You can open a savings account at any age, but a parent or guardian must be the account owner if you are under 18

There is no minimum age to have a savings account. Banks and credit unions will open accounts for infants, children, and teenagers. The catch is that anyone under 18 cannot legally sign contracts or manage money on their own, so a parent or guardian must be the account owner and responsible for all decisions.

This means the adult's name is on the account, the adult controls the money, and the adult can withdraw funds at any time. The child's name may also appear on the account — usually as a "custodial" or "minor" account — but the child cannot access the money without the adult's permission until they turn 18.

Some banks let children as young as 13 have their own debit card linked to the parent's account, which gives them practice managing small amounts. Other banks wait until 16 or 18. The rules vary by bank, so you will need to ask the specific institution what age they allow.

Key Takeaways

  • A parent or guardian must open and own the account if the child is under 18, even if the child's name appears on it.
  • The adult controls all the money and can withdraw it without the child's permission until the child reaches 18.
  • Some banks offer debit cards for children as young as 13, while others require 16 or 18 — you need to check with your bank.
  • When the child turns 18, the account can usually be converted to a standard adult account in their name alone.
  • Opening an account early teaches children about saving and gives them a safe place to keep money they earn or receive.

What happens when the child turns 18

At 18, the account can be converted to a standard adult account. The young person can then manage the account themselves, make withdrawals, set up automatic transfers, and make all decisions without the parent's involvement.

Some banks do this conversion automatically on the 18th birthday. Others require the young person to visit a branch or call to request the change. A few banks ask the parent to formally remove themselves from the account. Check with your bank about their specific process so there are no surprises.

Why parents open accounts for young children

Parents open savings accounts for children for several reasons. The most common is to set aside money the child receives — birthday gifts, holiday money, earnings from chores or a job. A savings account keeps that money separate from the parent's own funds and earns a small amount of interest over time.

A second reason is to teach the child about banking and saving. Watching money grow in an account, even slowly, helps children understand that saving is possible and that banks are a safe place to keep money. This foundation matters later when they manage their own finances as adults.

A third reason is to build the child's banking history. Some banks note that a young person had an account in good standing, which can help when they later open their first adult account or explore for a credit card.

Types of accounts available for minors

Most banks offer a custodial savings account, which is the standard option. The parent owns it, the child's name may appear, and the parent controls the money. Interest rates are usually the same as regular savings accounts — often very low, sometimes zero.

Some banks offer youth checking accounts or teen accounts designed specifically for children and teenagers. These may come with a debit card, limited overdraft protection, and parental controls that let the parent set spending limits or receive alerts when the child uses the card. The parent still owns the account.

A few credit unions offer savings clubs for children, which are accounts designed to encourage saving toward a specific goal — like a school trip or a bicycle. These work the same way as regular savings accounts but may have a theme or a target amount to reach.

What you need to bring to open an account for a child

To open a custodial account, you will need to bring the child's Social Security number (or tax ID number if they do not have a Social Security number), proof of the child's identity (usually a birth certificate), and proof of your own identity and address. Some banks accept a driver's license for both. Others ask for a birth certificate for the child and a government ID plus a recent utility bill or bank statement for the parent.

Call your bank ahead of time to ask exactly what documents they need. Requirements vary, and bringing the wrong papers means a wasted trip. If you are opening the account online, you may be able to upload images of these documents instead of visiting a branch.

How to teach a child to use the account

Once the account is open, show the child how to check the balance online or by visiting the bank. Many banks have mobile apps that make this straightforward. Let the child see the balance grow when they deposit money and watch interest accumulate, even if it is only a few cents per month.

If the bank offers a debit card, set clear rules about when and how the child can use it. Some parents give the card only for specific purchases or set a weekly spending limit. Others let the child use it freely but review the transactions together each week. The goal is to build confidence and responsibility without risk.

Talk with the child about why you are saving — whether it is for a future purchase, an emergency fund, or just building the habit. Children who understand the purpose of saving are more likely to stick with it.

Frequently Asked Questions

Can a child open a savings account without a parent?

No. Anyone under 18 cannot sign a legal contract, which is what opening a bank account requires. A parent or legal guardian must be the account owner. Some banks may allow a teenager to visit with a parent and help choose the account, but the adult must sign all paperwork.

What if the parent and child disagree about the money?

Since the parent owns the account, the parent has the legal right to withdraw the money. This is why trust matters. If you are opening an account for a child, be clear about the money's purpose — whether it belongs to the child and you are holding it, or whether you may use it for family expenses. Have that conversation before opening the account.

Does a child's savings account affect their credit score?

No. Savings accounts do not appear on credit reports or affect credit scores. Only borrowing activity — credit cards, loans, payment history — shows up on a credit report. A savings account is a good first step, but it does not build credit on its own.

Can a child have more than one savings account?

Yes. A child can have accounts at multiple banks if the parent opens them. Some families open one account for regular savings and another for a specific goal, like a college fund. There is no legal limit, though managing multiple accounts takes more time.

What happens to the account if the parent dies?

The account becomes part of the parent's estate and is handled according to the parent's will or state law. If there is no will, the court decides who inherits the money. This is why some parents name a guardian or trustee in their will to manage the child's accounts. Talk to a lawyer if you have concerns about this.