You must be 18 to open a savings account in your own name at most banks
If you are 18 or older, you can walk into a bank or credit union and open a savings account by yourself. You will need a government-issued ID, a Social Security number, and an initial deposit (which varies by institution — some require $25, others $100 or more). The account is yours to control.
If you are under 18, you cannot open an account alone. A parent or legal guardian must open a custodial account (also called a minor account) with you. The adult's name appears on the account alongside yours, and they have full control over the money until you reach the age of majority — which is 18 in most states, though a few states set it at 21.
Some banks and credit unions allow teenagers as young as 13 to open accounts with a parent present. Others have no minimum age. The rules differ by institution, not by law, so the age requirement depends on which bank you choose.
Key Takeaways
- You can open a savings account in your own name at 18 with a government ID and Social Security number.
- Under 18, a parent or legal guardian must open a custodial account with you, and they control the account until you reach adulthood.
- Some banks allow minors as young as 13 to open accounts with a parent present; others have no stated minimum age.
- The age requirement varies by bank, not by federal law, so you can call ahead to find an institution that matches your age.
- When you turn 18, the custodial account can be converted to an account in your name alone, though the process and timing differ by bank.
How custodial accounts work while you are under 18
A custodial account is a legal arrangement where an adult holds the account on your behalf. The adult — usually a parent — can deposit money, withdraw money, and make decisions about the account. You can see the balance and sometimes make deposits, but you cannot withdraw funds or close the account without the custodian's permission.
The money in the account is legally yours, not the custodian's. If the custodian dies or becomes unable to manage the account, the funds do not become part of their estate — they remain yours. However, the custodian can use the money for your benefit (food, housing, education) without your consent.
Most custodial accounts earn interest just like regular savings accounts. The interest is reported on your tax return, not the custodian's, though the custodian usually files the paperwork. Some accounts have restrictions on how many withdrawals you can make per month, and some charge monthly fees if the balance falls below a minimum.
What happens when you turn 18
When you reach 18, the custodial account does not automatically convert to an account in your name. The bank will not transfer control to you without action from the custodian. In most cases, you and the custodian must visit the bank together, or the custodian must sign paperwork authorizing the conversion.
Some banks allow the conversion to happen online or by mail. Others require an in-person visit. A few banks close the custodial account and require you to open a new adult account, which means a new account number and potentially a new debit card.
Once the account is in your name alone, the custodian has no further access. They cannot see the balance, make withdrawals, or close the account. If you want them to have access again — for example, if you want them to help manage your money — you would need to add them as an authorized user, which is a separate step.
Banks and credit unions with low or no age minimums
Many large banks allow custodial accounts for children as young as 13. Chase, Bank of America, Wells Fargo, and Citibank all offer minor savings accounts, though the exact age varies slightly by location and product. Some require a parent to have an account at the same bank; others do not.
Credit unions often have lower age minimums than banks. Many credit unions allow accounts for children under 13 if a parent is present. Some have no stated minimum age at all — they evaluate each situation individually. If you are looking for an account for a very young child, a local credit union is often the fastest route.
Online banks like Ally, Marcus, and Discover do not offer custodial accounts. They require the account holder to be 18. If you want an online savings account and you are under 18, you would need to use a traditional bank or credit union instead.
What you need to bring to open a custodial account
Both the minor and the custodian must be present (in person or online, depending on the bank). Bring a government-issued ID for the custodian — a driver's license or passport. Bring a Social Security number for both the minor and the custodian. Some banks also ask for proof of address, such as a utility bill or lease.
If the minor does not have a Social Security number yet, some banks will open the account and add the number later. Others will not open the account until the number is provided. Call ahead to confirm what your chosen bank requires.
You will also need to decide on an initial deposit. Most banks require at least $25 to $100 to open a savings account, though some have no minimum. Ask about monthly fees — some custodial accounts charge $5 to $10 per month if the balance stays below a certain level, while others charge no monthly fee at all.
Differences between custodial accounts and teen checking accounts
Some banks offer teen checking accounts in addition to or instead of custodial savings accounts. A teen checking account usually comes with a debit card and allows the teen to make purchases and withdrawals without asking the custodian first. A custodial savings account typically does not include a debit card and requires the custodian's permission to withdraw.
Teen checking accounts often have spending limits set by the parent — for example, a daily withdrawal limit of $50. Custodial savings accounts rarely have built-in limits; the custodian straightforward controls access. Some banks offer both products together, allowing a teen to have a checking account for everyday spending and a savings account for money they are saving.
The age requirement for teen checking accounts is usually the same as for custodial savings accounts — 13 or older at most banks — but varies by institution. If you want a debit card and spending control, ask the bank whether they offer a teen checking product and what age it requires.
Opening an account at 18 without a parent
Once you turn 18, you can open a savings account on your own at any bank or credit union. You will need a government-issued ID (driver's license, passport, or state ID card), your Social Security number, and an initial deposit. The process takes about 15 to 30 minutes in person, or 5 to 10 minutes online if you use an online bank.
You do not need a parent's permission or signature. You do not need to show proof of income. You do not need a credit card or credit history. The only requirement is that you are 18 and can provide an ID and Social Security number.
If you do not have a government-issued ID yet, some banks will accept a school ID or passport card. Call ahead to ask what forms of ID your chosen bank accepts. If you do not have a Social Security number, you can explore for one at your local Social Security office — the process takes about two weeks.
Frequently Asked Questions
Can I open a savings account at 16 or 17?
Not on your own. You would need a parent or legal guardian to open a custodial account with you. Some banks allow this at 16 or 17; others require you to wait until 18. Call the bank you want to use and ask whether they offer custodial accounts for your age.
What if my parent will not help me open an account?
If you are under 18 and your parent refuses to help, you cannot open a savings account at a traditional bank or credit union. You could ask another legal guardian — a grandparent, aunt, uncle, or court-appointed guardian — to open the account with you instead. If you have no adult willing to help, you would need to wait until you turn 18.
Can I have two savings accounts at different banks?
Yes. There is no law limiting how many savings accounts you can have. You can open a custodial account at one bank and another custodial account at a different bank. Once you turn 18, you can open as many accounts as you want. Each account has its own balance and interest rate.
Do I lose the money in my custodial account when I turn 18?
No. The money stays in the account. When the account converts to your name, the balance transfers with it. You do not lose any funds or interest earned.
What if I want to keep my parent as an authorized user after I turn 18?
You can add your parent as an authorized user on your account after it converts to your name. This gives them access to see the balance and make transactions, but they do not own the account — you do. You can remove them at any time without their permission.