Can a minor open up an account with someone who is 18 years old and not a legal guardian?
I am a 17 year old minor. I know that I can open an account with my parents. My friend and I would like to open an account together and he is of legal age (18 years old). Is that possible for us or am I only able to open one with my parents? Is there any other account where this is possible for our situation?
Possibly, however I would not recommend this because of the tax implications that could complicate your financial situtation and friendship. For example, if you deposit $1,000 and your friend deposits $500, then your account makes a short-term gain of $800 you both will be liable for the tax bill and have different tax brackets which would make your situation more complex then needed. Also, why would you want your friend to have control of your money? If you are serious about investing with your friend make sure you have the proper legal agreements, entity formation and investment rules in place to protect your money.
I know you'll get lots of financial advice from other responders. Let me weigh in with a little fatherly advice.
If you trust a friend with money, you take a chance of losing both. Keep your finances separate until you are married (and probably even after that.) Even though it may be perfectly OK to do this in your case, why take a chance?
Most banks will allow you to open a savings account that is yours and yours alone, not accessible by a parent. You might not be able to get a debit card or checks, which is inconvenient, but you will have sole control. Then, it won't be long until you turn 18 and can revise the account.