The minimum age depends on the account type and the bank

Most banks will not let you open a savings account on your own until you turn 18. Before that, you need a parent or guardian to co-own the account with you. Some banks allow this starting at age 13 or 14, while others require you to be 16. A few banks have no minimum age if a parent is on the account.

Once you turn 18, you can open an account by yourself at any bank or credit union. You will need a government-issued ID and proof of address. If you are under 18 and want to start saving now, a custodial or joint account is your path forward — the adult on the account has legal control until you reach the age of majority, which is 18 in most states.

Key Takeaways

  • You must be 18 to open a savings account alone; under 18, you need a parent or guardian to co-own the account.
  • Some banks allow custodial accounts starting at age 13 or 14, while others require the child to be 16 or older.
  • The adult on a joint account has full control of the money and can withdraw funds without your permission until you reach 18.
  • Once you turn 18, you can open your own account with just a government ID and proof of address.

Custodial and joint accounts for minors

A custodial account is set up in your name, but a parent or guardian controls it legally until you reach 18 or 21 (depending on your state). The adult can deposit money, withdraw it, and make decisions about the account. You can see the balance and understand how savings work, but you cannot make withdrawals or close the account without permission.

A joint account works similarly — both you and the adult are listed as owners, and either of you can withdraw money. The difference is that a joint account does not automatically transfer to your sole control at 18. You and the adult would need to change the account structure together, or you could open a separate account of your own.

Banks vary on what they call these accounts and what rules explore. Chase, Bank of America, Wells Fargo, and most regional banks offer accounts for minors starting around age 13 to 16. Credit unions often have lower age minimums. Call your bank or visit their website to find the exact age requirement and what documents the adult will need to bring.

What you need to open an account under 18

The adult opening the account with you will need to bring a government-issued ID — a driver's license, passport, or state ID card. You will also need proof of address, usually a recent utility bill, lease, or mortgage statement in the adult's name. Some banks accept a bank statement or government document instead.

You may be asked to bring your Social Security number or a document showing it, such as a birth certificate or Social Security card. Bring whatever ID you have — a school ID, passport, or birth certificate. Different banks ask for different documents, so call ahead and ask what to bring before you go in.

Many banks now let you open an account online if the adult is already a customer. You will upload photos of documents instead of visiting a branch. This is faster, but the bank will still verify your identity and the adult's before the account is active.

What happens when you turn 18

When you reach 18, the account does not automatically become yours alone. If it is a custodial account, the bank will send paperwork to the adult asking whether to convert it to an account in your name only or to close it. You and the adult can also visit the bank together and request the change in person.

If the account is joint, you can keep it as is — both names stay on it — or you can ask the bank to remove the adult's name. The adult may need to sign paperwork to release their ownership. Some banks make this straightforward; others require a visit to a branch.

If you want a completely separate account that is yours alone, you can open one at 18 with just your ID and proof of address. You do not have to use the account you opened as a minor, though many people keep it because they already know how it works.

Banks and credit unions with accounts for young savers

Most major banks offer accounts for minors, but the minimum age and features vary. Chase allows accounts starting at age 13 with a parent. Bank of America has a similar program. Wells Fargo requires age 16. Discover Bank allows accounts at age 13. Credit unions often have lower minimums — some allow accounts at any age if a parent is present.

Online banks like Ally and Marcus do not offer accounts for minors at all. If you want to use an online bank, you will need to wait until 18. Traditional banks with physical branches are your best option if you are under 18.

Some accounts for minors come with a debit card, while others do not. Some let you earn interest on your balance; others do not. Compare what different banks offer before you choose. The features matter less than finding a bank that will open an account for your age right now.

Frequently Asked Questions

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

No. You must be 18 to open an account on your own. At 16, you still need a parent or guardian to co-own the account with you. Some banks allow this at 16; others require you to be older.

What if my parent does not want to be on the account?

You cannot open a savings account without a parent or guardian until you are 18. If your parent will not help, ask another trusted adult — a grandparent, aunt, uncle, or older sibling — to co-own the account with you. The bank will accept any adult with a valid ID.

Can the adult on my account take all the money out?

Yes. On a custodial or joint account, the adult has full legal control and can withdraw all the money without your permission. This is why it matters who you choose. Pick someone you trust completely.

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

Yes. Banks are required to collect your Social Security number to report interest earned and prevent fraud. If you do not have one, you can request one from the Social Security Administration before you open the account.

What happens to my account if the adult passes away?

The account becomes part of their estate. The person handling their will or the probate court will decide what happens to the money. This is rare, but it is why some families set up custodial accounts with clear instructions about who should take over if something happens to the first adult.