Generally, a 13-year-old boy cannot open a bank account on his own. Most banks require individuals to be at least 18 years old to open an account independently. However, there are some options available:
Options for Minors:
- Joint Account: A parent or legal guardian can open a joint account with the 13-year-old. This allows the minor to learn about banking and have access to funds, but the adult retains control over the account.
- Custodial Account: Some banks offer custodial accounts specifically for minors. In this type of account, an adult (the custodian) manages the account on behalf of the minor. The minor may have limited access to the account depending on the bank's policies.
- Prepaid Debit Card: A prepaid debit card can be a good option for a 13-year-old to learn about budgeting and spending. These cards are typically linked to a parent's account and allow the minor to spend only the funds loaded onto the card.
It's important to check with individual banks for their specific age requirements and account options for minors.
