You can open a savings account at any age, but the account structure changes based on whether you are a minor or an adult
A child under 18 cannot legally sign a contract, so banks require a parent or guardian to open and control the account. The adult's name appears on the account alongside the child's, and the adult has full access to the money. Once you turn 18, you can open your own account without a parent present, though some banks let you do this earlier if a parent co-signs.
The age requirement itself is not the barrier — it is the legal authority to sign. A bank will not refuse to let a 10-year-old save money; it will refuse to let that 10-year-old sign the account agreement alone. The parent or guardian signs instead, taking legal responsibility for the account.
Key Takeaways
- Children under 18 need a parent or guardian to open a savings account, and that adult's name must appear on the account.
- At 18, you can open your own account without a parent, though some banks allow it earlier with parental co-signature.
- A parent with access to a child's account can withdraw money at any time, so the account is not truly the child's until they reach the age of majority.
- Some banks offer teen accounts designed for ages 13 to 17 that give limited independence while keeping parental oversight.
How a joint account works when you are under 18
When a parent opens a savings account for a child, the bank creates what is called a joint account or custodial account. Both names appear on the account. The parent can deposit money, withdraw money, check the balance, and close the account without the child's permission. The child's name is there, but the child has no legal control.
This structure protects the bank — it ensures someone with legal authority is responsible for the account — and it protects the parent, who may need to move money quickly if the child's needs change. It does not protect the child's money from the parent. If a parent needs to withdraw the savings, they can.
Some banks call this a custodial account to make the legal relationship clearer. The terminology varies by bank, but the mechanics are the same: one adult, full control; one child, no control until they reach 18.
What happens when you turn 18
At 18, you become a legal adult in all 50 states. You can now sign contracts, including a bank account agreement. The parent's name can be removed from the account, and you gain full control. The bank will not do this automatically — you have to request it, usually by visiting a branch with a photo ID.
Some banks will remove the parent when ready. Others require you to open a new account in your name alone and transfer the balance. A few will let the parent stay on the account if both of you agree, which can be useful if you want continued oversight or if the parent needs to help manage the account for other reasons.
Until you take action to remove the parent, they retain access. If you want privacy or full control before you visit the bank, you may want to open a separate account at 18 and move your money there.
Teen accounts and early independence
Many banks offer accounts designed for teenagers aged 13 to 17. These accounts sit between a fully controlled joint account and a fully independent adult account. They typically come with a debit card, online access, and the ability to make deposits and withdrawals — but the parent can still see all transactions and set spending limits.
The parent remains the account owner and can withdraw money, but the teen gets a degree of financial independence. This setup lets a teenager learn to manage money, use a debit card, and understand how accounts work while the parent maintains oversight. The specific features vary by bank — some allow the teen to set a PIN that the parent does not know, while others give the parent complete visibility.
Teen accounts are not required to open a savings account. A standard joint account works just as well. But if you want your child to have some independence and learn financial habits, a teen account is designed for that purpose.
What you need to bring to open an account as a minor
The parent or guardian will need a photo ID — a driver's license, passport, or state ID. The child does not need an ID, though some banks ask for a birth certificate or Social Security number to verify identity and set up tax reporting.
Some banks let you open an account online if a parent is present with their ID. Others require you to visit a branch in person. A few allow the parent to open the account alone without the child present, though the child's information still goes on the account.
Call the bank before you go. Ask whether you can open the account online, by phone, or in person, and what documents you need. This saves a trip if the bank has specific requirements.
Removing a parent from the account at 18
Visit the bank with your photo ID and ask to remove the parent from the account. You will sign a form authorizing the change. The bank will update the account records, and the parent will no longer have access. This usually happens the same day, though some banks take one to two business days to process the change.
If the parent's name is on the account, they may receive a notice that the account has been modified. Some banks send this automatically; others do not. If you want to avoid surprise or conflict, tell the parent before you visit the bank.
If the parent refuses to go to the bank with you, you do not need their permission to remove them — you are the account owner at 18. The bank will remove them based on your request alone.
Frequently Asked Questions
Can a child open a savings account without a parent?
No. Banks require a parent or guardian to sign the account agreement for anyone under 18. The parent's name must appear on the account. Some banks offer teen accounts starting at age 13, but a parent still controls the account.
What if I turn 18 but still want my parent to help manage my account?
You can ask the bank to keep the parent's name on the account after you turn 18. Both of you will have full access. This is optional — you can remove them whenever you want, and they cannot stop you.
Can a parent take money out of a child's savings account?
Yes. A parent on a joint account has full legal access to the money. They can withdraw, transfer, or close the account without the child's permission. This is why some families use separate accounts for money meant to be saved long-term.
Do I need a Social Security number to open a savings account as a minor?
Most banks ask for a Social Security number so they can report interest earned to the IRS. If you do not have one, ask the bank whether they can open the account without it or what documents they need instead.
Can I move my money to a different bank when I turn 18?
Yes. Once your name is on the account alone, you can withdraw the balance and deposit it anywhere. You can also ask the original bank to transfer the balance to a new bank for you, though this takes a few business days.