Yes, but with a parent or guardian as co-owner

Most banks and credit unions will let you open a savings account at 17, but they require a parent or legal guardian to be a joint account holder. You cannot open an account in your name alone until you turn 18. The adult on the account has full access to the money and can make deposits or withdrawals without your permission, so choose someone you trust completely.

Some financial institutions have specific teen savings products designed for this age group, which may come with lower minimum balances or no monthly fees. Others straightforward add you to a standard savings account. Either way, the mechanics are the same: you and your parent or guardian both sign the paperwork, and both names appear on the account.

Key Takeaways

  • You need a parent or legal guardian to co-own the account with you; you cannot open one alone at 17.
  • The adult on the account has full legal access to all the money, so this works best with someone you trust.
  • Many banks offer teen savings accounts with no monthly fees or low minimum balances, but standard savings accounts work too.
  • Bring a government-issued ID (like a school ID or learner's permit), proof of address, and your Social Security number to open the account.
  • Once you turn 18, you can remove the co-owner or open your own separate account without their involvement.

What documents you need to bring

You and your parent or guardian will both need to show up at the bank or credit union in person. Bring a government-issued photo ID—a school ID, learner's permit, or passport all work. You will also need your Social Security number and proof of your current address, which can be a utility bill, lease, or mail from a government agency addressed to you.

Your parent or guardian will need their own photo ID and Social Security number. Some institutions also ask for a second form of ID or proof of address from the adult, so call ahead and ask what they require. This saves a trip if you show up unprepared.

Teen savings accounts versus standard accounts

Teen savings accounts are designed to let you learn money management without the fees that can drain a regular account. They typically have no monthly maintenance fee, no minimum balance requirement, and no overdraft fees. Some come with debit cards so you can withdraw cash or make purchases, though the card is usually linked to the parent's account for oversight.

A standard savings account works just as well if your bank does not offer a teen product. The difference is usually in the fees and features, not in how the account functions. Compare what your bank charges for monthly maintenance and what the minimum balance is. If you plan to keep less than $500 in the account, a teen product with no minimum is worth choosing.

How much control you have over the money

Once the account is open, you can deposit money and withdraw it using the debit card or by visiting the bank in person. However, your parent or guardian can also withdraw money or close the account without asking your permission. This is the legal reality of a joint account—both owners have equal rights to the funds.

If you want to keep some money private, this is a real limitation. Talk to your parent or guardian about expectations before you open the account. Some families treat the teen's deposits as untouchable; others view the account as a shared resource. Knowing the ground rules upfront prevents conflict later.

What happens when you turn 18

At 18, you become a legal adult and can own accounts in your name alone. You have three options: keep the account as is with your parent or guardian still as co-owner, ask the bank to remove the co-owner and make it yours alone, or open a new account in your name only and transfer the money over.

Most people remove the co-owner once they turn 18, which takes a phone call or a visit to the bank. The adult's name comes off the account, and you have sole control. If you want to keep the account as a joint account for other reasons—like having a trusted person help manage it—you can do that too. The choice is yours once you reach 18.

Where to open an account at 17

Banks, credit unions, and online banks all offer savings accounts for 17-year-olds with a co-owner. Credit unions often have lower fees and better customer service for younger account holders, and many offer teen-specific products. Banks like Chase, Bank of America, and Wells Fargo have teen savings options, though fees and features vary by location and account type.

Online banks like Ally or Marcus typically do not allow joint accounts for minors, so you will need to use a traditional bank or credit union with a physical branch. Call ahead or visit the website to confirm they offer accounts for 17-year-olds and ask what documents you need. This takes five minutes and saves you a wasted trip.

Frequently Asked Questions

Can I open a savings account at 17 without a parent or guardian?

No. All banks require a parent or legal guardian to co-own the account with you until you turn 18. If your parents are unavailable, a legal guardian, grandparent, or other court-appointed guardian can serve as the co-owner instead.

What if my parent or guardian refuses to co-own the account?

You will need to wait until you turn 18 to open an account in your name alone. In the meantime, you can save cash at home or ask a trusted family member if they are willing to help. Once you are 18, no one's permission is required.

Can the co-owner take money out without telling me?

Yes. A joint account means both owners have full legal access to all the money. If this concerns you, talk to your parent or guardian about how you both expect to use the account before you open it. Once you turn 18, you can move your money to an account in your name alone.

Do I need a Social Security number to open a savings account at 17?

Yes. Banks use your Social Security number to report interest earned and to check your banking history. If you do not have one, you can explore for one through the Social Security Administration before you open the account.

What is the difference between a savings account and a checking account at 17?

Both require a co-owner at 17. Savings accounts earn interest on your balance and limit how many withdrawals you can make per month. Checking accounts are designed for frequent transactions and usually do not earn interest. For saving money, a savings account is the better choice.