Yes, you can open a savings account under 18, but a parent or guardian must be on the account with you

Most banks and credit unions allow minors to open savings accounts, but they require an adult co-owner. That adult—usually a parent or legal guardian—has full access to the account and can withdraw money, close it, or change settings without your permission. Some institutions let you move to an adult-only account once you turn 18; others require you to open a new one.

The specific rules depend on which bank you choose. Some have no minimum age, while others require you to be at least 13 or 16. A few banks offer teen accounts designed to give you more control than a standard joint account, though the adult still retains legal authority.

Key Takeaways

  • You need a parent or legal guardian to co-own the account; the bank will not open one in your name alone.
  • Both you and the adult will need to show up in person with government-issued ID, and the adult's Social Security number will be required.
  • Some banks charge monthly fees on teen accounts, while others waive fees for minors; compare before you choose.
  • Once you turn 18, you can usually convert the account to your own or open a separate one without the adult's involvement.

What you need to bring to open an account

You and your parent or guardian must go to the bank together. Bring a government-issued ID for yourself—a school ID usually does not work, so use a state ID, passport, or driver's license if you have one. If you do not have any of those yet, ask the bank what it will accept; some take a birth certificate plus a school ID together.

The adult will need their own government-issued ID and their Social Security number. The bank will also ask for proof of address, which can be a utility bill, lease, or mortgage statement in the adult's name. Bring your Social Security number too, though some banks will issue you one if you do not have it yet.

Call the bank before you go. Rules vary by location and by branch, and some require an appointment for account opening. Asking ahead saves a wasted trip.

How teen accounts differ from joint accounts

A joint account means the adult has equal legal ownership. They can withdraw all the money, close the account, or change the terms without telling you. Most standard savings accounts for minors work this way.

A teen account is a marketing term, not a legal category. Banks use it to describe accounts with features meant for younger people—like no monthly fees, lower minimum balances, or a debit card in your name. But the adult still owns the account legally and can do anything a joint owner can do. The difference is in convenience and cost, not in control.

Ask the bank directly what you can and cannot do on the account you are considering. Some let you set up online banking and see your balance; others require the adult to approve any withdrawal. These details matter if you want to manage your own money.

Banks and credit unions that offer accounts for minors

Most major banks have options for minors. Chase, Bank of America, Wells Fargo, and Citibank all offer savings accounts for people under 18, though their rules and fees differ. Credit unions often have lower fees and may be more flexible about age requirements—ask your local credit union what it offers.

Online banks like Ally and Marcus do not offer accounts for minors, so you will need to use a brick-and-mortar bank or credit union. If your family already banks somewhere, start there; switching later is possible but takes time.

Compare three things before you choose: the monthly fee (if any), the minimum balance required, and what happens when you turn 18. Some banks let you convert seamlessly; others close the teen account and require you to open a new one.

What happens when you turn 18

On your 18th birthday, you become a legal adult. The bank will not automatically remove the adult from your account—you have to request it. Go to the bank with your ID and ask to remove the co-owner or convert to an individual account. Some banks do this in person only; others let you do it online or by phone.

If the bank requires you to open a new account instead of converting, you can transfer the money yourself once both accounts are open. This usually takes one to three business days. Ask the bank about the process before your birthday so there are no surprises.

If you want to keep the joint account after 18—perhaps because the adult is helping you manage money—you can do that too. The adult can stay on as long as you both agree.

Why a parent might want to co-own your account

Banks require an adult on the account because minors cannot sign legal contracts. From the bank's perspective, the adult is responsible if something goes wrong. From a parent's perspective, co-ownership lets them monitor spending, teach money habits, and step in if fraud happens.

Some parents use joint accounts to give teens a debit card and a spending limit. Others use them to save money for a specific goal—college, a car, or a trip—and keep control to prevent early withdrawal. Talk with your parent about what they expect from the account and what you can do with the money.

Frequently Asked Questions

Can I open a savings account without a parent if I have a job?

No. Having income does not change the legal requirement. You must have a parent or legal guardian co-own the account until you turn 18. If your parents are unavailable, a legal guardian, grandparent, or other court-appointed adult can serve as the co-owner instead.

What if my parent refuses to co-own an account?

You cannot open a bank account without an adult co-owner while you are under 18. If your parent is unwilling or unable, talk to another trusted adult—a grandparent, aunt, uncle, or legal guardian. If no family member is available, some nonprofits and youth organizations can help you find resources.

Can the adult on my account take all my money?

Yes, legally they can. The account is jointly owned, so they have the same rights you do. This is why it matters who you choose as the co-owner. Most parents and guardians do not do this, but the legal structure allows it. If you are concerned, talk openly with the adult about what you both expect.

Will opening a savings account affect my credit score?

No. A savings account does not appear on your credit report. Credit scores are built from borrowing and repayment history—credit cards, loans, and payment records. A savings account is separate and will not help or hurt your credit.

Do I need a Social Security number to open an account?

Most banks require one, but not all. If you do not have a Social Security number yet, ask the bank what it will accept instead. Some will use an Individual Taxpayer Identification Number (ITIN) or may issue you a number during the account-opening process.