Yes, you can open a savings account at 17, but the account will need a parent or guardian
Most banks will let you open a savings account at 17, but they require a parent or guardian to be on the account with you. This is called a joint account — both of you have access to the money and can make deposits or withdrawals. The adult is legally responsible for the account, which is why banks require their presence.
A few banks offer accounts specifically for teenagers that let you be the primary account holder at 17, with a parent as a co-signer rather than a joint owner. The difference matters: as the primary holder, the account is yours, and the parent's role is mainly to verify your identity and age. You should call ahead or check the bank's website to see which structure they use, because the rules vary by bank and by state.
On your 18th birthday, you can convert a joint account into one that is yours alone, or you can open a completely separate account in your own name. Some banks do this automatically; others require you to ask.
Key Takeaways
- Most banks let you open a savings account at 17 with a parent or guardian on the account as a joint owner.
- Some banks offer teen accounts where you are the primary holder and a parent co-signs, giving you more control before you turn 18.
- You will need to bring a parent or guardian to the bank in person, along with proof of identity and age for both of you.
- Once you turn 18, you can remove the adult from the account or open a new account in your name alone.
What documents you and your parent need to bring
Both you and the adult will need to show proof of identity and proof of address. A government-issued ID like a driver's license, state ID card, or passport works for identity. For proof of address, bring a recent utility bill, lease, or bank statement in the adult's name.
You may also need a Social Security number or an Individual Taxpayer Identification Number (ITIN). The bank will ask for this to set up the account and report interest earned to the IRS. If you do not have a Social Security number yet, you can still open an account in many cases — the bank will just need to complete the process once you get one.
Call the bank before you go in. Different branches sometimes have different requirements, and knowing what to bring saves a trip.
How joint accounts work once the account is open
In a joint account, both you and the adult can deposit money, withdraw money, and see the balance. Either of you can make decisions about the account without asking the other. This means your parent can withdraw money without your permission, and you can withdraw money without theirs.
The money in the account is legally owned by both of you together. If the adult dies, the money typically goes to you automatically. If you die, the money goes to the adult. This is different from an account where someone is straightforward authorized to help you — in that case, the money would be yours alone.
Interest earned on the account is reported to the IRS under both Social Security numbers. This usually does not create a tax problem for you, but it is worth knowing.
Teen-specific accounts and what makes them different
Banks like Fidelity, Charles Schwab, and some local credit unions offer accounts designed for people under 18. These accounts often let you be the primary account holder at 17, with a parent as a co-signer. The parent does not have equal access — they can see the account and approve certain actions, but the account is yours.
Some teen accounts come with a debit card in your name, online banking access, and the ability to set up direct deposit from a job. Others are more limited. The trade-off is that these accounts sometimes charge monthly fees or require a minimum balance, whereas a basic joint account at a traditional bank is usually free.
Teen accounts are worth exploring if you want more independence before you turn 18, or if you want to build a credit history early. Ask the bank whether they report account activity to credit bureaus — some do, and some do not.
What happens when you turn 18
On your 18th birthday, you become a legal adult and can own a bank account in your own name. If you have a joint account, you have two choices: keep it as is, or convert it to an account in your name alone.
If you want to convert it, contact the bank and ask them to remove the adult. This usually takes a few days. You will need to sign paperwork confirming that you want the account to be yours alone. Some banks do this in person, and some let you do it online or by mail.
If you want to keep the joint account, you can. There is no requirement to change it. Some people do this because they want a parent to keep helping them manage money, or because they want to keep the account open and start a new one in their own name for other purposes.
Opening an account at a credit union instead of a bank
Credit unions often have the same rules as banks — you can open an account at 17 with a parent — but they sometimes have lower fees and higher interest rates on savings. To join a credit union, you usually have to meet a membership requirement, like living in a certain area, working for a certain employer, or being a student at a certain school.
Ask whether the credit union offers youth accounts or teen memberships. Some credit unions have special programs for people under 18 that include financial education or rewards for saving. Since credit unions are smaller than big banks, the staff may be more willing to explain your options in detail.
Frequently Asked Questions
Can I open a savings account at 17 without a parent?
No. Banks are required by law to verify your identity and age, and they treat anyone under 18 as a minor who needs an adult's consent. A few online banks may have different rules, but you would need to check directly with them.
Will my parent be able to see how much money I have?
Yes, in a joint account both account holders can see the balance and transaction history. If you want privacy, you can open a separate account in your own name once you turn 18, or you can ask your parent not to check the account.
What if my parent and I disagree about spending the money?
In a joint account, either person can withdraw money without the other's permission. If you are worried about this, talk to your parent before opening the account about how you will use it together. Once you turn 18, you can move your money to an account in your own name alone.
Do I need a job to open a savings account at 17?
No. You do not need income or employment to open a savings account. You can open one with money you have saved, received as gifts, or earned from any source.
Can I get a debit card with a savings account at 17?
Most traditional banks do not issue debit cards for savings accounts — debit cards usually come with checking accounts. Teen-specific accounts sometimes include a debit card. Ask the bank what cards are available for your age.