Can Kids Under 13 Open a Bank Account? A Complete Guide

Learn how kids under 13 can open a bank account with parental help. Explore custodial accounts and benefits for young savers.

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Yes, kids under 13 can have a bank account, typically with the help of a parent or guardian. These are known as custodial or joint accounts. The adult manages the account until the child reaches a certain age, often 18 or 21. This helps children learn financial responsibility early. To open such an account, you'll usually need the child's birth certificate and Social Security number, along with the adult’s identification. Check with your local bank for their specific requirements.

FAQs & Answers

  1. What documents are needed to open a bank account for a child? You typically need the child's birth certificate, Social Security number, and the adult's identification.
  2. What is a custodial account? A custodial account is a bank account managed by an adult on behalf of a minor until they reach a certain age.
  3. At what age can a child manage their own bank account? Most banks allow minors to manage their own accounts when they reach 18 or 21, depending on local laws.
  4. What are the benefits of opening a bank account for kids? Opening a bank account helps teach children financial responsibility and budgeting skills early on.

Watch More

For more insights into financial education for children, check out our articles on teaching kids about savings, budgeting, and responsible spending.

  1. How to Open a Bank Account for Your Child: A Step-by-Step Guide Learn how to create a bank account for your child with this simple guide. Get tips on custodial accounts and children’s savings options.
  2. Can My Child Get a Bank Card? Understanding Child Bank Accounts Explore how your child can obtain a bank card with special accounts designed for minors.
  3. How to Open a Bank Account Online for Your Child: Step-by-Step Guide Learn how to easily open a bank account online for your child with our simple steps.
  4. Can My Child Have Two Bank Accounts for Better Financial Management? Learn how having two bank accounts can help teach your child financial responsibility and budgeting skills.