Minimum age requirements vary by bank, but most require you to be 18
Most banks will not let you open a savings account in your own name until you turn 18. At 18, you have the legal right to sign contracts, which is what a bank account agreement is. Before that, you need a parent or guardian to open an account with you or for you.
Some banks set their minimum age higher — a few require 21 — so if you have a specific bank in mind, call their customer service line or check their website for their exact policy. The age rule applies whether you are opening an account in person, online, or by mail.
If you are under 18 and want to save money, you have two main paths: a custodial account (opened by a parent or guardian in your name) or a joint account (opened by you and a parent together). Both let you start building savings and learning how accounts work before you reach 18.
Key Takeaways
- You must be 18 years old to open a savings account by yourself at most banks, because that is when you can legally sign a contract.
- A custodial account is opened by a parent or guardian in your name, and they control it until you reach the age of majority (usually 18 or 21, depending on state law).
- A joint account lets you and a parent both access the money and both sign the agreement, so you can start saving before you turn 18.
- Some banks have higher minimums than 18, so you should check your bank's specific policy before you visit or apply online.
How custodial accounts work for minors
A custodial account is a savings account that a parent or guardian opens in your name but controls on your behalf. The adult is the custodian — they manage the account, decide what happens to the money, and can withdraw funds. You are the beneficiary, meaning the money is legally yours, but you cannot touch it without the custodian's permission.
The custodian brings their ID and your birth certificate or Social Security number to the bank. Some banks let them open the account online. The account is set up under your name, so it builds your credit history and teaches you how savings accounts work, even though you cannot access it directly.
When you turn 18 (or 21 in some states), the custodial account automatically converts to a regular account in your name. At that point, you have full control — the parent or guardian's authority ends. You can then decide whether to keep the account open or move the money elsewhere.
Joint accounts: both you and a parent sign
A joint account is different from a custodial account because both you and the parent are owners. You both sign the account agreement, and you both have the right to withdraw money. The bank treats you as equal account holders, not as a minor with a guardian.
Joint accounts let you learn to use a debit card, make deposits, and check your balance while you are still under 18. Some teens use joint accounts to save for college or a car, and the parent can monitor spending without having total control. The parent can also add money to the account whenever they want.
When you turn 18, a joint account does not automatically change. You and the parent remain joint owners unless one of you goes to the bank and removes the other person. This means the parent can still see the account and withdraw money after you turn 18, unless you formally close it or convert it to a single-owner account.
What you need to bring to open an account under 18
If a parent or guardian is opening a custodial account for you, they will need to bring their own ID (a driver's license or passport) and your Social Security number or birth certificate. Some banks also ask for proof of address, like a utility bill or lease in the parent's name.
For a joint account, you and the parent both need to be present (in person or online, depending on the bank). You will need your Social Security number, and the parent will need their ID. Some banks ask for a second form of ID or proof of address from the parent.
If you are opening the account online, the bank may ask you to verify your identity through a video call or by uploading photos of your ID. Rules vary by bank, so call ahead or check their website to see exactly what they need before you go in or start an online application.
Age of majority and when you take full control
The age of majority is the age at which you legally become an adult and can manage your own finances. In most states, this is 18. In a few states (Alabama, Nebraska, and Wyoming), it is 19. In Mississippi, it is 21.
When you reach the age of majority in your state, a custodial account automatically transfers to your name and you gain full control. You can then withdraw money, close the account, or move it to another bank without the custodian's permission. The custodian's authority ends.
If you have a joint account, reaching the age of majority does not automatically change anything. You and the parent remain joint owners. If you want the parent removed, you will need to go to the bank together and ask them to convert it to a single-owner account, or you can open a new account in your own name and transfer the money.
Banks with lower age requirements or teen accounts
Some banks offer special teen savings accounts that have different rules than regular accounts. These accounts are designed for people under 18 and often come with a debit card, online banking, and parental controls. The parent can set spending limits or get alerts when money is withdrawn.
A few banks allow minors as young as 13 or 14 to open accounts with parental permission, though these are usually marketed as teen accounts rather than standard savings accounts. The features and fees may differ from a regular savings account. If you are interested in a teen account, search for "[your bank name] teen account" or call their customer service line to ask what they offer.
Credit unions sometimes have different age policies than banks, so if you belong to a credit union, ask them directly what their minimum age is. Some credit unions are more flexible with younger account holders, especially if a parent is a member.
What happens to the account when you turn 18
If you have a custodial account, the bank will send you paperwork around the time you turn 18 (or the age of majority in your state) explaining that the account is now yours. You may need to sign new paperwork or update your information, but the account itself does not close. Your money stays there, and you can start using it however you want.
If you have a joint account, nothing automatic happens. You and the parent remain joint owners unless you take action. If you want to remove the parent, you will need to visit the bank or call and ask to convert it to a single-owner account. Some banks do this over the phone; others require you to come in person.
After you turn 18, you can also open a new savings account in your own name at a different bank if you want to. There is no rule saying you have to keep the account you opened as a minor, though closing an old account and moving the money takes a few days.
Frequently Asked Questions
Can I open a savings account at 16 or 17?
Not at most banks in your own name. You would need a parent or guardian to open a custodial account for you or to open a joint account with you. A few banks offer teen accounts for ages 13 and up, so check with your bank to see if they have a teen product.
What if my parent opens a custodial account and then does not let me use the money when I turn 18?
Once you reach the age of majority, the account is legally yours and the parent's authority ends. You can go to the bank, show your ID, and withdraw the money or close the account. The parent cannot stop you because they no longer have legal control.
Do I need a Social Security number to open a savings account?
Yes, banks require a Social Security number or Individual Taxpayer Identification Number (ITIN) to open any account. If you do not have a Social Security number, you can request one from the Social Security Administration before you go to the bank.
Can I have a savings account without my parents knowing?
Not until you turn 18. Before that, a parent or guardian must be involved — either as a custodian or as a joint owner. Once you are 18, you can open an account on your own and keep it private.
What is the difference between a savings account and a checking account for minors?
Both can be opened as custodial or joint accounts. Checking accounts usually come with a debit card and checkbook, while savings accounts focus on storing money and earning interest. Teen accounts often combine features of both. Ask your bank which product makes sense for what you want to do with the money.