Yes, but usually with a parent or guardian

Most banks and credit unions let people under 18 open a savings account, but they require a parent or guardian to co-own it or sign off on it. You cannot open one alone. The account will have both your name and your parent's or guardian's name on it, and they will have full access to the money and the account.

Some banks have specific accounts designed for teens, while others let minors use a regular savings account with an adult co-owner. The rules vary by bank, so you will need to call or visit your local branch to find out what they offer. Many banks let you start with as little as $1 or $25, though some have no minimum.

Key Takeaways

  • You will need a parent or guardian to co-own the account or sign the paperwork, even if the money is yours.
  • Bring a government-issued ID (like a school ID or passport) and your Social Security number when you go to open the account.
  • Some banks offer teen accounts with features like spending limits or alerts, while others use a standard savings account with a co-owner.
  • Your parent or guardian can see all transactions and withdraw money, so talk about expectations before you open the account.
  • Once you turn 18, you can usually convert the account to your name alone or open a separate account without a co-owner.

What documents you need to bring

You will need your Social Security number and a form of identification. A school ID, passport, or state ID all work. Your parent or guardian will also need to bring their ID and Social Security number.

Some banks ask for proof of address, like a utility bill or lease in your parent's name. Call ahead to ask what your specific bank requires — this saves a trip if you are missing something. Many banks now let you start the process online and finish it in the branch, so you can see what documents they need before you go.

How teen accounts differ from regular savings accounts

Banks that offer teen-specific accounts often include features designed for younger savers. These might include spending limits on a debit card, alerts when money is withdrawn, or educational tools about saving and budgeting. Some accounts waive monthly fees for minors, while others charge a small fee even with a low balance.

A regular savings account with a co-owner works the same way as any other savings account — you earn interest on your balance, and you can withdraw money whenever you need it. The main difference is that your parent or guardian has equal access. If your bank does not offer a teen account, a regular savings account is a perfectly fine choice.

What your parent or guardian can do with the account

Because your parent or guardian is a co-owner, they can see every transaction, deposit money, and withdraw money without asking you. They can also close the account. This is why it matters to have a conversation before you open it — you should both understand whether the account is for your money that you control, or money they are helping you save.

Some families use a teen account as a teaching tool, where the teen makes decisions about deposits and withdrawals but the parent watches to make sure the account is being used as planned. Other families use it as a joint account where both people contribute and both can access the money. There is no single right way — it depends on what works for your family.

Interest rates and fees to ask about

Savings accounts earn interest, which means the bank pays you a small amount of money for letting them hold your deposits. Interest rates vary widely — some accounts earn almost nothing, while others earn more. Ask your bank what the current interest rate is for a teen savings account, and whether it changes based on how much money you have in the account.

Ask about fees too. Some banks charge a monthly maintenance fee, a fee if your balance drops below a certain amount, or a fee for using an ATM outside their network. Many banks waive fees for minors, but not all. A few minutes of questions now can save you money over time.

What happens when you turn 18

When you reach 18, you become a legal adult and can own accounts in your name alone. Most banks let you convert your teen account to a regular account without closing it and reopening it. You can usually do this online or by visiting a branch. Your parent or guardian's name will come off the account, and you will have sole control.

If you want to open a completely separate account at that point, you can do that too. Some people keep the account they opened as a teen because they like the bank or want to keep a long account history. Others switch to a different account or bank. The choice is yours once you are 18.

Where to open an account

You can open a savings account at a bank, a credit union, or an online bank. Banks and credit unions have physical locations where you can walk in with your parent or guardian. Online banks have no branches, but they often have lower fees and higher interest rates — you would complete the process entirely online or by mail.

If you are not sure where to start, ask your parent or guardian where they bank. Many families use the same bank for convenience. If they do not have a bank account, you can search for banks or credit unions near you online, or call 211 to find a community bank or credit union in your area that works with teens.

Frequently Asked Questions

Can I open a savings account without my parent knowing?

No. Banks require a parent or guardian to co-own the account or sign the paperwork for anyone under 18. You cannot open one secretly. If you are in an unsafe situation and need to save money privately, talk to a trusted adult like a school counselor or teacher about safer options.

What if my parent or guardian takes money out without asking?

Because they are a co-owner, they have the legal right to withdraw money. If this is a problem, talk to them about it directly. If you are in an unsafe situation, a school counselor or local family services office can help you figure out what to do.

Do I need a job to open a savings account?

No. You can open a savings account whether or not you have income. The money can come from a job, allowance, gifts, or anything else. Banks do not ask where the money comes from when you open the account.

Can I use the account to receive paychecks from a job?

Yes. If you have a job, you can set up direct deposit so your paycheck goes straight into your savings account. You will need to give your employer the account number and routing number, which you can find on your debit card or by asking the bank.

What if the bank says no?

If your bank will not open an account for you, try a different bank or a credit union. Credit unions sometimes have different rules and may be more willing to work with teens. You can also ask your parent or guardian to help you find a bank that does offer teen accounts.