The minimum age depends on whether you open the account yourself or with a parent
You must be at least 18 years old to open a savings account in your own name at most banks and credit unions. If you are under 18, you can still have a savings account, but it has to be a joint account with a parent or legal guardian, meaning they own it alongside you and can access it anytime.
Some banks and credit unions allow children as young as 13 or 14 to open accounts with a parent present, though the rules vary by institution. A few banks have no stated minimum age for joint accounts—the parent simply needs to bring identification and the child's birth certificate or Social Security number. The account belongs to both of you until the child turns 18, at which point it can be converted to a solo account or remain joint if both parties agree.
The key difference is control: as a minor on a joint account, you can deposit and withdraw money, but your parent can too. Once you turn 18, you can open your own account without anyone else's permission, and only you can access it.
Key Takeaways
- You must be 18 to open a savings account by yourself; under 18 requires a parent or legal guardian on the account.
- Some banks allow joint accounts for children as young as 13 or 14, though the minimum age varies by bank.
- On a joint account, both the parent and child can deposit and withdraw money until the child turns 18.
- When you turn 18, you can convert a joint account to a solo account or open a new account in your name alone.
What happens when you turn 18
At 18, you become a legal adult and can open a savings account without a parent's involvement. You do not have to close or change your existing joint account—many people keep them open for convenience—but you now have the right to open a separate account that only you control.
If you want to convert your joint account to a solo account, contact your bank and ask about the process. Some banks do this with a simple form; others require you to visit a branch. Your parent will no longer have access once the conversion is complete. If your parent wants to keep the account joint, both of you have to agree, and the bank will ask for written consent from both parties.
Opening a joint account as a minor
To open a joint account with a parent, you will need to visit a bank or credit union branch in person. The parent must bring a government-issued ID (driver's license, passport, or state ID) and you will need to bring a birth certificate or Social Security card to verify your identity.
Some banks also ask for proof of address, such as a utility bill or lease in the parent's name. Bring your Social Security number if you have one—the bank will use it to set up the account and report interest earned to the IRS. If you do not have a Social Security number yet, the bank can still open the account, but you will need to provide one within 90 days.
The parent will be listed as the account owner and you as an authorized user or co-owner, depending on the bank's terminology. Either way, both of you can make deposits and withdrawals. Ask the bank whether the account comes with a debit card for your age group—some banks issue cards to minors; others wait until age 13 or 16.
Banks and credit unions with accounts for younger children
Most national banks (Chase, Bank of America, Wells Fargo, Citibank) allow joint savings accounts for children with a parent present, though they do not always advertise a specific minimum age. Call your local branch or check the bank's website to confirm their policy before you visit.
Credit unions often have more flexible rules for minors. Many credit unions allow joint accounts for children as young as birth, though the parent controls the account until the child reaches a certain age (often 13 or 16). Some credit unions also offer youth savings accounts with special features like higher interest rates or no monthly fees to encourage saving habits.
Online banks (Ally, Marcus, Discover) typically do not offer accounts for minors because they require online verification and do not have branches where a parent can sign documents in person. If you want to use an online bank, you will need to wait until you turn 18.
What you need to bring to open an account
| Document | Who needs it | Why |
|---|---|---|
| Government-issued ID | Parent or guardian | Proves identity and age |
| Birth certificate or Social Security card | Minor | Verifies identity and age |
| Social Security number | Minor | Required for tax reporting and account setup |
| Proof of address | Parent or guardian | Some banks require this; usually a utility bill or lease |
Why open a savings account as a minor
A savings account teaches you how to manage money before you are on your own. You can deposit money from a job, allowance, or gifts, and watch it grow with interest. Even though interest rates on savings accounts are usually low (often less than 1% per year), the habit of saving matters more than the amount earned.
A joint account also gives your parent visibility into your spending and saving patterns, which can be useful for teaching financial responsibility. Some parents use joint accounts to set rules—for example, you can withdraw money but not below a certain balance, or you have to ask permission before large withdrawals.
Once you turn 18, having an established banking relationship makes it easier to open a checking account, get a debit card, or eventually borrow money for a car or college. Banks look at your history with them when you apply for credit.
Converting to your own account at 18
When you turn 18, visit your bank branch or call customer service to ask about converting your joint account to a solo account. Bring your ID and be ready to provide your Social Security number if the bank asks for it again. The process usually takes a few minutes to a few days, depending on the bank.
If you prefer to start fresh, you can open a new account at a different bank and transfer your money over. This is useful if you want to switch to an online bank with higher interest rates or if you want a clean break from your parent's involvement. To transfer money, ask your new bank for the account and routing number, then use your old bank's website or app to set up an external transfer, or withdraw the money and deposit it in person.
Frequently Asked Questions
Can I open a savings account at 16 or 17 without a parent?
No, you cannot open a solo account until you turn 18. However, some banks allow you to open a joint account with a parent at 16 or younger. Contact your bank to ask about their minimum age for joint accounts.
What if my parent does not want to be on the account with me?
You will have to wait until you turn 18 to open an account in your name alone. Until then, a parent or legal guardian must be on the account with you. If your parent is unavailable, a legal guardian, grandparent, or other adult with custody can open a joint account instead.
Do I need a Social Security number to open a savings account?
Most banks require a Social Security number to open an account because they report interest income to the IRS. If you do not have one, you can apply for one at your local Social Security office or online at ssa.gov. Some banks will open the account without one but require you to provide it within 90 days.
Will my parent see all my transactions on a joint account?
Yes, both account owners can see all deposits and withdrawals. Your parent can check the account balance and transaction history anytime. This is one reason some people open a separate account once they turn 18—to have privacy over their money.
What happens to the account if my parent dies?
The account becomes yours alone. Contact the bank with a death certificate and your ID, and the bank will remove your parent's name from the account. You will still own the money and can continue using the account normally.