Most banks require a parent or guardian to open an account for anyone under 18

A minor cannot walk into a bank alone and open a savings account in their own name. Every major bank — Chase, Bank of America, Wells Fargo, and most credit unions — requires a parent or legal guardian to be present and sign the paperwork. The adult becomes a joint account holder, meaning they have full access to the money and can withdraw it at any time.

Some banks allow a parent to open an account online without the minor present, then add the minor's name later. Others require both the parent and the minor to show up together. The exact process depends on the bank's policy and your state's laws around minors and financial accounts.

There are a few narrow exceptions — custodial accounts, accounts opened by a legal guardian who is not a parent, and accounts at some credit unions that serve minors specifically. But the default answer is that you need an adult with legal authority over you.

Key Takeaways

  • A parent or legal guardian must be present or sign consent to open a savings account for a minor under 18.
  • The adult becomes a joint account holder with full access to the account and the money in it.
  • Some banks allow parents to open accounts online, while others require both the parent and minor to appear in person.
  • If your parent refuses or is unavailable, a legal guardian, grandparent with custody, or court-appointed conservator can open an account instead.
  • A few credit unions and online banks offer teen accounts with limited features that require less parental involvement, though a parent still signs the paperwork.

What happens when a parent opens an account for a minor

When a parent or guardian opens a savings account for a minor, the account is usually set up as a joint account or a custodial account. In a joint account, both the adult and the minor can deposit and withdraw money. The adult has legal access to all the funds, and the bank treats the account as belonging to both of them equally.

A custodial account is slightly different — it is held "in custody for" the minor, meaning the adult is the custodian but the money legally belongs to the minor. The adult manages it until the minor reaches the age of majority (usually 18 or 21, depending on state law). At that point, the account transfers to the minor's sole control. Custodial accounts are less common at regular banks but are standard for investment accounts and some credit unions.

Either way, the parent or guardian will need to bring a government-issued ID, proof of address, and the minor's Social Security number or tax ID. Many banks also require the minor to be present with a birth certificate or school ID, though some allow the adult to open the account alone.

When a parent or guardian is not available

If your biological parent cannot or will not open an account for you, other adults with legal authority can do it instead. A grandparent with legal custody, an aunt or uncle who is your legal guardian, or a court-appointed conservator can all open a savings account on your behalf. The bank will ask for proof of that legal relationship — a custody order, guardianship papers, or a court document showing conservatorship.

If no adult with legal authority is willing to help, you have very few options. Some states allow minors to petition the court for the right to manage their own finances, but this is rare and requires a judge's order. A few nonprofits and youth organizations offer financial accounts for minors in foster care or experiencing homelessness, but these are specialized programs, not standard bank accounts.

If you are in this situation, start by contacting your school counselor, a local youth services agency, or a legal aid office. They can tell you whether your state allows minors to open accounts independently and what steps you would need to take.

Teen accounts and accounts with fewer restrictions

Some banks and credit unions offer accounts specifically designed for teenagers, often called teen checking or teen savings accounts. These accounts usually come with a debit card, online banking, and limited overdraft protection. A parent still has to open the account and sign the paperwork, but the teen may have more control over the account than they would with a traditional joint account.

Online banks like Greenlight, Step, and GoHenry market accounts to teens and allow parents to set spending limits and monitor activity through an app. These accounts still require a parent to sign up and fund the account, but they give the teen more independence in how they use the money. Some credit unions also offer youth accounts with similar features.

The trade-off is that these accounts often come with monthly fees, limited features, or restrictions on how much you can deposit or withdraw. A traditional savings account at a major bank is usually free and has no spending limits, but it gives you less control if your parent is the joint holder.

What you need to bring to open an account

The parent or guardian will need to bring:

  • A government-issued photo ID (driver's license, passport, or state ID)
  • Proof of current address (utility bill, lease, or bank statement from the last 30 days)
  • The minor's Social Security number

The minor should bring a birth certificate, school ID, or state ID if they are present. Some banks ask for both the parent and minor to be there; others allow the parent to open the account alone and add the minor later. Call the bank ahead of time to find out what they require — policies vary by branch and by bank.

If you are opening the account online, you will need to upload photos of these documents or answer security questions to verify your identity. Some banks allow you to complete the entire process online, while others require at least one in-person visit.

How age of majority affects account control

When a minor reaches the age of majority — 18 in most states, 19 in Alabama and Nebraska, 21 in Mississippi — the account does not automatically transfer to their sole control. If the account is a joint account, the parent remains a joint holder unless they voluntarily remove themselves. The young adult can ask the bank to remove the parent's name, but the parent has to agree or the bank may require a court order.

If the account is a custodial account, it transfers to the minor's sole control automatically when they reach the age of majority specified in the account paperwork. The custodian (parent or guardian) no longer has access, and the young adult becomes the sole account holder.

Before you turn 18, ask your parent or guardian which type of account you have. If it is a joint account and you want privacy, you can open a separate account in your own name once you reach 18. If it is custodial, the transition should happen automatically, but you may need to contact the bank to confirm.

Opening an account at a credit union instead of a bank

Credit unions sometimes have different rules than banks. Some credit unions allow minors to open accounts with less parental involvement, or they offer youth accounts with more flexibility. However, you still need to be a member of the credit union, and membership usually requires a parent or guardian to sponsor you.

If you belong to a credit union through a parent's membership, ask whether they have a youth account option. Some credit unions let minors open accounts online with parental consent, while others require an in-person visit. A few credit unions in certain states allow minors to open accounts without a parent present if they meet specific conditions, such as being employed or having a certain income, but this is uncommon.

To find a credit union near you, search the CO-OP network or the Alliant Credit Union locator. Call ahead and ask about their minor account policies — they vary widely.

Frequently Asked Questions

Can I open a savings account if my parent is in prison or deceased?

Yes. A legal guardian, grandparent with custody, or court-appointed conservator can open an account for you. If no adult with legal authority is available, contact your school counselor or a local youth services agency — they can help you find an adult who can serve as your guardian or connect you with a program that helps minors in your situation.

What if I want to open an account without my parent knowing?

You cannot open a bank account without a parent or legal guardian's knowledge if you are under 18. Every bank requires an adult to sign the paperwork. If you are concerned about privacy, talk to your parent about opening a custodial account instead of a joint account — you will have more control once you turn 18.

Can I open an account at 17 if I am working?

No. Employment does not change the age requirement. You still need a parent or guardian to open an account, even if you are earning your own money. Once you turn 18, you can open an account in your own name without anyone's permission.

Do I need my parent's permission to use money in a joint account?

No, but your parent can withdraw money from a joint account at any time because they are a joint holder. If you want to keep money separate from your parent, you will need to open an account in your own name after you turn 18, or ask your parent to remove their name from the account.

What happens to the account if my parent dies?

If the account is a joint account, it usually passes to you as the surviving account holder. If it is a custodial account, it transfers to your sole control. Contact the bank with a death certificate to update the account. If there is a will or estate, the bank may freeze the account temporarily while the estate is settled.