You can open a high yield savings account at 17, but you'll need a parent or guardian to co-own it

Most banks and online financial institutions won't let you open an account alone until you turn 18. At 17, you have two real options: open a joint account with a parent or guardian listed as the account owner alongside you, or wait until your birthday. A joint account means the adult has full access to the money and can withdraw or close it without your permission, but it also means you can start earning interest on your savings right now instead of waiting.

The account itself works the same way as any other high yield savings account—your money earns interest based on the current APY, and that rate can change. The difference is in who legally controls it. Some banks offer teen savings accounts specifically designed for this age group, which function as joint accounts but come with features like spending limits or parental controls.

Key Takeaways

  • You need a parent or guardian to open a joint high yield savings account at 17; you cannot open one in your name alone.
  • A joint account means the adult co-owner has full legal control and can access or withdraw money without asking you.
  • Some online banks and credit unions offer teen accounts that work as joint accounts but include parental controls or spending restrictions.
  • Once you turn 18, you can convert a joint account to a solo account or open a separate account in your name only.
  • The interest rate you earn is the same whether you're 17 or 18—the age difference affects account ownership, not the APY.

Which banks let 17-year-olds open high yield savings accounts

Online banks like Marcus by Goldman Sachs, Ally Bank, and American Express Personal Savings do not offer accounts to minors at all. However, many regional banks and credit unions do allow joint accounts with a minor. Chase, Bank of America, and Wells Fargo all offer teen checking and savings accounts, though these are typically lower-yield products than their standard high yield savings accounts.

Some online banks have started offering teen savings products specifically. Greenlight and Step are designed for minors and allow parents to set controls, though they may not offer the highest APY available in the market. If you want the highest rate available, you may need to use a traditional bank's joint account option rather than a teen-specific product, since those accounts often pay less interest.

Credit unions sometimes offer better terms for teen accounts than large banks do. Check whether your family has access to a credit union through an employer or membership organization—they may have a teen savings product with a competitive rate and lower or no minimum balance requirements.

What you need to bring to open a joint account

You and your parent or guardian will both need to be present (in person or online, depending on the bank) with government-issued ID. Bring your state ID or passport. The adult will need their driver's license or passport as well. Some banks also ask for a Social Security number for both account holders, so have that information ready.

If you're opening the account online, the bank will verify your identity through questions about your credit history or past addresses. Since you likely don't have a credit history at 17, the bank may ask additional questions or require you to complete the process in a branch instead. Call ahead to ask what the bank needs from a minor before you go in.

How a joint account affects your money and your parent's

In a joint account, both owners have equal legal rights to all the money. Your parent can withdraw funds, close the account, or change the terms without notifying you. This is different from a custodial account, which some banks offer—in a custodial account, the adult manages the money on your behalf but legally cannot keep it when you turn 18. Most high yield savings accounts are joint accounts, not custodial accounts, so confirm which type you're opening.

The money in the account is also considered an asset of both account holders for tax purposes. If the account earns more than a certain amount of interest in a year, the bank will send a 1099-INT form to both of you. Your parent may need to report this on their tax return depending on how much interest was earned and your family's overall tax situation.

From a practical standpoint, a joint account can be useful if your parent wants to help you save toward a specific goal—a car, college, or a trip—because they can see the balance and help you stay on track. It's less useful if you want complete privacy or control over your money.

Converting to a solo account once you turn 18

Most banks allow you to convert a joint account to a solo account on your 18th birthday or shortly after. Contact the bank and ask about their conversion process—some do it automatically, others require you to visit a branch or submit a form. The account number usually stays the same, so any automatic deposits or transfers won't be disrupted.

If the bank won't convert the account, you can open a new solo account in your name and transfer the balance over. This takes a few days but is straightforward. You'll want to do this before closing the joint account so you don't accidentally leave money behind.

Once the account is in your name only, your parent loses access to it. They won't be able to see the balance, make withdrawals, or close it. If you want them to have access for any reason after you turn 18, you would need to add them as an authorized user or create a new joint account, which requires both of you to agree.

Why the APY matters more than the account type

The interest rate you earn is determined by the bank's current APY, not by whether you're 17 or 18 or whether the account is joint or solo. A 17-year-old in a joint high yield savings account earning 4.5% APY is making the same return as an 18-year-old in a solo account at the same bank with the same rate. The age and account structure affect who controls the money, not how much it grows.

This means your real decision is not whether to wait until 18, but which bank offers the rate you want and whether you're comfortable with a parent having access to the account. If a bank's high yield savings account pays 4.5% APY and they won't open it for you at 17, but a teen account at the same bank pays 3.5%, you're losing money by choosing the teen product just to avoid a joint account.

Frequently Asked Questions

Can my parent take money out of my joint account without asking?

Yes. In a joint account, both owners have equal legal rights to withdraw any amount at any time. If you want to prevent this, you need a custodial account instead, where the adult manages the money but cannot keep it when you turn 18. Ask the bank whether they offer custodial savings accounts before opening a joint one.

What happens to the account when I turn 18?

You can convert it to a solo account in your name, which removes your parent's access. Some banks do this automatically; others require you to request it. The process usually takes a few days. After conversion, only you can access the money.

Will opening a joint account affect my credit score?

No. Savings accounts do not appear on your credit report and do not affect your credit score, whether you're 17 or 18 and whether the account is joint or solo. Only credit products like loans and credit cards impact your credit.

Can I open a high yield savings account without my parent knowing?

No. You need a parent or guardian present to open a joint account, and you cannot open a solo account until you turn 18. If you want a savings account before 18, your parent will know about it.

Do I need a minimum balance to open a teen or joint savings account?

It varies by bank. Some require $0 to open; others ask for $25 or $100. Check the specific bank's requirements before you go in. Online banks often have lower or no minimums, but many don't accept minors at all, so you may be limited to banks that have physical branches.