What a minor can withdraw depends on who owns the account
A minor can withdraw money from a savings account, but the rules depend on how the account is set up. If the account is in the minor's name alone, the minor usually cannot withdraw money without permission from a parent or guardian — the bank treats the adult as the account owner until the minor reaches the age of majority (18 in most states). If the account is a custodial account or joint account with a parent, the minor may be able to withdraw money, but the parent or guardian can still see all transactions and may have the right to stop withdrawals.
The specific rules vary by bank and by state. Some banks allow minors to make withdrawals at any time once they are a certain age (often 13 or 14), while others require parental permission for all withdrawals until age 18. A few banks let minors withdraw money through an ATM or debit card without asking permission each time, but the parent still controls the account. The best way to know what your bank allows is to call the bank directly or visit a branch with the parent or guardian listed on the account.
Key Takeaways
- A minor cannot withdraw money from an account in their name without permission from the parent or guardian who opened it, even if the minor's name is on the account.
- Most banks require the parent or guardian to be present or to authorize the withdrawal in writing before a minor can take money out.
- Some banks issue debit cards to minors that allow withdrawals at ATMs or stores without asking permission each time, but the parent still controls the account.
- The age at which a minor can withdraw money without permission varies by bank and state, but it is usually 18 or older.
- Calling your bank or visiting a branch with the account holder is the fastest way to find out what your specific account allows.
How banks handle withdrawals from accounts owned by minors
When a parent or guardian opens a savings account for a minor, the bank treats the adult as the legal owner of the account. The minor's name appears on the account, but the parent or guardian has full control over deposits, withdrawals, and account decisions. This is true even if the minor contributed their own money to the account.
To withdraw money, the minor usually has to ask the parent or guardian to make the withdrawal. The parent can go to the bank in person, call the bank, or use online banking to move money out of the account. Some banks allow the parent to authorize a one-time withdrawal or a series of withdrawals without being present each time. A few banks let the parent set up a debit card for the minor that allows ATM withdrawals or purchases, but the parent can still monitor every transaction and cancel the card at any time.
What happens when a minor reaches the age of majority
When a minor turns 18 (or 21 in some states), the account automatically converts to an adult account, and the minor becomes the legal owner. At that point, the minor can withdraw money without permission from the parent or guardian. The parent's name may remain on the account as a co-owner, but the young adult can now make independent decisions about the money.
Some banks send a notice when the account holder turns 18, explaining what changes. Others do not notify the account holder, so it is worth calling the bank to confirm the account status. If the parent's name is still on the account as a co-owner, both the young adult and the parent can withdraw money, unless the account was set up as a custodial account (which transfers fully to the young adult at age 18 or 21, depending on state law).
Custodial accounts and when control transfers to the minor
A custodial account is a savings or investment account opened by an adult for a minor, with the understanding that the money will transfer to the minor when they reach a certain age. The adult (the custodian) controls the account until that age, which is usually 18 or 21 depending on the state and the type of account.
In a custodial account, the minor cannot withdraw money without the custodian's permission, even if the minor's name is on the account. The custodian can withdraw money for the minor's benefit — for example, to pay for school supplies or medical care — but the minor has no independent access. When the minor reaches the age set by state law (often 18 for Uniform Transfers to Minors Act accounts, or 21 for some education savings accounts), the account transfers to the minor's full control, and the custodian's role ends.
Using a debit card to withdraw money without asking permission each time
Many banks offer debit cards for minors linked to a savings or checking account. A debit card lets a minor withdraw cash at an ATM or make purchases at stores without asking the parent for permission each time. However, the parent still owns and controls the account — they can see all transactions, set spending limits, and cancel the card whenever they want.
The parent usually has to be present to apply for the debit card, or they can request one online through their own account. Some banks set a daily withdrawal limit for minors' debit cards (for example, $50 per day), while others let the parent set the limit. A few banks require the minor to be a certain age (often 13 or older) before issuing a debit card. If you want to know whether your bank offers a debit card for minors and what the limits are, ask at a branch or call customer service.
What to do if you need money and cannot reach the account holder
If a minor needs to withdraw money from their savings account but the parent or guardian is not available, the options are limited. The minor cannot withdraw the money on their own if the account requires parental permission. However, the parent or guardian can authorize a withdrawal over the phone or online, depending on what the bank allows, without being physically present at the branch.
If the situation is urgent — for example, the minor needs money for a medical emergency or a school expense — call the bank and explain the situation. Some banks will allow a parent to authorize a withdrawal by phone if the parent can verify their identity. If the parent or guardian is unreachable or refuses to allow the withdrawal, the minor may need to speak with a school counselor, social worker, or trusted adult about other options, but the bank will not release the money without authorization from the account owner.
Frequently Asked Questions
Can a minor withdraw money from a savings account without telling the parent?
No, not if the account requires parental permission. Most accounts opened for minors require the parent or guardian to authorize all withdrawals. If the account has a debit card, the minor can withdraw money without asking permission each time, but the parent can still see the transaction and can cancel the card.
What age can a minor withdraw money on their own?
This varies by bank and state. Most banks do not allow independent withdrawals until age 18, when the account converts to an adult account. A few banks allow withdrawals at age 13 or 14 if a parent has authorized it. Call your bank to find out the specific age for your account.
Can a minor close their savings account?
No. A minor cannot close an account without permission from the parent or guardian who opened it. The parent or guardian can close the account at any time, but the minor cannot. Once the minor turns 18, they can close the account on their own.
What if the parent or guardian refuses to let the minor withdraw their own money?
Legally, the money in the account belongs to the minor, but the parent or guardian controls access until the minor reaches age 18. If there is a serious conflict, the minor can speak with a school counselor or trusted adult, but the bank will not override the parent's authority over the account.
Does the minor's money in a savings account belong to them?
Yes, the money belongs to the minor, but the parent or guardian controls access to it until the minor turns 18. The parent cannot take the money for their own use — it must be used for the minor's benefit. When the minor reaches 18, they own and control the money fully.