Yes, you can have a savings account under 18, but an adult must open it with you

Most banks and credit unions let you open a savings account before age 18, but the account must be set up as a custodial account or minor account. This means a parent, guardian, or other adult co-owns the account with you and has legal control over it until you reach the age of majority — usually 18, sometimes 21 depending on your state and the bank.

The adult on the account can deposit money, withdraw money, and close the account without your permission. You can typically make deposits and withdrawals yourself once the account is open, but the adult retains final authority. This protects the bank legally and gives your parent or guardian oversight of the money.

Some banks offer accounts specifically designed for teens that come with debit cards, online banking, and spending controls. Others have no minimum balance and no monthly fees for minors. The rules vary by bank, so it is worth comparing what different institutions offer before you choose one.

Key Takeaways

  • A parent, guardian, or other adult must be the account owner; you cannot open a savings account alone under 18.
  • Custodial accounts let you learn to save and use banking services while an adult retains legal control until you reach age of majority.
  • Many banks offer teen-specific accounts with no fees, no minimum balance, and debit cards tied to the account.
  • The adult on the account can withdraw money or close it without your permission, so choose someone you trust.
  • You will need to bring identification and proof of address to the bank, along with the adult who will co-own the account.

What documents you need to bring to the bank

Both you and the adult opening the account with you will need to bring government-issued photo identification. For you, that is usually a school ID, state ID, or passport. The adult will need a driver's license or passport.

You will also need proof of address — a utility bill, lease, or bank statement in the adult's name that shows your household address. Some banks accept a school report card or other mail addressed to you at that address. Call the bank ahead of time to confirm what they accept, because requirements vary.

If the adult is your parent or legal guardian, bring a birth certificate or custody documents. If it is someone else — a grandparent, aunt, or other relative — the bank may ask for additional paperwork to confirm the relationship and that they have permission to manage money on your behalf.

How custodial accounts work once they are open

Once the account is open, you can usually deposit money by visiting the bank in person, using the debit card, or transferring funds online if the bank offers that service. You can also withdraw money at an ATM or the bank counter using the debit card or by asking the teller.

The adult on the account has the same access you do. They can see all transactions, deposit or withdraw money, and change account settings. Some banks let you set up parental controls that limit how much you can spend per day or require the adult to approve large withdrawals, but the adult can override these controls at any time.

When you turn 18, the account does not automatically convert to a solo account. You will need to contact the bank and ask them to remove the adult's name or transfer the money to a new account in your name alone. Some banks do this automatically on your 18th birthday; others require you to request it. Check with your bank about their specific process.

Banks and credit unions that offer accounts for minors

Most major banks offer custodial savings accounts with few or no fees for minors. Chase, Bank of America, Wells Fargo, and Citibank all have teen accounts or allow minors to open savings accounts with a parent. Credit unions often have lower fees and higher interest rates on savings, and many welcome minors as members.

Online banks like Ally, Marcus, and Discover also offer custodial accounts, though you may not be able to visit a physical branch. Some online banks have higher interest rates on savings, which means your money grows faster, but you cannot deposit cash directly — you have to transfer money from another account.

Local and regional banks often have teen-specific products with perks like free debit cards, no monthly fees, and no minimum balance. Call banks in your area or visit their websites to compare what they offer. Many banks let you open an account online if you have a parent's information and a valid ID.

What happens if the adult on the account passes away or becomes unavailable

If the adult who co-owns your account dies, the account does not automatically close. The bank will freeze the account until the adult's estate is settled, which can take weeks or months. During this time, you cannot access the money, even if it is your own savings.

If you need money during this period, contact the bank's customer service and explain the situation. Some banks will release funds to a minor if another parent or guardian provides documentation, but this varies. It is a good reason to have a backup adult — a second parent, grandparent, or guardian — added to the account if possible.

If the adult becomes incapacitated but does not die, the same freezing can happen. The bank may require a court order or power of attorney document before releasing funds. This is rare, but it is worth discussing with the adult on your account: what should happen to the money if they cannot manage the account?

Interest rates and how your savings grow

Most custodial savings accounts earn interest, meaning the bank pays you a small percentage of your balance each month or year. The rate varies widely — from nearly 0% at some large banks to 4% or higher at some online banks and credit unions. The higher the rate, the faster your money grows.

If you have $500 in an account earning 0.01% interest, you earn about 5 cents per year. If you have $500 in an account earning 4%, you earn about $20 per year. Over time, especially if you keep adding money, the difference adds up. Checking the interest rate before you open an account is worth your time.

Interest is taxable income. If you earn more than $1,250 in interest in a year, you will need to report it on a tax return. Your parent or guardian may also need to report it on their tax return, depending on how the account is structured. Ask the bank whether the account is set up as a Uniform Transfers to Minors Act (UTMA) account or a simple custodial account, because the tax rules differ slightly.

Debit cards and spending controls for teen accounts

Many banks issue debit cards with custodial accounts. The card is linked to your account and lets you spend money at stores, online, and at ATMs without carrying cash. Some teen accounts come with the card automatically; others charge a small fee or require you to request one.

Some banks let you and the adult set spending limits — for example, a maximum of $50 per day or $200 per week. You can also turn the card on or off through a mobile app, which is useful if you lose it or suspect fraud. The adult on the account can usually override these limits or change them without asking you.

Using a debit card teaches you how to track spending and manage money, but it also means the bank has a record of every purchase. If you are concerned about privacy, talk to the adult on your account about what they can see and what they will and will not monitor.

Frequently Asked Questions

Can I open a savings account without telling my parent or guardian?

No. You cannot open any account at a bank or credit union without an adult co-owner under age 18. The adult must be present in person or provide signed consent, and the bank will verify their identity. You can discuss opening an account with your parent or guardian and ask them to help you choose a bank.

What if I want to save money but do not want my parent to see every transaction?

Talk to the adult on your account about privacy. Some parents and guardians do not monitor accounts closely; others check them regularly. You can also ask whether the bank offers parental controls that let you hide certain transactions or set up alerts only for large withdrawals. Ultimately, the adult retains legal access to all information.

Can I move money from a custodial account to my own account once I turn 18?

Yes. Once you turn 18, you can open a solo account and transfer the money yourself, or ask the bank to convert the custodial account to a regular account in your name alone. Some banks do this automatically; others require you to request it. Contact your bank to find out their process before your 18th birthday.

Do I need a Social Security number to open a savings account under 18?

Yes. The bank will ask for your Social Security number when you open the account. If you do not have one, you can apply for one through the Social Security Administration before you go to the bank. Bring your birth certificate and proof of address when you apply.

What if the adult on my account uses the money without permission?

Because the adult is the legal owner of the account, they have the right to withdraw money. If you believe the money is being misused, talk to the adult directly first. If that does not work, you can speak to a school counselor, trusted teacher, or another family member. In cases of abuse or neglect, contact local child protective services or law enforcement.