they want to close it and move to a different bank, they can do that too. The funds in the account belong to them at that point.
Opening an account if you are 18 or older
Once you turn 18, you can open a savings account on your own without a parent or guardian. You will need a government-issued photo ID (driver's license, passport, or state ID), your Social Security number, and proof of address. Some banks also ask for a phone number and email.
You can open an account in person at a branch, over the phone, or online. Online accounts often open faster — sometimes in minutes — and many online banks have no minimum balance and no monthly fees. Traditional banks may require you to visit a branch in person or may have a minimum deposit to open.
What to bring to the bank
| For a minor (with parent/guardian) | For someone 18 or older |
|---|---|
| Parent or guardian's government ID | Your government-issued photo ID |
| Child's Social Security number | Your Social Security number |
| Proof of address for the parent | Proof of address (utility bill, lease, or bank statement) |
| Child's birth certificate (some banks) | Not required |
Frequently Asked Questions
Can a child open a savings account without a parent?
No. Anyone under 18 (or 19 in Alabama, Nebraska, or Delaware) must have a parent or legal guardian co-sign the account. The bank will not open an account for a minor without an adult present.
Can I see my child's transactions after they turn 18?
No. Once the custodial status is removed and the account becomes theirs alone, you lose access. You will not be able to see their balance or transactions unless they give you permission or add you as an authorized user.
What if I want to give money to my child but keep it separate from their account?
You can open a custodial account in your name only, with the child as the beneficiary. This is sometimes called a UTMA or UGMA account (Uniform Transfers to Minors Act). The money is legally the child's, but you control it until they reach age of majority. Talk to your bank about whether they offer this option.
Do I need to be at the same bank as my child?
No. You can open a custodial account at any bank or credit union, regardless of where you bank. However, some parents find it easier to use the same institution so they can manage both accounts in one login.
What happens to the account if the parent dies?
The account belongs to the child, not the parent. If you are the custodian and you die, the account does not close. The child (or their new guardian) can continue using it. You should name a backup custodian in your will or estate plan in case something happens to you.