Yes, you can open a savings account at 16, but the account will be in your name with a parent or guardian as a co-owner

Most banks allow you to open a savings account at 16 without a parent present, but they require a parent or legal guardian to be listed as a co-owner on the account. This is a legal requirement, not a bank choice — anyone under 18 cannot sign a binding contract alone, and a bank account is a contract. The co-owner has the same access to the account as you do, can withdraw money, and receives statements.

Some banks lower the age requirement to 13 or 14 if a parent opens the account with you in person. A few banks offer teen accounts specifically designed for younger customers, with features like spending limits or parental controls. The rules vary by bank and by state, so the account type available to you depends on which bank you choose and where you live.

Key Takeaways

  • You can open a savings account at 16 in your own name, but a parent or guardian must be a co-owner on the account.
  • Some banks allow accounts for customers as young as 13 if a parent opens the account with you in person at a branch.
  • A co-owner has full access to your money and can withdraw funds without your permission.
  • Teen savings accounts often come with lower minimum balances and no monthly fees, but may limit how much you can withdraw or transfer.
  • You will need a government-issued ID, proof of address, and your Social Security number to open an account.

What documents you need to bring

You will need a government-issued photo ID — a state ID, driver's license, or passport. If you do not have one yet, ask the bank whether they accept a school ID or birth certificate instead, because policies vary. You will also need proof of your address, which can be a utility bill, lease, or bank statement in your name or your parent's name at your address.

Bring your Social Security number or have it memorized. The bank will ask for it to run a background check and report the account to credit bureaus. If you do not have a Social Security number, you can still open an account in most cases, but the bank will ask for an Individual Taxpayer Identification Number (ITIN) instead.

Your parent or guardian will need to bring the same documents — their ID, proof of address, and Social Security number. If they cannot come in person, some banks allow them to sign documents remotely or by mail, but this takes longer and not all banks offer it.

How co-ownership works and what it means for your money

When a parent is a co-owner, they have legal ownership of the account alongside you. They can see all transactions, withdraw money at any time, and close the account without your permission. This is different from a parent straightforward being listed as an emergency contact — a co-owner is an actual owner.

The money in the account belongs to both of you legally, even if you deposited it yourself. If your parent has debt or a judgment against them, a creditor could potentially claim money in the account. If your parent dies, the account may go through probate rather than passing directly to you, depending on how the account is titled.

Some banks offer custodial accounts, which are different. In a custodial account, the parent holds the money in trust for you until you reach the age of majority (18 or 21, depending on your state). The parent cannot use the money for themselves, and the account automatically transfers to you when you come of age. Custodial accounts are less common at regular banks but are standard at investment firms.

Teen accounts with spending limits and parental controls

Many large banks now offer accounts designed for teenagers, with features that give parents visibility and control. These accounts often come with a debit card that parents can limit by daily spending amount, merchant category, or time of day. Some allow parents to turn the card off remotely or set up alerts when money is spent.

Examples include Bank of America's Teen Checking, Chase First Banking, and Wells Fargo's Way2Save for Students. Credit unions often have similar products. These accounts typically have no monthly fee, no minimum balance, and come with online banking and a mobile app. The tradeoff is that the parental controls mean you cannot spend money without your parent knowing about it.

If you want a savings account without spending restrictions, a standard savings account with a co-owner is your option. You will have full access to your debit card and online banking, but your parent will also see all transactions and can withdraw money.

Opening an account online versus in person

Most banks allow you to start the account opening process online, but you will need to finish it in person or by video call with a parent present. Some banks require both you and your parent to be in the same room at a branch. Others allow one of you to sign documents remotely while the other is present.

Online-only banks like Ally, Marcus, and Discover generally do not offer accounts for minors under 18, even with a co-owner. They require all account holders to be adults. If you want to use an online bank, you will need to wait until you turn 18.

Credit unions often have more flexible rules than large banks. Some allow you to open an account at 16 with just a parent's signature, without requiring you to be present. Call your local credit union to ask what their policy is.

What happens when you turn 18

When you turn 18, you can remove your parent as a co-owner and become the sole owner of the account. You do not have to do this — many people keep a parent on the account into adulthood. But you have the legal right to do it, and your parent cannot stop you.

To remove a co-owner, go to your bank branch or call customer service and ask to remove them from the account. The bank will process this in a few days. Your parent will no longer have access to the account or see your transactions. If you want to keep the account open but want your parent to stay involved, you can also leave them on as a co-owner.

At 18, you can also open your own accounts without a co-owner, move your money to a different bank, or switch to an online bank if you want. Your credit history from the account you opened at 16 will follow you — if you kept a positive balance and did not overdraft, this helps your credit score.

Frequently Asked Questions

Can I open a savings account at 16 without a parent?

No. Federal law requires a parent or legal guardian to be a co-owner on any account opened by someone under 18. Some banks allow you to open the account without a parent present in the branch, but a parent must still sign the paperwork and be listed as a co-owner.

What if my parent won't let me open an account?

If you have a legal guardian other than your parent, they can co-own the account instead. If you are in foster care or have a court-appointed guardian, that person can open an account with you. If neither parent nor guardian will help, you will need to wait until you turn 18 to open an account in your own name alone.

Can my parent see my transactions if they are a co-owner?

Yes. A co-owner has full access to the account, including the ability to see all deposits, withdrawals, and transfers. If you want privacy, a teen account with parental controls may be a better option — you still cannot hide spending, but the parent sees only what you spend, not where the money came from.

Will opening a savings account at 16 help my credit score?

A savings account alone does not build credit. Credit scores are based on borrowing and repayment history. However, if your bank reports the account to credit bureaus and you keep a positive balance, it may show up on your credit report as a positive account in good standing.

Can I have multiple savings accounts at different banks?

Yes. You can open accounts at multiple banks as long as a parent or guardian co-owns each one. There is no limit on the number of accounts you can have. Having multiple accounts can be useful for saving toward different goals, but keep track of which bank each account is at.