What you need to open an account as a minor
Most banks let you open a savings account at 16 without a parent present, but the rules vary by bank and by state. Some banks allow it at 16 with just your ID and Social Security number. Others require a parent or guardian to co-sign or be a joint account holder, even at 16. A few banks won't let you open anything until 18.
The fastest way to find out what your bank requires is to call their customer service line or visit a branch in person. Have your Social Security number and a government-issued ID (state ID, learner's permit, or passport) ready. If the bank says you need a parent, ask whether they need to be present in person or whether they can sign remotely.
If your bank requires a parent and you cannot arrange that, you have two other routes: open an account at a different bank that allows minors to open alone, or ask about a custodial account, where a parent holds the account in your name until you turn 18.
Key Takeaways
- Banks have different rules for 16-year-olds—some allow solo accounts, others require a parent to co-sign or be a joint holder.
- Call your bank's customer service or visit a branch to learn their specific requirements before you go in.
- You will need a government-issued ID and your Social Security number at minimum.
- If your bank requires a parent and that is not possible, you can open an account at a bank with looser rules or ask about a custodial account.
- Some banks offer accounts designed for teens, which may have lower minimum balances or no monthly fees.
Banks that let 16-year-olds open accounts alone
Ally Bank, Charles Schwab, and several online banks allow minors to open savings accounts without a parent present. Ally requires you to be 16 and have a valid ID and Social Security number. Charles Schwab also accepts 16-year-olds with the same documents. These banks typically have no monthly fees and no minimum balance requirements, which makes them good options if you are starting with a small amount.
Local credit unions often have more flexible rules than national banks. Call your credit union and ask their minimum age for a solo account. Some credit unions let members open at 16; others require 18. If you are not already a member, you may need to meet a membership requirement first—often as simple as living in a certain county or having a family member who is a member.
Before you choose a bank, compare what they offer: whether they have a debit card, whether they charge fees for overdrafts or low balances, and whether they pay interest on savings. A teen-specific account at a major bank might have better customer service than an online bank, even if the online bank has lower fees.
Banks that require a parent to co-sign
Chase, Bank of America, Wells Fargo, and most large national banks require a parent or guardian to be present or to co-sign for anyone under 18. This means a parent must either come to the bank with you or sign documents remotely. Some banks allow the parent to sign electronically; others require an in-person visit.
If a parent co-signs, they usually become a joint account holder, which means they can see your balance and transactions. Ask the bank whether the parent can be removed from the account once you turn 18, or whether you will need to open a new account at that point. Some banks allow the parent to step off; others do not.
The advantage of a bank-required co-signer is that you get access to that bank's branch network and customer service. The disadvantage is that your parent has visibility into your account and you cannot open one without their involvement.
What to bring to the bank
Bring a government-issued photo ID. A state ID, learner's permit, or passport all work. Bring your Social Security number—you can write it on a piece of paper or have it memorized. Bring proof of your current address if the bank asks for it, such as a utility bill or school ID with your address on it.
If a parent is co-signing or coming with you, they will need their own ID and Social Security number. If they are signing remotely, the bank will send them documents to sign electronically or by mail.
Some banks ask for a small opening deposit—often $25 to $100. Check with your bank beforehand so you know whether to bring cash or a check. Many online banks waive the opening deposit entirely.
Opening an account online versus in person
Online banks like Ally and Charles Schwab let you open an account entirely on your phone or computer. You upload a photo of your ID, enter your Social Security number, and fund the account by transferring money from another bank account or by mailing a check. The whole process takes 10 to 15 minutes. Your account is usually ready to use within one business day.
Opening in person at a bank branch takes longer—usually 30 to 45 minutes—but you can ask questions and get help on the spot. A banker can explain the account features, show you how to use the debit card, and answer questions about fees. If you are nervous about the process, in-person is less stressful.
If you open online and later have questions, you can call customer service or visit a branch if the bank has physical locations. If you open in person at a large bank, you can still manage your account online or through their app.
Teen-specific accounts and features
Some banks offer accounts designed for teenagers, with features like no monthly fees, no minimum balance, and parental controls. Chase has Chase First Banking, which requires a parent to open but lets the teen manage the account independently once it is set up. Bank of America has a similar product called BankAmericard for Students.
These accounts often come with a debit card, online banking, and mobile app access. Some offer a small amount of interest on savings, though the rate is usually very low—often less than 0.01 percent. The main benefit is that there are no surprise fees if you do not maintain a minimum balance or if you overdraw the account.
Teen accounts are worth considering if your bank offers one, but they are not necessary. A regular savings account with no fees works just as well if you find one.
What happens when you turn 18
If you opened a joint account with a parent as a co-signer, you can usually convert it to a solo account once you turn 18. Contact the bank and ask them to remove the co-signer. Some banks do this automatically; others require you to visit a branch or sign a form. You keep the same account number and routing number, so any automatic deposits or transfers do not change.
If you opened a custodial account, the account automatically transfers to your name at 18 in most states. Check with your bank about their specific process. If you opened a solo account at 16, nothing changes at 18—you already own it outright.
Frequently Asked Questions
Can I open a savings account at 15?
Most banks require you to be 16 or 18. A few banks allow 15-year-olds if a parent co-signs. Call your bank to ask, or consider waiting until you turn 16 if you want to open an account without a parent involved.
Do I need a Social Security number to open an account?
Yes, banks require a Social Security number for all accounts. If you do not have one, you can request one from the Social Security Administration. The process takes a few weeks, so plan ahead if you need one.
What if my parent refuses to co-sign?
Open an account at a bank that allows 16-year-olds to open solo accounts, such as Ally or Charles Schwab. You can also ask a trusted adult—a grandparent, aunt, or uncle—whether they would co-sign instead.
Will opening a savings account affect my credit score?
No. Opening a savings account does not create a credit report or affect your credit score. Credit scores are based on borrowing and repayment history, not on savings accounts.
Can I have more than one savings account?
Yes. You can open accounts at multiple banks if you want. Some people open one account for everyday spending and another for saving toward a specific goal. Just keep track of which bank each account is at.