What you can open at 13, and what you cannot

Yes, you can open a bank account at 13, but not every type. Most banks offer youth savings accounts or teen checking accounts designed for people under 18. These accounts let you deposit money, withdraw it, and learn how banking works—but they come with limits that adult accounts do not have.

A regular checking or savings account typically requires you to be 18 or older and sign contracts on your own. At 13, you cannot legally sign a binding contract, so banks will not let you open one alone. Instead, you need a parent or guardian to co-own the account with you. That adult becomes a joint account holder, which means they can see all transactions, set spending limits, and close the account if needed.

Some banks also offer accounts where a parent is the sole owner but gives you a debit card to use—sometimes called a custodial account. The parent controls the money; you control how you spend your allowance or earnings from chores or a part-time job. The rules vary by bank, so call ahead or check their website to see what they offer for your age.

Key Takeaways

  • You can open a youth or teen account at 13 with a parent or guardian as a joint account holder, but you cannot open a standard adult account on your own.
  • Most youth accounts have daily spending limits, monthly transaction limits, or restrictions on overdrafts to protect you from running out of money.
  • You will need a parent or guardian to sign the account agreement, bring ID, and sometimes provide a Social Security number for both of you.
  • Some banks charge monthly fees for teen accounts; others waive fees if you maintain a minimum balance or set up direct deposit.
  • Opening an account at 13 builds your credit history and teaches you how to manage money before you turn 18.

What documents and information you need to bring

To open an account at 13, you and your parent or guardian will both need to visit a bank branch or apply online. Bring a photo ID—usually a school ID, state ID, or passport. The bank will also ask for your Social Security number and your parent's Social Security number, which they use to verify your identity and check for fraud.

Some banks let you open an account online without visiting a branch, but they may still require a parent to verify their identity by uploading a photo of their ID or answering security questions. A few banks use video verification, where you and your parent talk to a bank representative on camera to confirm who you are.

If you do not have a Social Security number yet, you can still open some accounts, but the bank will ask you to provide one within a certain time frame—usually 30 days. If you were born outside the United States, bring your passport or birth certificate along with your ID.

Limits and restrictions on youth accounts

Youth accounts are designed to let you learn without risking large losses. Most banks set a daily withdrawal limit—often $500 to $1,000 per day—so you cannot accidentally drain your account in one transaction. Some also cap the number of withdrawals or transfers you can make each month, usually between 6 and 10.

Many youth accounts do not allow overdrafts, meaning if you try to spend more than you have, the transaction will be declined rather than approved. This protects you from overdraft fees, which can add up quickly on adult accounts. Your parent can usually adjust these limits as you get older and more responsible with money.

Debit card limits may be different from account limits. A bank might let you withdraw $1,000 per day from an ATM but only spend $300 per day with your debit card at stores. Check the specific rules for the account you are considering, because they vary widely.

Fees and minimum balance requirements

Some youth accounts charge a monthly maintenance fee, usually $5 to $10. Others are free as long as you keep a minimum balance—often $25 to $100—or set up direct deposit of your paycheck or allowance. A few banks waive fees entirely for customers under 18.

If the account has a monthly fee and you do not meet the conditions to waive it, that fee comes out of your balance every month. Over a year, a $5 monthly fee adds up to $60. Before you open an account, ask the bank whether the account is free, what the fee is, and what you need to do to avoid paying it.

Some accounts also charge fees for things like overdrafts (if they allow them), wire transfers, or replacing a lost debit card. Read the fee schedule carefully, or ask a bank employee to walk you through it.

How opening an account at 13 affects your credit

Opening a bank account does not directly build your credit score. Credit scores are based on borrowed money—loans, credit cards, and payment history—not on how much money you have in savings. A bank account is separate from your credit report.

However, opening an account early teaches you habits that help your credit later. When you turn 18, you may be offered a credit card or a small loan. If you have already learned to track spending, avoid overdrafts, and keep money organized, you are more likely to use credit responsibly and build a strong credit score.

Some banks also offer credit-builder products for teens—accounts that help you build credit by making small deposits and payments. Ask whether the bank you choose offers this, because it can give you a head start when you turn 18.

What happens when you turn 18

When you turn 18, your youth account does not automatically convert to an adult account. Instead, you have the option to upgrade. Your parent can remove themselves as a joint account holder, and you become the sole owner. You can also close the account and open a different one if you want.

At 18, you can also open credit cards, take out loans, and sign contracts on your own. Your bank may offer you a credit card or a higher credit limit on an existing account. Before you accept, make sure you understand the interest rate and fees.

If you have been using your youth account responsibly—no overdrafts, regular deposits, no fraud—the bank may have a record of that behavior. This can help you get approved for credit products with better terms than someone with no banking history.

Choosing between different banks

Not all banks offer youth accounts, and the ones that do have different rules. Large national banks like Chase, Bank of America, and Wells Fargo all have teen checking or savings products. Credit unions often offer youth accounts too, sometimes with lower fees or higher limits.

Online banks like Ally and Chime also have accounts for teens, though they may require a parent to set up the account online rather than in person. If you prefer to visit a branch and talk to someone face-to-face, a local bank or credit union may be a better fit.

Compare the monthly fee, daily withdrawal limit, debit card spending limit, and whether the bank charges for overdrafts or other services. Some banks also offer perks like cashback on debit card purchases or higher interest rates on savings. Call or visit the website of banks near you to see what they offer.

Frequently Asked Questions

Can I open a bank account at 13 without a parent?

No. At 13, you cannot legally sign a contract on your own, so banks require a parent or guardian to co-own the account with you. The adult must be present or verify their identity online when you open the account.

What if my parent does not want to co-own the account?

Some banks let a parent open an account in their own name and give you a debit card to use. You do not have direct access to the account, but you can spend money up to the daily limit the parent sets. Ask your bank whether this option is available.

Can I use my youth account to get a job and deposit paychecks?

Yes. Most youth accounts accept direct deposit of paychecks from employers. You can also deposit cash or checks at an ATM or bank branch. Ask your employer for the account and routing number to set up direct deposit.

What happens if I overdraft my account?

Most youth accounts decline transactions if you do not have enough money, so overdrafts do not happen. If your account does allow overdrafts, you will owe the bank the amount you overspent plus an overdraft fee. Your parent can help you pay it back.

Can I have more than one bank account at 13?

Yes. You can open accounts at multiple banks as long as a parent or guardian co-owns each one. Some people open one account for savings and another for spending money. Just keep track of which account is which so you do not lose money.