If you’re wondering how old you must be to open a savings account, you’re not alone. Many people don’t realize that banks sometimes require certain minimum ages for opening an account—especially when it comes to savings accounts. So how old do you have to be to open a bank account? Some banks may even have age limits on who can open a checking account. So here’s what you need to know about opening your own savings account at any age!
How to open a savings account
To open a new savings account, you don’t have to be over the age of 18. However, some banks will require you to be 18 before allowing you to make any deposits or withdrawals from your new account. To start saving today, just follow these simple steps:
- Find an eligible bank in your database that offers savings accounts and sign up there!
- Provide your personal information (name, address, date of birth).
- Choose how much money you want to save each month (this can be changed later if needed).
- Set up a direct deposit into the new account so that every paycheck automatically goes into savings first (this should not count toward the monthly limit).
So, how can you open a savings account?
To open a savings account, you need to be 18 years or older. You also need to have a social security number and a valid photo ID. To set up an account, you must provide proof of address by showing one of the following:
- A recent utility bill.
- A recent bank statement.
- A lease agreement or mortgage statement.
You’ll also need to open a checking account if you don’t already have one. This process is similar, but instead of providing proof of address for this second step (unless otherwise instructed), simply provide a driver’s license or other forms of identification (you can use your passport as well).
What is the minimum age to open a savings account?
The minimum age to open a savings account will vary by bank. Some banks may require you to be 18 or older, while others may allow you to open an account if you are a minor’s legal guardian.
If your bank doesn’t have an age restriction, they must accept withdrawals and deposits from your parents or guardians so they can manage the account on your behalf until you reach adulthood.
As per SoFi experts, “There are ways in which a minor can have his or her name on a bank account.”
What if you are not old enough to open a savings account?
If you’re under 18, you can open a savings account. However, some rules go along with this. In most cases, you will need permission from your parent or legal guardian before the bank allows you to open an account. An exception is if the person applying for the account has all of their own money in it and can open it themselves.
First, you need to be at least 18 years old. It is the minimum age requirement for opening a savings account. If you aren’t old enough, there are other options out there for you, such as online banking or credit cards. You can also open an account with your parent or guardian, who will help manage it until they feel it is safe enough for you to do so on your own.