Yes, but you'll need a parent or guardian to co-own it
Most banks and credit unions let people under 18 open a savings account, but not alone. You'll need a parent or guardian to open it with you as a joint account holder. The adult becomes the co-owner and can see all transactions, make withdrawals, and manage the account alongside you. Some institutions call this a "youth savings account" or "teen account," but the structure is the same: two names on the account, one of them an adult.
A few banks do offer accounts where a minor can be the sole owner, but these are rare and usually come with restrictions—like lower withdrawal limits or no debit card access until you turn 16 or 18. Most teens and their families find a joint account simpler because it gives the parent oversight while you build savings habits.
Key Takeaways
- You can open a savings account before 18, but a parent or guardian must co-own it with you.
- Joint accounts let both you and your parent see the balance and make transactions, so discuss how you'll use it together.
- You'll need a Social Security number, proof of identity, and proof of address—your parent will need the same for themselves.
- Some banks offer teen-specific accounts with features like spending limits or parental controls; others use standard joint accounts.
- Once you turn 18, you can convert the account to your name alone or open a separate account without a co-owner.
What documents you and your parent need to bring
Both you and your parent will need to show up in person at most banks, though some credit unions and online banks let you start the process remotely. Bring your Social Security number (or Individual Taxpayer Identification Number if you don't have one yet) and a government-issued photo ID—a school ID, state ID, or passport all work. Your parent needs their Social Security number and ID as well.
You'll also need proof of address. A utility bill, lease, or recent bank statement in your parent's name counts. Some banks accept a school ID with your address printed on it. Call the specific bank or credit union ahead of time to confirm what they take, because requirements vary by institution and sometimes by branch.
How parental controls and spending limits work
Many banks built for teens include tools that let your parent set daily withdrawal limits, block certain types of transactions, or get alerts when you spend money. These aren't mandatory—your parent can turn them off—but they're there if you both want them. A parent might set a $50 daily ATM limit, for example, or require approval for online purchases over $25.
Standard joint accounts at larger banks usually don't have these built-in controls. Instead, your parent simply has full access to the account and can monitor it the old-fashioned way: by checking the statement or app with you. If you want structured limits, look for banks that market teen accounts specifically—many online banks and credit unions offer them.
Debit cards and ATM access before you turn 18
Most banks will issue you a debit card linked to the account, though some require you to be at least 13 or 16 first. The card works like any other—you can use it to buy things in stores or online, and withdraw cash from ATMs. Your parent's name may or may not appear on the card itself, but they can still access the account through the bank's app or website.
A few banks restrict debit card use for minors under a certain age or require the parent to activate it. Online banks sometimes don't issue physical cards to account holders under 18, though they may offer a virtual card number for online shopping. Check with your bank about what's available at your age.
Interest rates and fees on teen savings accounts
Interest rates on savings accounts are low across the board right now, and teen accounts are no exception. You might earn 0.01% to 0.05% annually at a traditional bank, or 4% to 5% at an online bank—the rate depends on the bank, not on whether the account is for a teen or an adult. Your parent's bank may offer a teen account with the same rate as their own savings account, or a slightly higher one as an incentive.
Fees vary more. Many banks waive monthly maintenance fees on teen accounts, but some charge $5 to $10 per month if you don't keep a minimum balance. Overdraft fees (charged if you spend more than you have) can be $25 to $35 per transaction. Read the fee schedule before you open the account—it's usually on the bank's website or available in person.
What happens to the account when you turn 18
At 18, you have options. You can keep the joint account as-is if you and your parent both want to, and your parent stays a co-owner. You can remove your parent as a co-owner and take over the account yourself. Or you can close the account and open a new one in your name alone at the same bank or a different one.
The bank won't automatically do anything—you'll need to contact them and ask what you want to do. If you want to remove your parent, both of you usually need to go to the bank together or sign paperwork. If you want to keep the account joint, nothing changes. This is a good time to talk with your parent about what makes sense for your situation.
Online banks versus traditional banks for teen accounts
Online banks like Ally, Marcus, and Discover often have higher interest rates on savings accounts than brick-and-mortar banks, and many waive fees for teen accounts. The tradeoff is that you can't walk into a branch if you have a question—you'll call, email, or use the app. Some online banks let you open an account entirely through their website; others require a parent to verify their identity in person at a partner location.
Traditional banks let you talk to someone face-to-face and may offer teen-specific accounts with built-in parental controls. Credit unions often have lower fees and higher interest rates than big banks, and many have teen programs. The best choice depends on whether you value in-person service, parental controls, or the highest interest rate.
Frequently Asked Questions
Can I open a savings account without my parent knowing?
No. Banks are required by law to verify the identity of everyone on the account, and a minor's parent or guardian must be present or provide consent. You cannot open an account in secret.
What if my parent won't co-own an account with me?
Talk to them about why. If they're concerned about fees or don't want to manage another account, you might open one at a bank that waives teen account fees. If they're worried about access, you can agree that they won't check it without asking. Some teens use a parent's account as a workaround, but that doesn't build your own credit history.
Does a joint account hurt my parent's credit?
No. A savings account doesn't appear on a credit report. A joint account is just a place to hold money, not a loan or line of credit, so it won't affect your parent's credit score.
Can I have multiple savings accounts?
Yes. You can open accounts at different banks, and you can have more than one account at the same bank. Some teens use one account for spending money and another for long-term savings. Each account will need a parent or guardian as co-owner if you're under 18.
What's the difference between a savings account and a checking account for teens?
A savings account is meant for money you keep and earn interest on. A checking account is for money you spend regularly—it usually comes with a debit card and checks. Many teens have both: a checking account for everyday spending and a savings account for goals. Both require a parent co-owner if you're under 18.