You need a parent or guardian to open an account, but the account can be in your name alone

Most banks and credit unions will let you open a savings account before you turn 18, but you cannot do it by yourself. A parent or legal guardian has to be present and sign the paperwork. Once the account is open, you own it — the adult is not a co-owner unless the bank requires that structure, though they may have some visibility into the account depending on the bank's rules.

The specific requirements vary by institution. Some banks let you open an account at any age with a parent present. Others set a minimum age of 13 or 16. A few require the parent to be a customer of the bank already. The fastest way to find out what your bank needs is to call their customer service line or visit a branch in person with your parent — the requirements are usually straightforward, but they differ enough that checking first saves a trip.

Key Takeaways

  • You will need your parent or guardian present in person or online, a form of ID (usually a school ID or state ID), and your Social Security number to open an account.
  • Different banks have different minimum age requirements — some accept anyone with a parent present, others require you to be 13 or 16.
  • Many banks offer accounts designed for minors that let you manage your own money while your parent can monitor activity if they choose.
  • Once you turn 18, you can convert the account to a standard adult account or open a new one without a parent's involvement.

What documents you need to bring

Bring a government-issued ID or school ID with your photo and name. A state ID, driver's license, or school ID card all work. If you do not have a photo ID, some banks will accept a birth certificate plus another document with your name on it, like a report card or insurance card — call ahead to confirm what the bank will take.

You will also need your Social Security number. Write it down or have it memorized; the bank will ask for it during the account setup. Your parent or guardian will need to bring their ID as well, usually a driver's license or state ID. Some banks ask for proof of address (a utility bill or lease in the parent's name), though many waive this if you already have an ID.

Where to open the account: banks versus credit unions

Banks and credit unions both offer accounts for minors, and the process is similar at either one. The main difference is that credit unions are member-owned cooperatives, so you become a member when you open an account, while banks are for-profit institutions. Credit unions sometimes offer lower fees and better interest rates on savings, but banks are more common and have more branches and ATMs in most areas.

Online banks (like Ally, Marcus, or Discover) also offer accounts for minors, but the process is different — you cannot walk into a branch. Instead, you and your parent open the account online together, usually by uploading photos of your IDs and answering verification questions. Some online banks are faster because there is no waiting for an appointment, but you will not have a physical branch to visit if you need help in person.

The difference between custodial accounts and accounts in your name

Some banks offer custodial accounts, where the parent is the legal custodian and has control until you turn 18 or 21 (depending on the bank and your state). Other banks let you open a standard savings account in your name alone, with the parent just signing as a witness to the opening. Ask the bank which structure they use — it matters because it affects what happens when you turn 18.

In a custodial account, the parent can see all transactions and may be able to withdraw money. When you reach the age of majority (usually 18, sometimes 21), the account automatically converts to your name and the parent loses access. In a standard account in your name, you have control from day one, though the parent may be able to see activity depending on the bank's online portal. Custodial accounts are more common at traditional banks; standard accounts in your name are more common at online banks and credit unions.

What happens when you turn 18

If you have a custodial account, the bank will convert it to a standard adult account automatically when you reach the age of majority. You will receive notice in the mail or through your online banking portal a few weeks before the conversion. No action is required on your part — the account stays open and your money stays in it.

If you already have a standard account in your name, nothing changes when you turn 18. You can continue using it as is, or you can open a new account if you want different features (like a checking account, or an account with higher interest rates). Some banks offer better rates or features for young adults, so it is worth checking what they have available once you turn 18.

Fees and minimum balances to watch for

Many banks waive monthly maintenance fees for accounts opened by minors, or they charge a very low fee (usually $1 to $3 per month). Some banks have no monthly fee at all. The fee structure often changes when you turn 18, so ask what the fee will be after your account converts — some banks charge higher fees for adult accounts, while others keep the same rate.

Minimum balance requirements also vary. Some banks require you to keep a certain amount in the account (often $25 to $100) to avoid a fee. Others have no minimum. If you are opening an account to save small amounts, look for a bank with no monthly fee and no minimum balance — online banks are often the best option for this.

How to choose between options

Start by asking your parent which bank they use. Many families find it easiest to open an account at the same bank, because the parent can help you understand how to use online banking and you can ask questions at the same branch. If your parent does not bank anywhere, or you want to compare options, check what banks have branches or ATMs near your school or home.

If you want to earn interest on your savings, compare the interest rates offered by different banks — online banks usually offer higher rates than traditional banks, though the difference is small on the amounts most teens save. If you think you will need to withdraw cash frequently, choose a bank with ATMs near you. If you prefer to manage everything online and do not need a physical branch, an online bank or credit union may be simpler.

Frequently Asked Questions

Can I open a savings account without my parent present?

No. All banks require a parent or legal guardian to be present or to verify their identity during the account opening, even if the account is in your name alone. Some online banks let you open the account together remotely, but the parent still has to participate.

What if I do not have a Social Security number?

You will need one to open a bank account. If you do not have a Social Security number, you can explore for one through the Social Security Administration website or at your local Social Security office. Bring your birth certificate and a photo ID (or have your parent bring theirs). The process usually takes a few weeks.

Can my parent take money out of my account?

It depends on the account structure. In a custodial account, the parent usually can withdraw money because they are the legal custodian. In a standard account in your name, the parent cannot withdraw money unless they are also listed as an owner. Ask the bank which type you are opening.

What is the minimum age to open a savings account?

It varies by bank. Some accept minors of any age with a parent present. Others require you to be at least 13 or 16. Call your bank or check their website to find out their specific age requirement before you go in.

Do I need to bring my parent's bank statements or proof of income?

No. The bank will ask for the parent's ID and proof of address, but not financial documents. They are verifying the parent's identity, not their income or credit.