Most banks let you open a savings account at any age, but you'll need a parent or guardian to sign
There is no legal minimum age to open a savings account. Banks can open accounts for infants, and many do. What changes with age is who controls the account and what paperwork the bank requires.
If you're under 18, your parent or guardian must be present and sign the account agreement. They become the account owner alongside you, or in some cases the sole owner with you as a beneficiary. The bank needs to verify their identity with a government-issued ID, and they're responsible for any overdrafts or fees until you turn 18.
If you're 18 or older, you can open an account on your own. You'll need a government-issued ID (driver's license, passport, or state ID card) and a Social Security number or ITIN. Most banks also ask for a phone number and initial deposit, though some have no minimum.
Key Takeaways
- Children of any age can have a savings account, but a parent or guardian must open it and sign the paperwork.
- At 18, you can open your own account without a parent present, though requirements vary slightly by bank.
- Some banks offer teen checking accounts starting at 13 or 14 with parental co-ownership, giving you more control than a child savings account.
- Your parent or guardian remains liable for overdrafts and fees on accounts opened while you're under 18, even after you turn 18.
- Once you turn 18, you can convert a joint account to your name alone, though the process and timing depend on the bank.
What happens when you're under 13
Banks typically open savings accounts for young children as custodial accounts. Your parent or guardian is the custodian and has full control—they can deposit, withdraw, and manage the money. You can see the account and understand how it works, but you can't make transactions without their permission.
The bank will ask your parent for their ID, Social Security number, and address. Some banks also run a background check on the parent. You'll need your Social Security number too, even if you're very young. If you don't have one, your parent can request it from the Social Security Administration before opening the account.
Teen accounts from 13 to 17
Many banks offer teen checking or savings accounts starting at age 13. These accounts give you more independence than a custodial savings account—you can use a debit card, make online transfers, and see your balance—while your parent or guardian retains oversight and can set spending limits.
Teen accounts still require a parent to open them and co-sign. Your parent can see all transactions and set rules about what you can spend. Some banks let you set up alerts so your parent gets notified when you make large purchases or your balance drops below a certain amount. The account remains joint until you turn 18, at which point you can usually convert it to an account in your name alone.
Requirements vary by bank. Some require you to be 13, others 14 or 15. A few banks have no minimum age for teen accounts as long as a parent is present. Call ahead or check the bank's website to confirm what age they start offering them.
Opening your own account at 18
Once you turn 18, you're legally an adult and can open a savings account without a parent present. You'll need a government-issued photo ID (driver's license, passport, state ID, or military ID) and your Social Security number. Bring these to the bank in person, or open the account online if the bank offers it.
The bank will verify your identity and may run a soft credit check to see if you have a history with them or other banks. They'll ask for a phone number and mailing address. Most banks require an initial deposit to open the account, though the amount varies—some ask for $25, others $100 or more. A few online banks have no minimum deposit.
If you already have a joint account with a parent from when you were younger, you don't have to close it at 18. You can leave it open, convert it to an account in your name alone, or open a separate account. The process for converting depends on the bank—some let you do it online, others require a visit in person or a phone call.
Documents you'll need at any age
| Age | You need | Your parent or guardian needs |
|---|---|---|
| Under 13 | Social Security number | Government ID, Social Security number, address |
| 13–17 (teen account) | Social Security number, may need photo ID at some banks | Government ID, Social Security number, address |
| 18+ | Government photo ID, Social Security number | Not required |
What to expect after you open the account
Once the account is open, the bank will give you a debit card (if it's a checking account), a PIN, and online banking access. You'll receive statements by mail or email depending on what you choose. If you're under 18, your parent can usually set up their own online access to monitor the account.
If you opened a custodial or teen account and later turn 18, the bank will contact you about converting it. Some banks do this automatically; others wait for you to ask. If you want to remove your parent from the account, contact the bank directly—don't assume it happens on its own. Removing a parent from an account you've been using together can take a few days to a few weeks depending on the bank.
Frequently Asked Questions
Can I open a savings account without my parent knowing?
No. If you're under 18, a parent or guardian must be present and sign the account agreement. Banks are required to verify the parent's identity. Once you turn 18, you can open an account on your own without telling anyone.
What if my parent won't take me to the bank?
Some banks offer online account opening for teens with a parent's consent. The parent verifies their identity online using their ID and Social Security number, and you complete your part of the process. Not all banks offer this, so check with the banks in your area first.
Do I need a Social Security number to open a savings account?
Yes, banks require a Social Security number or ITIN (Individual Taxpayer Identification Number) to open an account. If you don't have one, your parent can request it from the Social Security Administration, which usually takes two to four weeks.
Can I keep my parent's name on my account after I turn 18?
Yes. You don't have to remove your parent from the account when you turn 18. Some people keep a parent on for oversight or emergency access. If you want to remove them later, you can contact the bank and request it, though the process varies by bank.
What's the difference between a savings account and a checking account for teens?
A savings account earns interest on your balance and is meant for money you're saving. A checking account is for money you spend regularly and usually comes with a debit card. Many teen accounts are checking accounts because they offer more flexibility, but some banks offer teen savings accounts too.