You can open a savings account under 18, but you'll need a parent or guardian to co-sign

Most banks and credit unions will not let you open an account alone until you turn 18. Instead, you open what's called a custodial account or minor account — your parent or guardian is the co-owner and has access to the account alongside you. Some banks let you transition to a solo account on your 18th birthday automatically; others require you to visit in person or call to make the switch.

The process is straightforward: you and your parent or guardian go to a bank or credit union branch together with ID, bring proof of address (usually a utility bill or lease in your parent's name), and sign the paperwork. Online banks generally do not offer accounts for minors, so you'll need to use a brick-and-mortar location. The whole thing usually takes 15 to 30 minutes.

Key Takeaways

  • You need a parent or guardian to co-sign a custodial account; you cannot open one alone until age 18.
  • Both you and your parent must visit a bank or credit union branch in person with government ID and proof of address.
  • Most custodial accounts transition automatically to a solo account when you turn 18, though some banks require you to request the change.
  • Credit unions often have lower fees and higher interest rates on savings than banks, and many offer youth accounts with no minimum balance.
  • Ask the bank or credit union whether the account has a monthly fee, a minimum balance requirement, and what happens to the account on your 18th birthday.

What documents you and your parent need to bring

You'll need a government-issued photo ID — a driver's license, state ID card, or passport. If you don't have one yet, a school ID usually won't work, but some banks will accept a birth certificate plus a report card or school enrollment letter as proof you are who you say you are. Call the branch ahead of time to ask what they accept.

Your parent or guardian needs their own government ID (driver's license, passport, or state ID). The bank will also ask for proof of address — typically a recent utility bill, lease, mortgage statement, or bank statement in your parent's name. A bill dated within the last 60 days usually works. If your parent has moved recently and the bill is older, bring a second document like a lease or a letter from a landlord.

Some banks ask for a Social Security number for both you and your parent. If you don't have one, you can request one from the Social Security Administration before you open the account, though the process takes a few weeks. A few banks will open an account without a Social Security number if you provide an Individual Taxpayer Identification Number (ITIN) instead, but this is less common.

Banks versus credit unions for teen accounts

Banks and credit unions both offer custodial accounts, but they often have different fee structures and interest rates. Large national banks like Chase, Bank of America, and Wells Fargo typically charge a monthly maintenance fee ($5 to $15) unless you meet certain conditions — like keeping a minimum balance or setting up direct deposit. Interest rates on savings are usually very low, often less than 0.01 percent.

Credit unions are member-owned cooperatives and often charge no monthly fee on youth accounts and pay higher interest on savings. The tradeoff is that you can only join a credit union if you meet their membership requirements — usually living or working in a certain area, being related to a current member, or working for a specific employer. You can search for credit unions near you at CO-OP.org or Alliant.org, which show you branches and ATMs you can use for free.

Online banks like Ally, Marcus, and Discover do not currently offer accounts for minors, so they are not an option until you turn 18. However, some online banks have partnerships with custodial account providers — ask your parent whether they already bank online and whether that bank offers a teen account through a partner.

What happens to the account when you turn 18

Most banks automatically convert a custodial account to a regular solo account on your 18th birthday. Your parent's name is removed, and you become the sole owner. The account number usually stays the same, so any direct deposits or automatic payments linked to the account keep working without interruption.

Some banks require you to take action — either visiting a branch, calling, or logging into online banking to confirm the conversion. Check your account documents or call the bank before your birthday to find out what your bank does. If you don't complete the conversion when required, the bank may freeze the account or charge a fee.

After you turn 18, your parent can no longer see the account balance or make withdrawals, even if they ask. The account is legally yours. If your parent needs to help you manage money after that point, you would have to add them as an authorized user, which is a separate process.

Fees and minimum balances to watch for

Monthly maintenance fees range from $0 to $15 depending on the bank or credit union. Some banks waive the fee if you keep a minimum balance (often $100 to $500), set up direct deposit, or maintain a certain number of debit card transactions per month. Others charge the fee no matter what. Read the fee schedule before you open the account — it's usually available on the bank's website or you can ask a teller.

Minimum balance requirements vary widely. Some banks require $0 to open and maintain the account; others require $25 to $100. If your balance drops below the minimum, the bank may charge a fee or close the account. Credit unions are more likely to have no minimum balance requirement on youth accounts.

Overdraft fees are another cost to know about. If you spend more money than you have in the account, the bank may charge an overdraft fee ($25 to $35 per transaction). Some banks let you turn off overdraft protection so the transaction is simply declined instead of charging a fee. Ask whether the bank offers this option and whether it's turned on by default.

How to choose between banks and credit unions near you

Start by asking your parent which bank or credit union they use. If they already have an account, opening a custodial account at the same place is often simpler — you can do it during a single visit, and your parent is already familiar with how the bank works. Many banks offer a small bonus (usually $25 to $100) when you open a new account, though the offer may not apply to custodial accounts.

If your parent doesn't have a strong preference, compare three or four options using this checklist: Does the bank charge a monthly fee, and if so, what are the conditions to waive it? What is the minimum balance requirement? What is the interest rate on savings? Are there branches and ATMs near your home or school? Does the bank offer online banking and a mobile app? Can you turn off overdraft protection?

Visit the bank's website or call the branch directly to ask these questions. Many banks have a customer service number on their website, and they can answer questions about custodial accounts without you having to visit in person. Once you've narrowed it down to one or two options, you and your parent can visit the branch together to open the account.

What to expect during your first visit to open the account

Arrive with both your ID and your parent's ID, plus proof of address. A teller or new accounts representative will ask you and your parent basic questions: your full legal names, dates of birth, Social Security numbers, and current address. They'll explain the account terms — the fee structure, minimum balance, interest rate, and what happens on your 18th birthday.

You and your parent will both sign the account opening paperwork. The bank will give you a temporary debit card or tell you when your card will arrive in the mail (usually 7 to 10 business days). They'll also set up online banking access so you can check your balance and transfer money from home. Ask whether you can set up a PIN for the debit card right away or if you need to do that online.

Before you leave, confirm the account number, the customer service phone number, and how to reach the bank if you have questions. Ask whether the bank offers text or email alerts when your balance drops below a certain amount — this can help you avoid overdraft fees.

Frequently Asked Questions

Can I open a savings account without my parent in the room?

No. Banks require a parent or legal guardian to be present and to sign the paperwork. Some banks may allow a parent to open the account remotely by video call, but this is rare. Call your bank ahead of time to ask whether they offer this option.

What if I don't have a Social Security number yet?

You can request one from the Social Security Administration online or at your local Social Security office. The process takes two to four weeks. Some banks will open an account without a Social Security number if you provide an ITIN or other tax ID, but this is uncommon. Call the bank to ask whether they can proceed without one.

Can my parent see my account balance and transactions after I turn 18?

No. Once the custodial account converts to a solo account on your 18th birthday, your parent loses access. They cannot see the balance, make withdrawals, or view transactions unless you add them as an authorized user, which requires a separate request.

What if I want to close the account before I turn 18?

You and your parent can close the account at any time by visiting the branch or calling customer service. The bank will return any remaining balance to you, usually by check or transfer to another account. Ask whether there are any fees for early closure.

Do I need a debit card, or can I just use the account to save money?

You don't need a debit card. Many teens open savings accounts specifically to save money and don't use a debit card at all. You can deposit money and withdraw it at an ATM or teller window. Ask the bank whether they charge a fee for ATM withdrawals at branches outside their network.