Yes, most teenagers can open a savings account, but the rules depend on age and the bank

A teenager can open a savings account at most banks and credit unions, though the exact process varies by age and institution. Banks typically allow minors as young as 13 to open accounts, but usually require a parent or guardian to co-own the account or be listed as a custodian. Some banks set the minimum age at 16 or 18 and let older teens open accounts independently. The account itself works the same way as an adult account—you deposit money, earn interest, and can withdraw when you need it—but a parent or guardian retains legal control until you reach the age of majority in your state, usually 18.

The main difference between a teen account and a regular savings account is oversight. Your parent or guardian can see all transactions, set spending limits, and freeze the account if needed. This is a legal requirement for minors, not a choice the bank makes. Once you turn 18, you can convert the account to a standard adult account or open a new one without a co-owner, depending on the bank's policy.

Key Takeaways

  • Most banks allow teenagers aged 13 and up to open savings accounts with a parent or guardian as co-owner or custodian.
  • You will need to bring a government-issued ID, proof of address, and your Social Security number, along with your parent or guardian and their ID.
  • A parent or guardian retains legal control of the account until you turn 18, and can see all deposits, withdrawals, and balances.
  • Interest rates on teen savings accounts are usually the same as regular savings accounts, though some banks offer slightly higher rates to encourage saving.
  • Once you turn 18, you can convert the account to your own or open a new account without a co-owner, depending on the bank.

What you need to bring to open an account

You and your parent or guardian both need to be present at the bank or credit union to open a teen savings account. Bring your government-issued ID (a state ID, passport, or school ID if the bank accepts it), your Social Security number, and proof of your current address. Your parent or guardian will need their own government-issued ID and Social Security number as well.

Some banks let you start the process online, but you will still need to visit a branch in person to verify your identity and have your parent or guardian sign the account agreement. A few banks and credit unions now offer video verification for minors, which can speed up the process, but this is not yet standard. Call your bank ahead of time to ask whether they require an in-person visit or whether you can complete part of the process online first.

How much money you can deposit and withdraw

There is no legal limit on how much money a teenager can deposit into a savings account. You can put in as little as a few dollars or as much as you earn from a job, gifts, or other sources. The bank may have its own minimum deposit requirement—often $25 to $100 to open the account—but this varies by institution.

Withdrawals work the same way as deposits. You can take money out whenever you need it, either at an ATM, through a teller at the bank, or online if the bank offers that option. Your parent or guardian can also withdraw money from the account, since they are a co-owner. Some banks let parents set daily withdrawal limits for their teen's debit card, which can help teach spending habits without restricting access to the account itself.

Interest rates and fees on teen accounts

Most teen savings accounts earn interest at the same rate as regular savings accounts at that bank. Interest rates vary widely—from nearly 0% at some large national banks to 4% or higher at online banks and credit unions—so it is worth comparing a few options before you open an account. The interest you earn is taxable income, though the amount is usually small enough that it does not affect your taxes unless you have other income as well.

Fees on teen accounts are typically lower than on adult accounts, or nonexistent. Many banks waive monthly maintenance fees for minors, and some do not charge overdraft fees if the account goes negative. However, some banks do charge fees for excessive withdrawals, ATM use outside their network, or paper statements. Read the fee schedule before you open the account, or ask the bank representative to walk you through it.

What happens when you turn 18

When you reach 18, your parent or guardian's role as co-owner or custodian ends automatically at most banks. The account becomes yours alone, and your parent or guardian loses the legal right to access it or make decisions about it. Some banks send you a notice before this happens and ask you to confirm that you want to keep the account open. Others convert the account silently and you will not notice any change.

If you want to keep the same account, you do not need to do anything—it will straightforward transfer to your name. If you prefer to open a new account elsewhere, you can close this one and move your money. Either way, you will have full control over the account from that point forward, and your parent or guardian will no longer be able to see your transactions or withdraw money.

Where to open a teen savings account

Most national banks offer teen savings accounts, including Bank of America, Chase, Wells Fargo, and Citibank. Credit unions often have teen accounts as well, and sometimes offer better interest rates or lower fees than large banks. Online banks like Ally, Marcus, and Discover also allow minors to open accounts, though you will need to complete the process online and may need to mail in documents or use video verification.

If you already have a bank account or your parent or guardian banks somewhere, start there—opening an account at the same institution is usually faster and easier. If you do not have a bank yet, compare a few options by looking at their websites or calling their customer service line. Ask specifically about teen accounts, minimum deposits, interest rates, and whether they require an in-person visit. Some banks market teen accounts heavily and make the process smooth; others treat them as a standard product with no special support.

How a teen savings account helps you build financial habits

A savings account gives you a place to keep money safe and watch it grow, even if the growth is small. You can see how interest works in real time, learn to budget by tracking your deposits and withdrawals, and practice making decisions about money without the risk of losing it. Many teens use savings accounts to save for a specific goal—a car, college, a trip, or just an emergency fund—which makes the account feel purposeful rather than abstract.

Having a co-owner also means you have someone to talk to about money decisions. Your parent or guardian can see what you are saving for, help you set realistic goals, and answer questions about how banks work. This shared visibility is one of the main reasons banks require a co-owner for minors—it is meant to be a teaching tool, not just a restriction.

Frequently Asked Questions

Can I open a savings account without my parent or guardian?

No, not until you turn 18. Banks are required by law to have a parent or guardian co-own or custodian any account opened by a minor. A few banks may allow you to open an account at 16 or 17 with parental consent but without a co-owner, though this is rare. Check with your bank about their specific age and co-owner policies.

Will opening a savings account affect my credit score?

No. Savings accounts do not appear on your credit report and do not affect your credit score. Only borrowing activity—credit cards, loans, and payment history—shows up on your credit. A savings account is purely a place to store and grow money.

Can my parent or guardian take money out of my account without asking?

Yes, legally they can, since they are a co-owner or custodian. However, most parents and guardians do not do this without permission. If you are concerned about this, talk to your parent or guardian about boundaries before you open the account, or ask the bank whether they can set withdrawal limits on the co-owner's access.

What if I want to move my money to a different bank after I turn 18?

You can close the account and open a new one anywhere else. The bank will give you the money, usually by check or direct transfer to another account. There is no penalty for closing a savings account, and you can do it online, by phone, or in person at a branch.

Do I need a job to open a savings account?

No. You can open a savings account with money from any source—a job, gifts, allowance, or money you have saved. Banks do not require proof of income for minors' savings accounts. They only need to verify your identity and your parent or guardian's identity.