You can open a savings account at any age, but the account structure depends on whether you are a minor

A child can have a savings account from infancy. Banks do not have a minimum age requirement — what changes is who owns and controls the account. A baby cannot sign documents or make withdrawals, so a parent or guardian opens and manages the account on their behalf. Once you turn 18, you can open and control your own account without a co-owner.

The account type matters more than age. A custodial savings account (also called a minor's account or youth account) is held in a child's name but controlled by a parent until the child reaches the age of majority — usually 18, sometimes 21 depending on the state and the bank. A joint account is another option, where both the minor and parent have access and can make withdrawals. Once you turn 18, you can convert to a standard adult account or open a new one in your name alone.

Key Takeaways

  • Infants and young children can have savings accounts, but a parent or guardian must open and control them until the child reaches 18 or 21.
  • Most banks offer custodial accounts for minors, which transfer to the child's full control at age 18 or 21 depending on state law and the bank's terms.
  • Joint accounts let both parent and child access the money and make withdrawals, giving the child more control earlier than a custodial account.
  • At 18, you can open your own account without a co-owner, though some banks require you to be 18 and others accept 16 or 17 with parental permission.
  • The account you open as a minor may have different fees, interest rates, or features than an adult account, so check what changes when you turn 18.

Custodial accounts: how they work and when control transfers

A custodial account is opened in the child's name, with the parent listed as custodian. The parent has full control — they deposit money, make withdrawals, and manage the account. The child's Social Security number is used, so the account builds the child's banking history and credit file from the start. The bank sends statements to the parent's address.

When the child reaches the age of majority (18 in most states, 21 in a few), the account automatically transfers to the child's control. The parent's authority ends. Some banks require the child to visit in person or sign new documents to acknowledge the transfer; others handle it automatically. Check with your bank about what happens on that date — you do not want to discover the account is frozen because paperwork was missed.

The money in the account belongs to the child legally, even though the parent controls it. If the parent dies or becomes incapacitated before the child reaches 18, the account does not go into the parent's estate — it stays in the child's name and a court-appointed guardian takes over as custodian.

Joint accounts: shared access before age 18

A joint account is held in both names and both the parent and child can deposit and withdraw money. The child has more control than in a custodial account — they can go to the bank or use the debit card to access their own money. This works well for teenagers who are earning money and learning to manage it.

The downside is that the parent can also withdraw all the money without the child's permission. If the parent and child have a dispute, or if the parent faces creditors or a lawsuit, the account can be frozen or emptied. A custodial account protects the child's money from the parent's financial problems; a joint account does not.

When the child turns 18, a joint account does not automatically change. Both names stay on it unless one person removes themselves. Some teenagers keep the joint account with a parent for safety; others close it and open their own account.

Opening your own account at 18 (or sometimes earlier)

At 18, you can walk into a bank and open a savings account in your name alone. You will need a government-issued ID (driver's license or passport), proof of address (a utility bill or lease), and your Social Security number. Most banks complete the process in 15 to 30 minutes.

Some banks let you open an account at 16 or 17 with a parent's permission and co-signature, even though you cannot legally control it alone. This is useful if you want to move away from a joint account but your bank requires a co-owner under 18. Ask your bank whether this option exists.

When you turn 18, check whether your existing account (custodial or joint) automatically converts to an adult account or whether you need to take action. Some banks change the account type and features automatically; others send a notice asking you to confirm. If you do nothing, you might be stuck with a youth account that has higher fees or lower interest rates than an adult account.

What documents you need and what banks ask for

To open any account — whether you are a parent opening a custodial account or an 18-year-old opening your own — you will need the account holder's Social Security number, a government-issued ID, and proof of address. For a minor's account, the bank also needs the parent's or guardian's ID and Social Security number.

Some banks ask for additional documents: a birth certificate for a newborn, adoption papers if the child was adopted, or court documents if a non-parent is the guardian. Online banks may have different requirements than branches — some will not open accounts for minors online and require you to visit in person or mail documents.

If you do not have a Social Security number yet (for example, if you are a non-citizen minor), some banks will open an account with an Individual Taxpayer Identification Number (ITIN) instead. Call ahead to confirm your bank accepts ITINs, because not all do.

Differences between youth accounts and adult accounts

Banks often offer youth or teen savings accounts with different terms than adult accounts. A youth account might have no monthly fee, a lower minimum balance, or a higher interest rate to encourage saving. Some come with a debit card designed for teenagers, with spending limits or parental controls.

When you turn 18, your account may automatically convert to an adult account with different fees and rates. A youth account with no monthly fee might become an adult account with a $5 monthly fee if you do not maintain a minimum balance. The interest rate might drop. Read the conversion notice carefully, or call the bank to ask what changes. If the new terms are worse, you can close the account and move to a different bank.

Some banks offer student accounts for people 18 to 25 who are in school, with similar perks to youth accounts. If you are a student, ask whether your bank has a student account option — it may have better terms than a standard adult account.

What happens to the account when the child turns 18

For a custodial account, the bank transfers ownership and control to the child on the date they reach the age of majority. The parent's name comes off the account. The child can now make all decisions about the account — deposits, withdrawals, closing it, or moving the money elsewhere. Some banks send a notice a few weeks before the transfer date; others do it silently and the child finds out when they log in or receive a new statement.

For a joint account, nothing changes automatically. Both names stay on the account unless one person goes to the bank and removes themselves. If you want the account to be yours alone, you will need to visit the bank or call and ask to remove the co-owner. If you want to close it and open a new account elsewhere, you can do that too.

If you had a custodial or joint account as a minor and you turn 18, check your account statements and online banking to confirm the change happened. If the bank did not process it, call and ask them to complete the transfer. Do not assume it happened automatically — banks sometimes miss the date, especially if you have moved or changed your contact information.

Frequently Asked Questions

Can a newborn or toddler have a savings account?

Yes. A parent or guardian opens a custodial account in the child's name. The child does not need to do anything — the parent manages all deposits and withdrawals. The account builds the child's banking history from the start.

What is the difference between a custodial account and a joint account?

In a custodial account, the parent has full control and the child has none until age 18 or 21. In a joint account, both the parent and child can access and withdraw money when ready. A custodial account protects the child's money from the parent's creditors; a joint account does not.

Can I open a savings account at 16 or 17?

Most banks require you to be 18 to open an account in your name alone. Some banks let you open an account at 16 or 17 with a parent's co-signature, but the parent retains legal control. At 18, you can open an account without anyone else's permission.

What happens to my account when I turn 18?

A custodial account automatically transfers to your control, though you may need to sign new documents or visit the bank. A joint account stays joint unless you ask the bank to remove the co-owner. Check your statements to confirm the change happened, and ask the bank what fees or features change when you move to an adult account.

Do I need a Social Security number to open a savings account as a minor?

Yes, most banks require a Social Security number. If you do not have one, some banks accept an Individual Taxpayer Identification Number (ITIN) instead, but not all. Call your bank ahead of time to confirm what they accept.