Most banks let you open a savings account at any age, but you need a parent or guardian to sign
You can open a savings account as a minor at nearly every bank and credit union in the country. There is no legal minimum age — what matters is that a parent or guardian opens it with you and stays on the account. Some banks let you open one at birth; others require you to be at least a few months old. Once you turn 18, you can open and manage accounts on your own.
The account type you get depends on your age and what the bank offers. A custodial account or minor's savings account is held in your name, but your parent or guardian has full control until you reach the age of majority (18 in most states, 19 in a few). A joint account means both you and your parent are owners and can withdraw money. Some banks offer teen accounts designed for older minors who want more independence but still need parental oversight.
Key Takeaways
- You can open a savings account as a minor at any age if a parent or guardian opens it with you and signs the paperwork.
- Custodial accounts are in your name but controlled by your parent until you turn 18, while joint accounts give both of you equal access.
- Most banks require the parent to bring a photo ID, proof of address, and your Social Security number or tax ID to open the account.
- At 18, you can open your own account without a parent, though some banks may still require proof of income or a co-signer depending on the account type.
- Teen accounts often come with debit cards, spending limits set by parents, and tools to teach money management before you reach adulthood.
What you need to bring to open an account as a minor
The parent or guardian must bring a government-issued photo ID (driver's license, passport, or state ID) and proof of current address, such as a utility bill or lease. You will need your Social Security number or Individual Taxpayer Identification Number (ITIN). Some banks also ask for your birth certificate, though not all require it.
If you are opening the account in person, both you and your parent should go to the bank together. Some banks let you start the process online and finish it in a branch, while others require the entire opening to happen face-to-face. Call ahead to ask what your specific bank needs — requirements vary by institution and sometimes by branch.
Custodial accounts versus joint accounts
A custodial account is opened in your name, with your parent listed as the custodian. Your parent can deposit money, withdraw money, and manage the account until you reach the age of majority. At that point, the account transfers to your full control and your parent's authority ends. The account stays in your name the whole time, so it builds your credit history and teaches you about saving.
A joint account lists both you and your parent as owners. Either of you can withdraw money without permission from the other. Joint accounts are simpler to set up and give you more immediate access to your own money, but they do not transfer to your sole control at 18 — your parent remains an owner unless they formally remove themselves. Some families use joint accounts for spending money and custodial accounts for savings meant to stay untouched.
Teen accounts and debit cards for older minors
Many banks offer accounts designed specifically for teenagers, usually starting at age 13. These accounts often come with a debit card, online banking access, and parental controls. Your parent can set daily spending limits, block certain types of transactions, or require approval before you make a purchase over a certain amount. Some teen accounts send notifications to your parent every time you use the card.
Teen accounts teach money management in a controlled environment. You can make purchases and withdraw cash, but your parent can monitor spending and step in if needed. When you turn 18, the account typically converts to a standard adult account, though your parent can stay on as a joint owner if you both agree. Ask your bank whether the teen account charges monthly fees — many do not, but some charge $5 to $10 per month.
Opening an account on your own at 18
Once you turn 18, you can open a savings account without a parent or guardian. You will need a government-issued photo ID (driver's license, passport, or state ID), proof of address, and your Social Security number. Some banks also ask for proof of income, such as a recent pay stub or tax return, though this is not always required for a basic savings account.
If you do not have a photo ID yet, some banks will accept a school ID plus another form of identification. If you do not have a Social Security number, you can use an ITIN. Call the bank first to ask what forms of ID they accept — policies vary. If you have never had a bank account before, mention that when you call; some banks have a simpler process for first-time account holders.
What happens to your account when you turn 18
If you have a custodial account, it automatically transfers to your name alone when you reach the age of majority. Your parent's authority ends, and you become the sole owner. The bank will send you new account documents and a new debit card if you had one. You keep the same account number and routing number, so any direct deposits or automatic payments do not change.
If you have a joint account, nothing changes automatically. Your parent remains an owner unless one of you goes to the bank and removes the other person from the account. Some families keep joint accounts open so parents can help monitor spending or contribute to savings goals. Others close the joint account and open a new one in the young adult's name alone. Talk to your parent about what makes sense for your situation.
Banks and credit unions that let minors open accounts
Nearly every major bank and credit union offers accounts for minors. National banks like Chase, Bank of America, Wells Fargo, and Citibank all have custodial or minor accounts. Credit unions often have similar options and sometimes charge lower fees. Online banks like Ally, Charles Schwab, and Discover also offer accounts for minors, though the process is usually entirely online and may require a video call with your parent to verify identity.
Local and regional banks often have the most flexibility and may offer accounts with no minimum balance or monthly fees. Call a few banks in your area and ask what they offer for minors — the features, fees, and age requirements differ. If your parent already banks somewhere, ask whether they offer a teen or custodial account; existing customers sometimes get faster approval and lower fees.
Frequently Asked Questions
Can I open a savings account without my parent knowing?
No. A parent or guardian must sign the paperwork and be present (in person or online) to open an account for a minor. Banks are required by law to verify the identity of the adult opening the account. If you want to save money privately, talk to your parent about opening a custodial account where you control how you spend the money, even though they manage it until you turn 18.
What if my parent does not want to open an account with me?
You cannot open a bank account on your own until you turn 18. If your parent refuses, you could ask another legal guardian, grandparent, or trusted adult to open one with you instead. Some schools and nonprofits also offer youth savings programs that may have different rules. Once you turn 18, you can open an account independently at any bank.
Do I need a Social Security number to open a savings account as a minor?
Most banks require a Social Security number or ITIN. If you do not have one, you can apply for an ITIN through the IRS if you are not a U.S. citizen. Some banks may open an account without a Social Security number if you provide other forms of identification, but this is rare. Call ahead to ask whether your bank will work with you.
Will opening a savings account affect my credit score?
No. Opening a savings account does not build or hurt your credit score. Credit scores are based on borrowing and repayment history, not on how much money you have in savings. A savings account is a good first step toward financial responsibility, but it does not show up on your credit report.
Can I have multiple savings accounts as a minor?
Yes. You can open accounts at different banks or multiple accounts at the same bank, as long as a parent or guardian signs for each one. Some families use separate accounts for different goals — one for emergency savings, one for a specific purchase, one for allowance. Each account is insured separately by the FDIC (up to $250,000 per account at banks) or NCUA (at credit unions), so multiple accounts can actually protect more of your money.