You cannot open a savings account in someone else's name without their permission, but you can open one jointly or set up certain accounts designed for minors
Banks will not let you open an account using only another person's name and information. The person whose name is on the account must be present, provide identification, and sign the paperwork themselves — or in some cases for minors, a parent or guardian must do it on their behalf. This rule exists to prevent fraud and to make sure the account holder can access and control their own money.
If you want to help someone save money, you have real options. You can open a joint account where both of you own the money equally, set up a custodial account if the person is a minor, or in some situations transfer money to an existing account they already own. The route that works depends on who the person is and what you are trying to accomplish.
Key Takeaways
- A joint savings account requires both account holders to be present with identification and to sign the paperwork, giving both people equal ownership and access.
- A custodial account is opened by a parent or legal guardian for a minor, with the adult controlling the account until the child reaches the age of majority (usually 18 or 21).
- You cannot open an account using only another adult's name without their knowledge and consent, even if you intend to help them.
- Some banks allow you to add a second person to an existing account after it is opened, which requires that person's consent and identification.
Joint savings accounts: both people own the money equally
A joint account is owned by two or more people at the same time. Both account holders can deposit money, withdraw money, and make decisions about the account. The bank treats the money as belonging to both people equally, unless you sign a separate agreement saying otherwise.
To open a joint account, both people must go to the bank together (or in some cases, one person can open it and the other can be added later, but that second person must still provide identification and consent). Each person will need a valid government-issued ID, a Social Security number or tax ID, and proof of address. The bank will ask both of you to sign the account agreement.
Joint accounts work well when you want to combine finances with someone — a spouse, a partner, or an adult family member. They are not the right choice if you want to save money for someone without giving them access to it, because both people have equal rights to withdraw all the money at any time.
Custodial accounts: saving for a minor with you in control
A custodial account is a savings account opened by a parent or legal guardian for a child. The adult's name and the child's name both appear on the account, but the adult controls the money until the child reaches the age of majority — usually 18, though some states use 21.
To open a custodial account, you will need the child's Social Security number, your own identification and Social Security number, and proof of address. You do not need to bring the child to the bank. The account is yours to manage: you decide when to deposit money, and you can withdraw money to pay for the child's expenses. The child cannot withdraw money without your permission.
When the child reaches the age set by your state's law (the "age of majority"), the account automatically becomes theirs to control fully. They will receive notice from the bank, and after that date they can withdraw money without your permission. Some parents use custodial accounts to teach children about saving; others use them as a way to set aside money for a child's future without the child having access to it yet.
Adding someone to an existing account they already own
If someone you know already has a savings account, you can ask the bank whether you can be added as a joint owner or as an authorized user. This is different from opening a new account — the account already exists in their name.
To add yourself to their account, that person must go to the bank with you (or authorize the change in writing, depending on the bank's rules). They will need to provide identification, and the bank will ask them to sign a form agreeing to add you. After that, you will have access to the account in the same way a joint account holder does.
Some banks also offer authorized user status, which is different from joint ownership. An authorized user can deposit and withdraw money, but the original account holder remains the legal owner. Ask your bank which option they offer and what the differences are.
Why banks require the account holder's consent and presence
Banks have strict rules about who can open accounts and who can be added to them. These rules protect people from fraud — someone opening an account in your name without permission and stealing the money, or adding themselves to your account without your knowledge.
The rules also protect the bank. If a bank opens an account without the person's consent, that person can later claim the account was opened fraudulently, and the bank could be held responsible. By requiring identification and a signature from everyone involved, the bank creates a paper trail showing that the account holder agreed to the account.
This is why you cannot surprise someone with a savings account in their name, even with good intentions. The account would not be legally theirs until they consent to it.
What to do if you want to help someone save but they cannot go to the bank
If the person you want to help cannot visit the bank in person — because they are homebound, live far away, or have another barrier — ask the bank whether they offer remote account opening. Many banks now allow people to open accounts online or over the phone, with video verification of their identity instead of an in-person visit.
If remote opening is not available, you can transfer money to an account they already own, or you can open a joint account and have them sign the paperwork remotely if the bank allows it. Some banks will mail documents for the person to sign and return.
Another option: if you are the legal guardian of a minor or an incapacitated adult, you may have the authority to open accounts on their behalf. This requires legal documentation (guardianship papers, power of attorney, or a court order). Bring these documents to the bank and ask what accounts you can open.
Frequently Asked Questions
Can I open a savings account for my adult child without them knowing?
No. Banks require the person whose name is on the account to provide identification and sign the paperwork themselves. Opening an account in someone else's name without their knowledge is fraud. If you want to help them save, talk to them about opening a joint account or adding you to an existing account they own.
What if I want to save money for someone but they might spend it?
If the person is a minor, a custodial account gives you control until they reach the age of majority. If the person is an adult, you cannot legally prevent them from accessing money in an account with their name on it. You could keep money in your own account and gift it to them later, or discuss a joint account where you both agree on how the money will be used.
Can I add someone to my savings account without going to the bank?
Most banks require the person being added to provide identification and sign a form, either in person or remotely. Some banks allow you to start the process online, but the other person will still need to verify their identity. Call your bank to ask what their process is.
What happens to a custodial account when the child turns 18?
The account becomes the young adult's to control. The bank will notify them, and after the age of majority, they can withdraw money without your permission. You no longer have authority over the account, though your name may still appear on it as the original custodian.
Do I need the person's Social Security number to add them to my account?
The bank will likely ask for it, yes. They use Social Security numbers to verify identity and to report account information to credit bureaus. Ask your bank what information they need before you bring the other person in.