Yes, you can open a savings account at 17. At almost every bank, you’ll need a parent or legal guardian to join the account as a co-owner, and a handful of banks will let a 17-year-old apply as the sole owner. Either way, the paperwork is modest: a government ID, a Social Security number, proof of where you live, and a small opening deposit.
The Usual Path: A Joint Account With a Parent or Guardian
Most 17-year-olds open a joint savings account shared with a parent or legal guardian. The reason is legal, not personal. Federal policy generally limits independent bank account ownership to people 18 and older because minors lack the standing to enter fully enforceable contracts.1Federal Reserve Board. Does Access to Bank Accounts as a Minor Improve Financial Capability? Evidence from Minor Bank Account Laws If a minor overdraws the account, the bank has limited options to recover the loss, so it wants an adult on the agreement who can be held responsible.
On a joint account, both owners can deposit and withdraw, and banks often waive the usual monthly fees when a young person is on the account. Wells Fargo’s Way2Save Savings account drops its $5 monthly service fee when the primary owner is under 24.2Wells Fargo. Student and Kids Savings Account Bank of America waives its $4.95 monthly fee on SafeBalance accounts when an owner is under 25.3Bank of America. Banking Accounts for Growing Needs Chase requires a parent or guardian as co-owner on its High School Checking account for teens 13 to 17.4Chase. Chase High School Checking Account Capital One’s MONEY Teen Checking similarly requires a parent or legal guardian as joint account holder.5Capital One. Bank Accounts for Kids and Teens
Credit unions belong on your short list too. Many offer teen savings accounts with competitive interest rates. Alliant Credit Union, for example, pairs its teen checking with a high-rate savings account for members aged 13 to 17, with a parent as joint owner. Credit unions often carry lower minimum balance requirements and fewer fees than large national banks.
Some banks also give parents controls on the teen’s debit card: spending limits, withdrawal caps, transaction monitoring, and alerts. What’s available varies, so ask when you apply.
Banks That Let a 17-Year-Old Apply Alone
A few institutions do allow older teens to open an account without an adult on it. Bank of America lets teens 16 and older apply as the sole owner of a SafeBalance Banking account, with no parent on the account at all.3Bank of America. Banking Accounts for Growing Needs That kind of arrangement is uncommon among major national banks. If applying on your own matters to you, confirm the policy with the specific bank before you go to a branch — most will still want a co-owner.
What You Need to Open the Account
Federal rules require banks to verify every account holder’s identity. Under the Customer Identification Program, the bank must collect your name, date of birth, address, and a taxpayer identification number before approving the application.6eCFR. 31 CFR 1020.220 – Customer Identification Program Requirements for Banks In practice, bring:
- A government-issued photo ID — a state driver’s license, learner’s permit, or passport, unexpired.
- Your Social Security number. If you don’t have an SSN, many banks accept an Individual Taxpayer Identification Number (ITIN), and some will take a passport number with country of issuance instead.7Consumer Financial Protection Bureau. Can I Get a Checking Account Without a Social Security Number or Drivers License
- Proof of address — a utility bill, lease, or official mail showing where you live.
If the account requires a co-owner, the adult brings the same three things: valid photo ID, their SSN or ITIN, and proof of address. Check that names and addresses match across all documents. Mismatches are the most common reason applications get flagged or delayed.
You’ll also need an opening deposit. Most savings accounts ask for $25 to $100, though some teen-focused accounts open with as little as $1.8Consumer Financial Protection Bureau. Checklist for Opening a Bank or Credit Union Account
How the Application Goes
Most banks want at least one in-person visit to finalize a teen account. You and your co-owner go to a branch together, present ID, and sign a signature card, which captures your agreement to the terms. At many banks the adult is designated as the primary owner to carry legal liability, with the teen listed as secondary owner with full access.
Some banks let you start the application online, but a branch visit is often still needed to complete verification. During the review, the bank typically checks applicants through ChexSystems, a consumer reporting agency that tracks closed checking and savings accounts.9ChexSystems. About ChexSystems A 17-year-old is unlikely to have a ChexSystems record, but the adult co-owner could. If the adult has unpaid overdrafts or involuntarily closed accounts in their history, the application can stall. Options then include asking another adult family member to serve as co-owner or looking for banks that offer “second chance” accounts.
Once you’re approved, you’ll get your account details and any debit cards by mail within a few business days. Many banks turn on online and mobile banking access immediately.
What to Know Before Signing a Joint Account
Joint ownership isn’t a technicality. On a joint account, both owners legally own the entire balance. Your parent can withdraw every dollar, and the reverse is true. If your parent has outstanding debts, creditors may be able to garnish the joint account to collect, even on money you earned at a part-time job. The law generally treats joint account funds as belonging equally to both owners regardless of who deposited what.
Overdraft liability points the other way. If the account goes negative, the bank will pursue the adult co-owner, since the minor can’t be held to the account agreement the same way. That shields you, but it also gives the adult a real stake in how the account gets used. If anything about your family’s financial situation makes shared access risky, ask the bank about parental controls that cap withdrawals, or look at the solo-account options above.
Converting to Your Own Account at 18
When you turn 18, you can remove your parent and make the account yours alone. At most banks, this takes a branch visit with a valid government ID.10Bank of America. Account Ownership Changes Some banks handle it as an ownership change on the existing account, so your account number and debit cards stay the same.3Bank of America. Banking Accounts for Growing Needs Others close the joint account and open a new one in your name.
It’s also a reasonable moment to shop around. The teen account you opened at 17 may not carry the best interest rate available to adults. Online banks routinely pay two or three times what large brick-and-mortar institutions do on savings. Compare rates and fees before you default into whatever adult product your current bank offers.