Yes, 13-year-olds can have a bank account, but with restrictions
A 13-year-old can open a bank account in the United States, but not independently. The account must be a custodial account — meaning a parent or legal guardian holds it jointly with the minor and retains legal control until the child reaches the age of majority (usually 18 or 21, depending on your state and the bank).
The parent's role is not optional. Banks require an adult to sign all paperwork, provide identification, and maintain the account. The teen can use the account to deposit money, make withdrawals, and learn banking habits, but the parent can freeze it, close it, or review transactions at any time.
Different banks set different minimum age limits — some allow accounts at age 13, others at 16, and a few have no stated minimum as long as a parent co-signs. The specific rules depend on which bank you choose and which state you live in.
Key Takeaways
- A 13-year-old needs a parent or legal guardian to open a custodial account; minors cannot open accounts alone.
- The parent must provide identification and sign all paperwork, and retains full legal control of the account until the child reaches adulthood.
- Banks vary in their minimum age requirements — some allow accounts at 13, others require 16 or older — so you will need to check with your specific bank.
- Custodial accounts teach banking skills without giving the teen independent financial control.
- When the child reaches the age of majority, the account automatically converts to a standard account in their name alone.
How custodial accounts work and what the parent controls
In a custodial account, the parent is the legal owner and the minor is the beneficiary. This means the parent can see all transactions, set spending limits (if the account includes a debit card), and decide whether the teen can withdraw money. Some banks allow parents to set up alerts when the balance drops below a certain amount or when a withdrawal is made.
The parent can also close the account without the teen's permission, though doing so while the teen has money in it requires moving those funds. The teen cannot close the account, remove the parent's name, or transfer the money elsewhere without the parent's consent.
When the child turns 18 or 21 (depending on state law and the bank's policy), the account automatically converts to a standard account in the teen's name. At that point, the parent's access ends and the young adult has full control. Some banks send a notice before this happens; others do not, so it is worth asking about the conversion process when you open the account.
What you need to bring to open the account
To open a custodial account, bring the parent's government-issued photo ID (driver's license, passport, or state ID card) and the teen's Social Security number. Some banks also ask for proof of address — a recent utility bill or lease in the parent's name usually works.
A few banks require the teen to be present in person; others allow the parent to open the account without the minor there. Call your bank ahead of time to confirm what documents they need and whether the teen must attend the appointment.
You do not need to bring the teen's birth certificate or Social Security card itself, though having the card on hand can speed up the process if you have it. The bank will verify the Social Security number through their own systems.
Banks that allow accounts for 13-year-olds
Most major banks and credit unions offer custodial accounts, but the minimum age varies. Chase, Bank of America, Wells Fargo, and Citibank typically allow custodial accounts starting at age 13, though you should confirm with your local branch because policies can differ by location. Credit unions often have lower or no stated age minimums, so if you belong to one, ask whether they offer accounts for young teens.
Some banks market accounts specifically for teens and include features like parental controls, spending limits, and financial education tools. These accounts may have slightly different rules or fees than standard custodial accounts, so compare what each bank offers before deciding.
Online banks like Ally, Charles Schwab, and Fidelity also offer custodial accounts, though the process is entirely digital and you will not meet anyone in person. Online banks sometimes have lower fees and higher interest rates on savings, but they do not have physical branches if you prefer face-to-face service.
Debit cards and spending controls
Many custodial accounts come with a debit card for the teen to use. The parent can usually set daily spending limits, block certain types of purchases (like online transactions or gas stations), and receive notifications when the card is used. This gives the teen the experience of managing money without the parent losing oversight.
Some banks allow the parent to turn the debit card on or off when ready through a mobile app, which is useful if the card is lost or if you want to pause spending temporarily. Others require a phone call to the bank to make changes.
Not all custodial accounts include a debit card — some are savings-only accounts where the teen can deposit money but cannot withdraw it without asking the parent. Ask your bank what options are available and which one fits your family's needs.
Interest rates and fees on teen accounts
Interest rates on custodial savings accounts vary widely. Some banks offer rates competitive with regular savings accounts (currently ranging from 0.01% to 5% depending on the bank and account type), while others offer little to no interest. Check the bank's website or ask in person what rate they are currently paying on the specific account type you are considering.
Monthly maintenance fees are common but not universal. Some banks charge $5 to $15 per month for custodial accounts, while others waive the fee if you maintain a minimum balance (often $100 to $500) or set up direct deposit. A few banks have no monthly fee at all. These fees can add up, so compare them across banks before opening an account.
Overdraft fees explore if the account goes negative, just as they do for adult accounts. Some banks charge $25 to $35 per overdraft, while others do not charge overdraft fees on teen accounts. This is another detail worth asking about when you call the bank.
What happens when your teen turns 18 or 21
The conversion age depends on your state and the bank. In most states, the account converts to a standard account when the teen turns 18. In a few states (like California and New York), some banks wait until age 21. The bank should tell you the conversion age when you open the account, but if they do not, ask.
When the account converts, the parent's name is removed and the young adult becomes the sole owner. The parent loses all access — they cannot see transactions, withdraw money, or close the account. The young adult can now make all decisions about the account independently.
Some banks send a notice 30 to 60 days before the conversion happens, giving the young adult time to prepare. Others convert automatically without warning. If you want to avoid surprises, write down the conversion date when you open the account and set a reminder for yourself a few months before it happens.
Frequently Asked Questions
Can a 13-year-old open a bank account without a parent?
No. All banks require a parent or legal guardian to co-sign and provide identification. A minor cannot open an account alone, even if they have their own money or a job.
What if my teen wants to keep the account private from the parent?
That is not possible with a custodial account. The parent has legal access to all information and can review transactions at any time. If privacy becomes important later, the teen can open their own account once they reach the age of majority.
Can a 13-year-old get a credit card?
No. Credit cards require the holder to be at least 18 years old and have an independent income. A debit card linked to a custodial account is the closest option for a young teen.
What if the parent and teen disagree about how the money should be used?
The parent has legal control, so their decision stands. This is why it is worth having a conversation about expectations before opening the account — discuss whether the teen can withdraw money freely, whether they need to ask permission, and what the account is meant for.
Can the parent use the money in the teen's custodial account?
Legally, the money belongs to the teen, not the parent. However, the parent has control of the account and can withdraw funds. Many families treat custodial accounts as the teen's money that the parent manages on their behalf, but the legal rules vary by state. If you have concerns about this, speak with a lawyer in your state.