What you need to open a savings account before age 18
Most banks let minors open savings accounts, but you cannot do it alone. A parent or legal guardian must be present and sign the paperwork with you. The account will be registered as a custodial account or UTMA account (Uniform Transfers to Minors Act), which means the adult is the legal owner until you turn 18 or 21, depending on your state and the bank.
You will need to bring a government-issued ID — usually a school ID, passport, or state ID — plus your Social Security number. The adult with you will need their own ID and Social Security number. Some banks also ask for proof of address, like a utility bill or lease in the adult's name. Call ahead to confirm what your specific bank requires, because requirements vary.
The account itself is free at most banks. There are no monthly fees, no minimum balance requirements at many institutions, and no deposit limits. You can start with as little as $1 or $5. Some banks offer small incentives like a $10 bonus when you open the account, though these change seasonally.
Key Takeaways
- A parent or legal guardian must be physically present and sign paperwork to open a custodial savings account for a minor.
- Bring your government-issued ID and Social Security number, plus the adult's ID and Social Security number.
- Most banks offer free accounts with no monthly fees or minimum balance, and you can open one at a branch or online depending on the bank.
- The adult on the account has legal control until you reach 18 or 21, but you can use a debit card and make deposits yourself once the account is open.
- Some banks restrict how much you can withdraw per day or require the adult's permission for large transactions.
Opening an account in person at a branch
Walk into any branch of a bank or credit union with your parent or guardian and ask to open a minor savings account. Bring both IDs and both Social Security numbers. The banker will explain the account type, show you the fee structure, and have the adult sign the paperwork. The whole process usually takes 15 to 30 minutes.
You will get a debit card on the spot or within a few business days, depending on the bank. Some banks issue the card immediately at the branch; others mail it. Ask whether the card has daily withdrawal limits — many do, especially for minors. A common limit is $500 per day, though this varies.
Opening in person is the most straightforward route because the banker can answer questions about restrictions specific to your age and your bank's policies. If you are under 13, some banks require the adult to be a parent rather than any legal guardian, so confirm this before you go.
Opening an account online
Some banks let you start a custodial account online, but the process is slower and more complicated than opening in person. You will still need the adult to verify their identity, usually by uploading a photo of their ID and answering security questions. Many banks then require you both to visit a branch in person to complete the account, even if you started online.
Online opening works best if your nearest branch is far away or if you want to research account types before committing. Start on the bank's website and look for "minor account" or "teen account" in the savings section. Read the fine print about whether you can finish the process entirely online or whether a branch visit is required.
If you open online, expect the account to take 3 to 7 business days to activate, and the debit card to arrive 5 to 10 business days after that. In-person opening is faster — the account is usually live the same day.
Understanding what the adult can and cannot do
The adult on your custodial account is the legal owner until you reach the age of majority in your state — usually 18, but sometimes 21. This means they can see all transactions, make deposits and withdrawals, and close the account without your permission. They can also freeze the account or restrict your access if they choose.
However, the money in the account is legally yours. The adult cannot take it for their own use or to pay their debts. If they do, that is theft, and you or another family member can pursue legal action. In practice, most parents and guardians treat custodial accounts as savings for the minor's future.
Some banks let you set up a PIN that only you know, so the adult cannot withdraw money without asking you. Others require the adult's permission for withdrawals over a certain amount — often $100 or $500. Ask your bank what controls are available when you open the account.
Choosing between a bank and a credit union
Banks and credit unions both offer custodial savings accounts, and the process is nearly identical. The main differences are location, fees, and interest rates. Banks have more branches, so opening in person is easier if you live in a city. Credit unions often have lower fees and slightly higher interest rates, but you must be a member to open an account — membership usually requires living or working in a specific area or having a family member who is already a member.
Interest rates on savings accounts are low everywhere right now, usually between 0.01% and 0.05% at traditional banks. Credit unions and online banks sometimes offer 4% to 5%, but these rates change frequently. For a minor's account, the interest difference is small unless you are saving several thousand dollars, so convenience and lack of fees matter more than the rate.
If you already have a family member at a credit union, ask whether they can sponsor your membership. If not, a local bank branch is usually the fastest option.
What happens when you turn 18
When you reach 18, the custodial account automatically converts to a regular individual account in your name. The adult's name comes off, and you have full legal control. This happens automatically — you do not need to do anything. The bank will send you a notice a few weeks before your birthday explaining the change.
Your debit card and account number stay the same. Any money in the account is yours to keep or withdraw. If the adult made deposits or set restrictions, those no longer apply. You can now open other accounts, apply for a credit card, or move the money elsewhere without permission.
Some states allow the account to stay open until you turn 21 if you and the adult both agree. This is rare, and most accounts convert at 18. Ask your bank what the policy is when you open the account, so you know what to expect.
What to do if you cannot open an account with a parent or guardian
If your parent or guardian is unavailable or unwilling to help, a court-appointed guardian, foster parent, or other legal custodian can open the account instead. You will need legal documentation showing they have guardianship — usually a court order or custody agreement. Bring this document to the bank along with their ID and Social Security number.
If no adult guardian is available, some banks and credit unions have programs for youth in foster care or experiencing homelessness. These programs sometimes waive the adult requirement or allow a caseworker or mentor to co-sign. Call your local bank and ask whether they have a youth account program, or contact your local foster care agency or homeless services office for referrals.
If you are 16 or 17 and your parent refuses to help, some states allow you to open an account on your own, but this is uncommon. Check your state's banking laws or call your state's banking regulator to find out whether solo accounts are possible for your age.
Frequently Asked Questions
Can I open a savings account without my parent knowing?
No. A parent or legal guardian must be present and sign the paperwork. The bank will not open a custodial account for a minor without an adult present. If you are concerned about privacy, you can ask the adult to agree not to check the account regularly, but they have the legal right to see all transactions.
What if my parent wants to use my savings for their own bills?
The money in your custodial account is legally yours, not your parent's. If they withdraw it for their own use, that is theft. If this happens, you can report it to the bank, which may freeze the account and investigate. You can also tell a school counselor, trusted adult, or call the Childhelp National Child Abuse Hotline at 1-800-422-4453 for guidance.
Do I need a Social Security number to open an account?
Yes. Both you and the adult need a Social Security number. If you do not have one, you can apply for one at your local Social Security office or online at ssa.gov. The process takes about two weeks. Some banks will let you open an account with an ITIN (Individual Taxpayer Identification Number) if you do not have a Social Security number, but this is rare — call ahead to ask.
Can I have more than one savings account?
Yes. You can open accounts at multiple banks if you want. Some people open one account for everyday spending and another for long-term savings. There is no legal limit on the number of accounts you can have as a minor, but each one requires the adult to sign paperwork.
What if the bank closes my account or freezes it?
Banks can close accounts for inactivity (usually after 12 months with no deposits or withdrawals) or if they suspect fraud. If your account is closed, the bank will mail you a check for the balance within 30 days. If it is frozen, the bank must tell you why and give you a chance to resolve the issue — usually by providing ID or proof of address. Call the bank's customer service line to ask why your account was frozen and what you need to do to unfreeze it.