Yes, you can open a savings account under 18, but a parent or guardian must be on the account with you

Most banks and credit unions let minors open savings accounts, but they require a parent or legal guardian to co-own the account. You cannot open an account by yourself until you reach the age of majority in your state—usually 18, sometimes 19 or 21. The adult on the account has full access to the money and can make decisions about it, though many banks let you manage the account online or through an app once it is set up.

The specific rules depend on the bank or credit union. Some have no minimum age and will open an account for a child of any age as long as a parent signs. Others set a minimum age of 13 or 16. A few banks offer teen-specific accounts designed to let you build credit and learn money habits with some independence, though an adult still owns the account legally.

Key Takeaways

  • A parent or legal guardian must be present and sign documents to open a savings account for anyone under 18.
  • Different banks have different minimum ages—some accept children of any age, others require you to be at least 13 or 16.
  • Many banks offer teen accounts that let you use a debit card and manage money online while a parent retains legal control.
  • You will need a Social Security number, proof of identity, and proof of address to open an account.
  • Some accounts have no monthly fees, while others charge fees that can be waived if you meet balance or deposit requirements.

What documents you need to bring

To open a savings account, you and your parent or guardian will need to bring identification and proof of address to the bank or credit union. Bring your Social Security number (or have it memorized), a government-issued ID like a school ID or passport, and a document showing your current address—a utility bill, lease, or recent bank statement in your parent's name works.

The bank may also ask for your parent's ID and Social Security number. Some banks let you start the process online and finish it in a branch, while others require you to come in person from the start. Call ahead or check the bank's website to see what they need before you go.

Teen accounts versus regular savings accounts

A teen account is a savings account designed specifically for minors, usually ages 13 to 17. It typically comes with a debit card, online banking, and sometimes a mobile app so you can check your balance and move money without asking your parent every time. The parent can set spending limits, see all transactions, and freeze the card if needed. Teen accounts often have no monthly fees and no minimum balance requirement.

A regular savings account with a parent as co-owner works the same way legally—the parent has full control—but it is not marketed to teens and may not include a debit card or the same online tools. It may also charge a monthly fee if you do not keep a minimum balance. If you want to use your account independently, a teen account is usually the better choice because it is built for that.

How to open an account in person or online

Most banks let you start online and finish in a branch within a few days. Go to the bank's website, find the teen or minor account option, and fill out the initial form with your name, date of birth, and Social Security number. The bank will ask for your parent's information too. You will then get an email or text telling you to visit a branch with your parent to verify your identity and sign the final paperwork.

Some banks and credit unions require you to come in person from the start. Call the branch near you and ask whether you can start online or if you need to walk in. Bring all your documents—your ID, your parent's ID, proof of address, and your Social Security number. The process usually takes 15 to 30 minutes. Once the account is open, you can start depositing money right away, either in person, through a mobile app, or by transfer from your parent's account.

Fees and minimum balance requirements

Many teen accounts have no monthly maintenance fee and no minimum balance. However, some banks charge a small monthly fee (usually $5 to $10) if your balance drops below a certain amount, often $100 or $500. A few waive the fee if you set up direct deposit or keep a linked savings goal active.

Before you open an account, check the fee schedule on the bank's website or ask at the branch. If a bank charges a fee you do not want to pay, look for one that does not—many credit unions and online banks have teen accounts with no fees at all. The difference between a $5 monthly fee and no fee adds up to $60 a year, which matters if you are saving.

What happens to the account when you turn 18

When you reach 18, the account does not automatically close or change. You can keep it as is, with your parent still as a co-owner, or you can ask the bank to remove your parent from the account so you own it alone. Some banks make this easy—you can do it online or by phone. Others require you to come in person or sign new paperwork.

If you want to remove your parent, contact the bank and ask what steps they need. You will likely need to show your ID to prove you are now 18. If your parent wants to stay on the account for any reason—to help you manage money, to keep an eye on spending, or just because you both want it—that is fine too. The choice is yours once you are legally an adult.

Frequently Asked Questions

Can I open a savings account without my parent knowing?

No. Banks are required by law to have a parent or legal guardian sign for anyone under 18. If you are in a situation where you cannot ask a parent—abuse, neglect, or homelessness—talk to a school counselor, social worker, or local youth services. Some programs can help you open an account with a trusted adult other than a parent.

What if my parent and I disagree about how to use the money?

Since your parent is a co-owner, they have legal rights to the money in the account. If you are saving for something specific, talk to your parent about it before you open the account. Some families agree in writing that money you earn goes into your account and stays yours. Once you turn 18, you can move the money to your own account if you want.

Can I get a debit card without a parent's permission?

No. Your parent must approve the debit card because they are the account owner. However, most teen accounts come with a debit card automatically, and your parent can set limits on how much you can spend per day. Ask your parent about getting a card when you open the account.

Do I need a credit card to build credit at my age?

No. A savings account does not build credit. If you want to start building a credit history, you can get a secured credit card (which requires a deposit) or be added as an authorized user on your parent's credit card. Talk to your parent about which option makes sense for you.

What if the bank closes my account?

Banks rarely close teen accounts, but they can if there is fraud, repeated overdrafts, or other violations of their terms. If your account is closed, the bank will tell you why and return any money in the account. If you disagree with the closure, ask to speak to a manager. You can also open an account at a different bank.