Yes, a 13-year-old can have a bank account, but it requires a parent or guardian to open it
A 13-year-old cannot walk into a bank alone and open an account. Banks require the account holder to be at least 18 years old to sign contracts independently. What a 13-year-old can do is have an account opened in their name, with a parent or guardian as a co-owner or custodian. The adult controls the account until the teen reaches the age of majority—usually 18, sometimes 21 depending on the state and the bank.
Most major banks offer accounts designed for this exact situation. Chase, Bank of America, Wells Fargo, and regional banks all have teen checking or savings accounts. Credit unions often have them too. The account belongs to the teenager, they get a debit card, and they can make deposits and withdrawals. The parent can see all transactions and set spending limits, but the teen builds the habit of managing money in a real account.
Some banks set a minimum age of 13 for these accounts. Others allow them at younger ages—sometimes as young as 6 or 7—but the mechanics are the same: a parent must be present to open it, and the parent retains control until the teen reaches adulthood.
Key Takeaways
- A parent or guardian must be present and sign documents to open a bank account for a 13-year-old; the teen cannot open one alone.
- Most major banks and credit unions offer teen checking or savings accounts with debit cards and parental oversight built in.
- The parent can see all transactions, set spending limits, and control the account until the teen turns 18 or 21, depending on the bank and state.
- You will need the teen's Social Security number, proof of identity (usually a school ID or birth certificate), and the parent's ID and Social Security number to open the account.
- Some banks charge monthly fees for teen accounts; others waive fees if a minimum balance is maintained or direct deposits are set up.
What documents you need to bring
To open an account for a 13-year-old, bring the teen's Social Security number and a form of ID. A school ID, state ID, or birth certificate all work. The parent or guardian will also need their own ID (driver's license or state ID) and Social Security number.
Some banks ask for proof of address—a utility bill or lease in the parent's name. A few ask whether the account will receive direct deposits (like allowance transferred from the parent's account or paychecks if the teen works). Have that information ready, but it is not required to open the account.
You can open the account in person at a branch or online, depending on the bank. Online accounts are faster—sometimes completed in 15 minutes—but require the parent to verify their identity through the bank's app or website. In-person accounts take longer but may feel more straightforward if you prefer to speak with someone.
How parental controls work in teen accounts
When a parent opens a teen account, they typically become a co-owner or custodian. The difference matters. A co-owner has equal access to the account and can withdraw money at any time. A custodian manages the account on behalf of the teen but does not own it; the teen owns it, and the custodian's control ends at a set age.
Most banks use the custodian model for teen accounts. The parent can see every transaction in real time through the bank's app or website. Many banks let the parent set daily spending limits on the debit card—for example, $50 per day—or block certain types of transactions like online purchases or ATM withdrawals.
Some banks send alerts to the parent when the teen makes a purchase, reaches a spending limit, or the balance drops below a certain amount. This is useful for teaching the teen to check their balance and think before spending, while keeping the parent informed.
When the account transitions to the teen's full control
At age 18, most banks automatically convert the teen account to a standard adult account. The parent's name comes off, and the teen becomes the sole owner. The teen can then change passwords, set up their own online banking, and manage the account without parental oversight.
Some banks require the teen to visit a branch in person to complete the transition. Others do it automatically. Check with your specific bank about their process—it is worth asking when you open the account so you know what to expect.
If the teen is still in school or living at home, the transition does not change the account itself. It just means the parent can no longer see transactions or set limits. The teen keeps the same debit card and account number.
Fees and minimum balances
Teen accounts vary in cost. Some banks charge no monthly fee at all. Others charge $5 to $10 per month but waive the fee if the account maintains a minimum balance (often $100 to $500) or receives a direct deposit each month.
Overdraft fees—charges when the account goes negative—explore to teen accounts just as they do to adult accounts. Some banks charge $35 per overdraft; others charge less or none at all. A few banks let parents set the account to decline transactions if there is not enough money, which prevents overdrafts entirely.
ATM fees depend on the bank. If you use an ATM outside your bank's network, you may pay $2 to $3 per withdrawal. Many banks offer free ATM access through a large network—Chase has over 24,000 ATMs nationwide, for example—so check what network your bank belongs to before opening the account.
Debit cards and spending limits
Most teen accounts come with a debit card. The card works like an adult debit card: the teen can use it to buy things in stores, online, or at ATMs. The money comes directly from the account balance.
Parents can usually set a daily spending limit on the card through the bank's app. If the limit is $50 per day, the teen cannot spend more than $50 in a single day, even if the account has more money. Some banks also let parents block certain merchants—for example, preventing purchases at gas stations or liquor stores.
If the teen loses the card, the parent can freeze or cancel it when ready through the app, and a replacement card arrives in 7 to 10 business days. This is much faster than an adult having to call the bank.
Building credit and financial habits
A teen checking or savings account does not build credit. Credit is built through credit products—credit cards, loans, or lines of credit—where the lender reports your payment history to the credit bureaus. A debit card is not a credit product; it is your own money.
What a teen account does build is financial literacy. The teen learns to check their balance, understand how transactions work, and see the consequences of spending. Some parents use teen accounts as a way to teach budgeting by depositing a monthly allowance and letting the teen manage it.
At 16 or 17, some teens become old enough to work and earn paychecks. A teen account is a good place to deposit those paychecks and learn to save. At 18, when the account transitions to an adult account, the teen can then open a credit card if they want to start building credit history.
Frequently Asked Questions
Can a 13-year-old open a bank account without a parent?
No. Banks require a parent or legal guardian to open the account and sign the paperwork. The teen cannot open an account alone until they turn 18.
What happens if my teen's account goes negative?
The account will be overdrawn, and the bank will charge an overdraft fee—usually $35, though it varies by bank. Some banks let parents disable overdrafts so transactions are declined if there is not enough money. Ask your bank about this option when you open the account.
Can my teen use the account to shop online?
Yes, if the debit card is enabled for online purchases. Parents can usually toggle online purchases on or off through the bank's app. Some parents disable online shopping to prevent impulse purchases, while others allow it and set a daily spending limit instead.
Does a teen account help build credit?
No. A debit account uses the teen's own money and is not reported to credit bureaus. Credit is built through credit products like credit cards or loans. A teen can open a credit card at 18 if they have income or a co-signer.
What if my teen wants to close the account?
Until age 18, the parent can close the account at any time. After 18, the teen can close it themselves. Either way, the bank will transfer any remaining balance to another account or issue a check.