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Can a 16 year old open up his own savings account?

My Godson is interested in putting money into a bank account. We were curious to know can he open up his own savings account/or does he need someone else to be on the account.

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Kellyjude1

Asked by Kellyjude1 at 10:09 PM on Apr. 16, 2011 in Teens (13-17)

Level 18 (5,475 Credits)
Answers (12)
  • nope, he needs his account to be linked to someone who is over 18
    xmama_bellax

    Answer by xmama_bellax at 10:10 PM on Apr. 16, 2011

  • I know in my state (louisiana) if they are under 18 it has to be in the parent/guardians name

    jbond83

    Answer by jbond83 at 10:12 PM on Apr. 16, 2011

  • Is that a new regulation, xmama? I had my own savings account at 14, unlinked to my parents, and my own checking account at 16, at another bank.

    My children's accounts are linked to mine, in that I had to be a member of the credit union for them to get an account.

    Call the bank is my suggestion, but he should be able to get an account in his name only.
    KateDinVA

    Answer by KateDinVA at 10:12 PM on Apr. 16, 2011

  • I opened my own when I was 14- my parents might have been there to sign for me to do it, but I was able to deposit and withdraw money without their consent. That was 15 years ago so things might have changed...
    bloomsr

    Answer by bloomsr at 10:16 PM on Apr. 16, 2011

  • You have to have an adult be a co-signature since any bank account means signing legal documents. They don't have to "linked" to an adult account, but they have to have an adult signature as under 18 is a minor and a minor cannot sign legal contracts on their own.
    twinsplus2more

    Answer by twinsplus2more at 10:19 PM on Apr. 16, 2011

  • I just checked at Wachovia (because I was curious). While they recommend a guardian on accounts for 15-18 year olds, 15 year olds can open their own checking account. It didn't say about savings at that point, but I imagine the regulations are similar.

    Of course, he would need full and legal identification - photo id, social security #, etc.
    KateDinVA

    Answer by KateDinVA at 10:20 PM on Apr. 16, 2011

  • Because it is a LEGAL contract, they must have an adult "co-signer".
    Anonymous

    Answer by Anonymous at 10:30 PM on Apr. 16, 2011

  • It has to be a custodial account because they are minors. They can be listed as the primary account holder but they need an adult to be on the account as well.
    Anonymous

    Answer by Anonymous at 8:41 AM on Apr. 17, 2011

  • My son has had a saving account since he was one. It's in HIS name but my name is also on it as a co-app. But the account is in his name first and the bank statement comes address only to him.
    SouthernMama08

    Answer by SouthernMama08 at 9:27 AM on Apr. 17, 2011

  • I agree to call the bank and ask
    admckenzie

    Answer by admckenzie at 1:51 PM on Apr. 17, 2011

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