You cannot open a savings account in someone else's name without their presence and consent, but you can open a joint account together or become an authorized user on their existing account.
Banks require the account owner to be present, provide identification, and sign the account agreement themselves. This is a legal requirement, not a bank policy—the person whose name is on the account must verify they want it opened. If you want to save money for someone else, your options are a joint account (where you both own it and can both withdraw), a custodial account (if they are a minor), or being added as an authorized user to their account after they open it.
The rule exists because the account owner is legally responsible for the account and any activity on it. Banks also use it to prevent fraud and unauthorized accounts. If someone opened an account in your name without your knowledge, you could report it as identity theft.
Key Takeaways
- The person whose name is on the account must be physically present with a valid ID to open it, even if you are funding it.
- A joint account lets both of you deposit and withdraw money, and either person can close it or move the funds.
- A custodial account is the standard way to save for a minor, and the minor takes control when they reach the age of majority (usually 18 or 21).
- You can be added as an authorized user after the account owner opens the account, giving you access without ownership.
- Guardians and parents can open accounts for minors in their care, but the minor's Social Security number is required.
Opening a joint account with someone else
A joint account is the most straightforward way to save money together. Both account holders must be present at the bank with valid identification. Each person signs the account agreement and has equal rights to the money—either of you can deposit, withdraw, or close the account without the other's permission.
Joint accounts are common between spouses, partners, and family members who want to pool money for shared expenses. They are also used by adult children and aging parents to manage household bills. The bank reports the account to both people's credit reports, and either person's creditors can potentially claim money in the account to satisfy a debt.
Before opening a joint account, discuss what happens if one person wants out. Some banks allow one person to close a joint account unilaterally; others require both signatures. Ask the bank about their specific policy before you sign.
Custodial accounts for minors
If you want to save money for a child, a custodial account is the standard structure. The adult (custodian) opens and manages the account, but it legally belongs to the minor. You will need the child's Social Security number and birth date. The child does not have to be present to open the account, though some banks ask to see them.
Custodial accounts are set up under the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA), depending on your state. The money in the account belongs to the child, not the custodian, even though the custodian controls it. When the child reaches the age of majority—usually 18 or 21, depending on your state and the account type—they take full control of the account and the custodian's authority ends.
The custodian can withdraw money for the child's benefit (education, medical care, living expenses), but cannot use it for personal expenses. If you withdraw money for something that is not clearly for the child's benefit, you may owe taxes on it. Ask the bank or a tax professional about what counts as a legitimate withdrawal before you take money out.
Becoming an authorized user on someone else's account
If someone else has already opened a savings account and wants to give you access, they can add you as an authorized user. You do not own the account, but you can deposit and withdraw money. The account owner remains responsible for the account and can remove you at any time.
To be added as an authorized user, the account owner must go to the bank with you and sign a form authorizing your access. You will need to provide identification. Some banks issue a debit card or checks in your name; others give you online access only. Ask what access methods the bank offers before you agree.
As an authorized user, you have no legal claim to the money if the account owner dies or the account is closed. If the account owner's creditors pursue them, they may be able to freeze or claim money in the account, even if you deposited it. This is different from a joint account, where both people have equal ownership rights.
What you need to bring to open any account
Whoever is opening the account (whether it is you, the other person, or both of you together) must bring a valid government-issued photo ID. A driver's license, passport, or state ID card all work. You will also need a Social Security number or Individual Taxpayer Identification Number (ITIN) for the account owner.
If you are opening a custodial account for a minor, bring the child's Social Security number and birth date. Some banks ask for proof of guardianship or custody if you are not the child's parent. If you are opening a joint account, both people need to bring ID and provide their Social Security numbers.
Many banks now allow you to open an account online, but you may still need to verify your identity through video call or by uploading photos of your ID. If the account requires a minimum deposit, bring a debit card or have the bank account information ready to transfer money in.
When a bank will refuse to open an account
Banks can refuse to open an account if the person whose name will be on it does not show up in person (or verify their identity online if the bank offers that option). They will also refuse if you cannot provide valid identification or a Social Security number. Some banks run a ChexSystems check, which is a banking history report; if you have unpaid overdrafts or fraud flags from other banks, you may be denied.
If you have been convicted of certain financial crimes or are on a government sanctions list, a bank can refuse you. If you are opening an account for a minor and cannot prove guardianship, the bank may ask for additional documentation. If the bank refuses you, ask why—sometimes it is a simple fix, like a name mismatch or an old debt that has been paid off.
Saving money for someone without their knowledge
If you want to save money for someone as a gift or surprise, you cannot do it in their name without their consent. You can open an account in your own name and set aside money for them, but that money legally belongs to you until you give it to them. If you die before transferring it, it becomes part of your estate and may not go to them automatically.
A better approach is to tell the person you want to help and ask if they would like to open a joint account or custodial account together. If they are a minor and you are their guardian, you can open a custodial account without their knowledge, but they will find out when they turn 18 or 21 and take control of it.
If you want to leave money to someone in your will, that is a separate legal process and does not involve opening an account in their name. Talk to an estate planning attorney about the best way to structure a gift or inheritance.
Frequently Asked Questions
Can I open a savings account for my adult child without them being there?
No. Your adult child must be present with a valid ID and must sign the account agreement themselves. If you want to save money together, open a joint account where you both sign. If you want to save money in your own name for them, you can do that, but it legally belongs to you until you transfer it.
What if I want to open an account for my grandchild?
If you are the legal guardian, you can open a custodial account in the child's name. You will need the child's Social Security number and birth date. If you are not the legal guardian, the parent or guardian must open the account or give you written permission to do so. Some banks allow grandparents to be custodians; others require the parent to be the custodian.
Can I add someone to my account without going to the bank?
Many banks allow you to add an authorized user online or by phone, but you will need to verify your identity and sign authorization forms. The person being added may need to provide their ID and Social Security number. Call your bank to ask what their process is.
What happens to a joint account if one person dies?
This depends on how the account is titled. If it is set up as "joint tenants with rights of survivorship," the surviving person automatically owns the entire account. If it is set up as "tenants in common," the deceased person's share goes into their estate. Ask your bank which option they use when you open the account.
Can I remove someone from a joint account?
You can close the joint account, but you cannot unilaterally remove the other person from it. If you want to end the joint arrangement, you and the other person must go to the bank together and either close the account or convert it to a single-name account. If the other person refuses, you may need legal help to separate your finances.