Can I set up a Roth IRA if I am under 18?


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I am under 18 and my parents won't set up any sort of bank account or investment account with me.  What are my options?  Can I set some things up by myself?


In regards to whether you can open up a bank account (such as a checking or savings account) if you are under 18, this completely varies between each state and between each depository institution. Some states allow minors to open accounts without a parent or guardian signature. In addition, some depository institutions may offer certain accounts to minors without an adult co-signer. For example, one bank may allow a minor to open a savings account but not a checking account. I would recommend that you visit some of the depository institutions in your community and ask a banker what your options are. You may find a depository institution that allows you to open an account without a signature from one of your parents.

In order to purchase investments you must use what is called a brokerage firm. Brokerage firms require you to open an account with them in order to purchase investments. Most brokerage firms do not allow minors under the age of 18 to open investment accounts. Until you are 18, you would need to get permission from an adult to buy and sell investments under their brokerage firm account.

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good work

this website has very useful information.thanks for sharing. 

This is really nice. I have

This is really nice. I have the same problem as well and i don't know what to do. Good thing I stumbled upon here. This is really helpful.

maybe you should ask legal

maybe you should ask legal advice to some constituents who are working in banks.. ask for options and go.. :)