Yes, minors can open savings accounts, but an adult must co-own it
A minor under 18 can open a savings account at most banks and credit unions, but they cannot do it alone. A parent or legal guardian must open the account jointly with them, meaning both names appear on the account and both have access to the money. The adult is legally responsible for the account and can withdraw funds at any time, even without the minor's permission.
The specific rules depend on the bank or credit union. Some institutions allow minors as young as 13 to have their own debit card tied to the account. Others require the minor to be 16 or older. A few banks let parents open savings accounts for children of any age without the child being a signer at all — the parent controls everything until the child reaches the age of majority, usually 18.
The account itself works like any other savings account: money sits there, earns interest (though rates are typically very low), and the minor can deposit or withdraw funds using a debit card, ATM, or by visiting a branch with the adult co-owner.
Key Takeaways
- A parent or legal guardian must co-own the account with the minor; no minor can open a savings account without an adult.
- Different banks have different age minimums for minors to receive a debit card or have signing authority, ranging from age 13 to 16.
- The adult co-owner has full access to the account and can withdraw money without the minor's permission.
- Most banks offer youth savings accounts with no monthly fees and no minimum balance requirements.
- When the minor turns 18, the account can usually be converted to a standard adult account, though some banks require the adult to be removed first.
What you need to bring to open an account
Both the minor and the adult co-owner must be present at the bank or credit union in person. Bring a government-issued photo ID for the adult — a driver's license or passport. For the minor, bring a birth certificate or school ID; some banks accept a state ID card if the minor has one.
You will also need proof of address, usually a recent utility bill or lease in the adult's name. Some banks ask for a Social Security number for both the minor and the adult; others use an Individual Taxpayer Identification Number (ITIN) if either person does not have a Social Security number. Call the bank ahead of time to confirm what documents they require, because requirements vary by institution and sometimes by branch.
If the minor is opening the account without a parent present — for example, with a grandparent or other legal guardian — bring documentation showing guardianship, such as a court order or custody agreement.
Age limits and what the minor can do
Most banks set a minimum age of 13 for a minor to receive a debit card or have independent access to the account. Some allow younger children if the account is parent-controlled only. A few banks, like Greenlight and GoHenry, specialize in accounts for children as young as 6, though these are designed for parental oversight rather than independent use.
Once a minor has a debit card, they can make purchases and withdraw cash at ATMs. However, the adult co-owner can still see all transactions and can freeze or close the account. Some banks let minors set a PIN that is different from the adult's, giving them a small degree of privacy, but this does not prevent the adult from accessing the account through their own login.
Minors cannot take out loans or open credit cards in their own name. They also cannot overdraft the account — if they try to spend more than the balance, the transaction is declined. This is actually a safety feature: the minor cannot go into debt.
Differences between banks and credit unions
Banks and credit unions handle youth accounts slightly differently. Most national banks like Chase, Bank of America, and Wells Fargo offer youth savings accounts with no monthly fees and no minimum balance. They typically require the minor to be at least 13 and provide a debit card at that age.
Credit unions often have lower interest rates on savings but sometimes offer better terms for youth accounts — for example, no fees and slightly higher interest. Credit unions are membership-based, so the adult may need to join the credit union first before opening an account for the minor. Some credit unions allow minors to become members independently once they reach a certain age, usually 16.
Online banks like Ally and Marcus generally do not offer accounts for minors because they cannot verify identity online. If you want an online bank, you will need to open a regular savings account in the adult's name and manage it for the minor until they turn 18.
What happens when the minor turns 18
When the minor reaches 18, the account does not automatically convert. The bank will send a notice asking what to do next. In most cases, the adult can remain as a co-owner if both parties agree, or the adult can be removed and the account becomes solely the minor's. Some banks require the adult to be removed before the account can be converted to a standard adult account.
If the adult is removed, the minor now owns the account outright and is responsible for it. They can close it, move the money to another bank, or keep it open. If the adult remains as co-owner, they retain full access and control, which may or may not be what either party wants at that point.
Check with your specific bank about their policy before the minor turns 18, because the process and timeline vary. Some banks handle the conversion automatically; others require both parties to visit a branch or call to authorize the change.
Comparing account types for minors
| Account Type | Minimum Age | Debit Card Available | Monthly Fee | Adult Access |
|---|---|---|---|---|
| Traditional bank youth account | Usually 13 | Yes, at age 13 | None | Full access |
| Credit union youth account | Varies by union | Yes, varies by age | None to low | Full access |
| Parent-controlled account (no minor signer) | Any age | No | None | Parent only |
| Specialized app-based account (Greenlight, GoHenry) | 6 and up | Yes, with parental controls | $5–$15/month | Full parental oversight |
How interest works on a minor's savings account
Savings accounts earn interest, meaning the bank pays the account holder a small percentage of the balance each month or year. For a minor's account, the interest rate is set by the bank and is typically very low — often between 0.01% and 0.05% annually. This means a $100 balance might earn a few cents per year.
The interest is added to the account automatically and belongs to the minor. When the minor turns 18 and the account converts, the interest earned up to that point stays in the account. The adult co-owner does not receive any of the interest; it is the minor's money.
Interest income may have tax implications if the account earns more than a certain amount in a year, though for most youth savings accounts the interest is so small that taxes are not a concern. If the account does earn significant interest, the bank will send a 1099-INT form at tax time, and the minor or their parent may need to report it on a tax return.
Frequently Asked Questions
Can a minor open a savings account without a parent?
No. A parent or legal guardian must co-own the account. Some banks allow a grandparent or other legal guardian to co-own if they have custody documentation. A minor cannot open any bank account alone.
What if the minor and the adult disagree about spending the money?
The adult co-owner has legal control of the account and can withdraw money without the minor's permission. If this is a concern, discuss expectations before opening the account. Some families use these accounts as teaching tools and agree not to withdraw without discussion, but the bank does not enforce such agreements.
Can a minor have more than one savings account?
Yes. A minor can have multiple savings accounts at different banks, each with a parent or guardian as co-owner. There is no legal limit on the number of accounts, though each bank may have its own policies about how many accounts one person can hold.
Does a minor's savings account affect their credit score?
No. Savings accounts do not appear on credit reports and do not build credit. Only credit products like credit cards and loans affect credit scores. A minor's savings account is purely for saving money, not for building credit history.
What happens if the adult co-owner dies?
The account becomes part of the adult's estate and may go through probate, depending on state law and how the account was titled. If the account was set up as "payable on death" to the minor, it passes directly to them without probate. Ask your bank whether they offer this option when you open the account.