Yes, minors can open savings accounts, but an adult must co-own it
A minor cannot open a savings account alone. Banks and credit unions require a parent or legal guardian to open the account jointly, meaning both names appear on the account and both can access the money. The adult is legally responsible for the account and can withdraw funds at any time, even without the minor's permission.
Most banks and credit unions offer accounts specifically designed for minors, often called youth savings accounts or teen accounts. These accounts work like regular savings accounts but come with features tailored to younger users—some have no minimum balance, lower or no monthly fees, and educational tools about money management.
The minor's age matters. Children under 13 typically need a parent or guardian as a full co-owner. Teens 13 and older may be able to open accounts with less direct co-ownership at some institutions, though an adult still supervises the account. A few banks allow teens 16 or 17 to open accounts with parental consent but without the parent's name on the account—this varies widely by bank.
Key Takeaways
- A parent or legal guardian must co-own any savings account opened by a minor under 18.
- Youth savings accounts are designed for minors and often have no minimum balance, lower fees, and money management tools.
- The adult co-owner can withdraw money from the account at any time without the minor's permission.
- Teens 16 and older may open accounts at some banks with parental consent but without the parent's name on the account, though this varies by institution.
- You will need a Social Security number, proof of identity, and proof of address to open an account.
What documents you need to bring
Both the minor and the adult co-owner must provide identification when opening the account in person. Bring a government-issued ID for the adult—a driver's license or passport works. For the minor, a school ID, passport, or state ID card is usually accepted, though some banks may ask for a birth certificate instead.
You will also need the minor's Social Security number and proof of the address where the minor lives. A recent utility bill, lease, or mortgage statement in the adult's name showing the household address usually satisfies this requirement. Some banks accept mail from a government agency or school as proof of address.
If opening the account online or by mail, the requirements may differ. Some banks allow the adult to open the account remotely and add the minor later, while others require both parties to verify their identity through video call or in-person visit. Call the bank ahead to confirm what documents they accept for remote opening.
How to choose between banks and credit unions
Banks and credit unions both offer youth savings accounts, but they differ in structure and fees. Banks are for-profit institutions with branches in many locations; credit unions are member-owned nonprofits, usually smaller and local. Both are insured by the federal government—banks through the FDIC and credit unions through the NCUA—so deposits up to $250,000 are protected if the institution fails.
Compare fees first. Many youth accounts have no monthly maintenance fee, but some charge $5 to $10 per month if the balance falls below a minimum or if the account sits inactive. Check whether the bank charges fees for overdrafts, ATM use outside their network, or paper statements. Some banks waive these fees for minors.
Interest rates matter less for savings accounts right now, but they vary. A youth account might earn 0.01% to 0.05% annual interest, which is small but better than nothing. Online banks sometimes offer higher rates than brick-and-mortar banks, though they have fewer physical locations.
Consider convenience. If the minor will need to deposit cash or withdraw money in person, a bank or credit union with nearby branches is practical. If the account is mainly for saving and transfers happen online, location matters less.
Steps to open an account in person
Visit a branch with both the minor and the adult co-owner. Bring all required documents—IDs, Social Security number, and proof of address. Tell the bank representative you want to open a youth savings account.
The representative will explain the account terms: monthly fees (if any), minimum balance requirements, interest rate, and what happens if the account goes inactive. They will ask for the minor's name, date of birth, and Social Security number, and the adult's information as well. Both the minor and adult will sign documents authorizing the account.
The account opens immediately in most cases. You will receive a debit card (if the account includes one), a checkbook (if applicable), and information about online banking access. The bank will explain how to set up online access and mobile app login for both the minor and the adult.
Opening an account online or by mail
Some banks allow you to start the process online. You enter basic information—names, dates of birth, Social Security numbers, and address—and the bank may ask you to verify identity through a video call or by uploading photos of IDs. This process usually takes a few days.
A few banks mail account opening kits that both the minor and adult sign and return. This method is slower, typically taking one to two weeks from mailing to account activation. Ask the bank whether they require notarized signatures or if regular signatures are acceptable.
Online opening is convenient but not all banks offer it for minors. Call ahead or check the bank's website to see whether they allow remote account opening for youth accounts and what their process requires.
What the minor can and cannot do with the account
The minor can deposit money into the account, check the balance, and withdraw cash at ATMs or in-branch. If the account includes a debit card, the minor can use it to make purchases and pay for things online. The adult co-owner can do all of these things as well.
The adult co-owner has full control. They can withdraw all the money, close the account, change the account settings, or add restrictions without the minor's consent. Some banks allow the adult to set daily withdrawal limits or spending caps on the debit card, which can help teach the minor about money management.
The minor cannot close the account alone, change the account holder information, or remove the adult co-owner. These actions require the adult's signature or authorization. If the minor reaches 18, they can often convert the account to a standard adult account, though the adult co-owner may need to sign off on the change.
What happens when the minor turns 18
When the minor reaches 18, the account does not automatically close or change. The account remains a joint account with both names on it unless one party requests a change. The now-adult account holder can ask the bank to remove the original co-owner's name and take full control, but the bank may require the co-owner's consent or signature.
Some banks automatically convert youth accounts to standard adult accounts at age 18, removing the co-owner and giving full control to the young adult. Others keep the account as-is unless someone requests a change. Check with your bank about their policy before the minor turns 18 so there are no surprises.
The young adult can also open a separate account at 18 and transfer the money, leaving the original account open or closed. This gives them a fresh start with an account in their name alone.
Frequently Asked Questions
Can a minor open a savings account without a parent or guardian?
No. All minors under 18 need a parent or legal guardian to co-own the account. The adult's name must appear on the account, and they have full legal control over it. Some banks allow teens 16 or older to open accounts with parental consent but without the parent's name on the account—call your bank to ask if this option is available.
What if the minor and the adult co-owner disagree about the money?
The adult co-owner has legal authority over the account. If they disagree with how the minor wants to use the money, the adult can restrict or prevent withdrawals. This is why it is important to choose a co-owner the minor trusts and to have a conversation about how the account will be used before opening it.
Can a minor have more than one savings account?
Yes. A minor can open multiple accounts at different banks or at the same bank, as long as an adult co-owns each one. Having multiple accounts can help organize money for different goals—one for everyday spending, one for long-term saving, one for a specific purchase. Each account needs its own co-owner authorization.
Do I need to bring the minor in person to open the account?
Most banks require both the minor and the adult to appear in person or verify identity through video call. Some banks allow the adult to open the account alone and add the minor later, but this is less common. Check with your bank about their specific requirements before visiting.
What is the difference between a savings account and a checking account for a minor?
A savings account is meant for storing money and earning interest; it usually limits how many withdrawals you can make per month. A checking account is for frequent deposits and withdrawals and typically comes with a debit card and checkbook. Youth accounts are usually savings accounts, but some banks offer youth checking accounts as well. Ask which type fits the minor's needs.