You cannot open a savings account for another adult without their involvement
A bank will not let you open an account in someone else's name without that person present or explicitly authorizing you to do so. The account holder must sign the signature card, provide identification, and consent to the account terms. This is a legal requirement, not a bank policy choice — federal regulations require the account owner to verify their own identity.
If you want to help someone save money, you have other options depending on their age and your relationship to them. The route that works depends on whether the person is a minor, an adult who cannot manage their own finances, or someone you straightforward want to give money to.
Key Takeaways
- An adult must be present and sign documents to open an account in their own name, even if someone else is paying the fees or making deposits.
- For a minor child, you can open a custodial account in their name with yourself as the custodian, and you control the account until they reach the age of majority.
- For an adult who cannot manage finances due to incapacity, you need a power of attorney document or court-appointed guardianship before a bank will let you control their account.
- You can open a joint account with another adult if both of you sign the paperwork and both provide identification.
- If you straightforward want to give money to an adult friend, you can transfer funds to their existing account or give them cash — no account opening required.
Opening a custodial account for a minor
If the person is a child under 18, you can open a custodial savings account in their name with yourself listed as the custodian. The child's name is on the account and their Social Security number is used, but you have full control over deposits, withdrawals, and how the money is used until they reach the age of majority — usually 18 or 21 depending on your state.
You will need the child's Social Security number, birth date, and address. The bank will require you to provide your own identification and sign as the custodian. Some banks allow you to open a custodial account online or by mail, though many still require an in-person visit. The account belongs to the child legally, but the money is yours to manage until they turn of age.
When the child reaches the age of majority, the account automatically converts to a regular account in their name. At that point, they have full control and you no longer do. Some banks notify the account holder when this happens; others do not. If you want to transfer the money before that date, you will need the child's consent and signature.
Joint accounts with another adult
If you want to open an account with another adult — a spouse, partner, or friend — you can open a joint account where both names appear and both people have equal access. Both account holders must be present, provide identification, and sign the signature card. Both of you can deposit and withdraw money without permission from the other.
Joint accounts are useful if you are combining finances with someone or want to give another adult equal control over shared money. They are not useful if you want to control the account yourself — a joint account means the other person has the same rights you do. If you want to help a friend save money but give them control, a joint account works. If you want to manage the money for them, it does not.
Managing finances for an incapacitated adult
If an adult cannot manage their own finances due to illness, disability, or age-related decline, you cannot straightforward open an account in their name and control it. You need legal authority first. The two main routes are a power of attorney document or a court-appointed guardianship.
A power of attorney is a document the person signs while they still have mental capacity, naming you as their agent to handle financial matters. The person must understand what they are signing and consent to it. Once signed and notarized, you can take it to a bank and open or manage accounts on their behalf. This is faster and less invasive than guardianship.
If the person no longer has capacity to sign a power of attorney, you must petition the court for guardianship or conservatorship. A judge will review the evidence and decide whether to appoint you as the legal guardian of their finances. This process takes weeks or months and requires court involvement, but it gives you legal authority to manage their accounts. You will also have to report to the court periodically on how you are spending their money.
Transferring money to someone else's existing account
If the person already has a savings account, you do not need to open a new one. You can transfer money directly to their account using their account number and routing number. You can do this through your own bank's online transfer system, through a service like Venmo or PayPal, or by writing a check to them.
This is the simplest option if your goal is just to give money to someone or help them save. They keep full control of the account and can use the money however they want. You have no ongoing role in managing it.
What happens if you try to open an account without the person's consent
If you attempt to open an account in someone else's name without their knowledge or permission, the bank will reject the process once they verify identity. Banks are required by federal law to confirm that the person whose name is on the account is actually the one opening it. This is part of anti-fraud and anti-money-laundering rules.
If you somehow succeed in opening an account fraudulently — by forging a signature or using someone's identity without permission — you have committed identity theft and fraud. This is a federal crime that can result in criminal charges, fines, and imprisonment. Banks also monitor accounts for unusual activity and will flag accounts that show signs of fraud.
Frequently Asked Questions
Can I open a savings account for my adult child if I am paying for it?
No. Your adult child must open the account themselves, even if you are depositing the money. They must be present, provide identification, and sign the signature card. Once the account is open, you can transfer money into it, but you cannot open it on their behalf.
What if I want to save money for someone but keep it separate from their account?
You can open a savings account in your own name and keep the money there. The money is yours legally, so you have full control. You can transfer it to them whenever you want, or leave it to them in your will. This works if you want to set aside money for someone without them having access to it yet.
Do both people on a joint account have to be present to open it?
Most banks require both account holders to be present and sign the paperwork in person, though some allow one person to sign and the other to sign later. Call your bank to ask about their specific process. Both people will need to provide identification.
Can I open a custodial account online?
Some banks allow online custodial account opening, but many require at least one in-person visit. Check with your bank about their process. You will need the child's Social Security number and birth date either way.
What if someone opens an account in my name without my permission?
Contact the bank when ready and tell them you did not authorize the account. Ask them to close it and freeze any transactions. Then file a report with the Federal Trade Commission at IdentityTheft.gov and consider filing a police report. Check your credit report for other fraudulent accounts.