Children's accounts – The savings of the future

Children's accounts – The savings of the future

Children’s accounts – The savings of the future

Children’s accounts are a product designed to manage the savings of children. It is an account that usually provides profitability and with which children can learn to manage their money. Next, we talk about the conditions that these accounts have for children and we show the best savings accounts that exist today to make the money profitable.

How are children’s accounts?

The most important point to keep in mind is that the child will not make decisions about the account , but that, even if the owner, the balance deposited will be in the hands of their parents until they reach the age of majority established by the Bank.

On the other hand, it is very possible that one of the limits included in the account is that it will not be possible to withdraw all of the money (together with the generated interest) until the child assumes this age or until the bank sets an age concrete

4 reasons to hire a children’s account

Hiring a child account can be a good way for the child to enter the world of finance. There are opinions of all kinds about this product, but, with responsibility, it can provide many advantages. These are the most outstanding:

  1. They allow to create a piggy bank , when it grows the child will be able to have their own savings.

  2. They ensure the future of the child , since it can be opened with the intention that all the money that is deposited in said account is destined to his studies, for example.

  3. They offer gifts intended for the little ones. From school materials such as backpacks or cases, to electronic devices. Simply find the account that has the gift that interests us most.

  4. They are a tool for the child to enter the world of finance and learn to manage them. To this end, some banks have interactive games and videos aimed at the younger audience.

The best child accounts of the moment, how are they?

When choosing an account for our children, as for any other type of banking product, it is necessary to take into account certain aspects:

  • Be clear about what kind of account we want to hire . The most frequent is that it is a savings account with limited operations: that allows us to deposit money and access it freely, although we will not be able to carry out a complete operation.

  • Know the minimum and maximum amount of money that can be deposited in the account and when it will be possible to withdraw the balance. Normally, savings accounts have no minimum and always allow the customer to access the money.

  • Ensure that it is an account with no bank fees , administration, or maintenance.

  • Check the operation that we will be able to carry out . Each one will establish limits when it comes to being able to make bank transfers to third parties , use the cards, etc.

  • Find out how ownership works. Even if the minor is the actual owner of the account, he will not have full control over the money until he reaches the established age. During that time, one of the parents or the legal guardian will be the one who assumes the custody of the savings until he reaches the age of majority.

  • Check the minimum time that the money should remain in the bank, if there is a limit and when we can withdraw the balance deposited.


What do I need to open a child bank account?

Hiring an account for children is a process as simple as opening a normal account, however, it requires having some previous points tied:

  • The family book is necessary to verify that the person who will open the account is a mother, father or guardian, since they are the only ones who can contract the child’s account. No other person, even a close family member, can carry out this process on behalf of a minor if it is not their guardian.
  • The child must have a DNI. It is something that a few years ago was not necessary but that was established as a norm in 2007, with the aim of preventing tax fraud with this type of accounts. An option to overcome this requirement is to ask the Tax Agency for a provisional NIF (tax identification number). It is enough to present the family book and the model model 030 that they deliver in this agency. It is even possible that the banks themselves carry out this management to streamline the process.

  • You also need the DNI of the parent or guardian who will keep the money while the child grows. Also a copy of the family book to show this kinship. The parents or guardians will be the account holders until the children reach the age of majority.

  • It is preferable that the minor go to the office at the time of opening the account. Although it is not always mandatory, it is recommended so that the child is aware of the process.

Who can access money from a child account?

Parents or guardians who have custody of the child will have access to the money, regardless of whether they are the person who has opened the account or not and if they also have guard custody. This is a point to take into account in cases of separated parents.

For example, in the event that the parents are divorced and one of them opens the account to the child they have in common, both (if the two maintain the post-natal homeland of the child, which is the most usual) would have full rights to the account .

However, in the event that for extraordinary reasons a judge withdrew this right to one of the parents, he would lose the ability to manage that account or access the money and would be available to the other parent until the child fulfilled the majority of age and becomes the owner of the product.

If you are looking for more freedom to save

Taking into account the limitations of these accounts, such as full access to money together with the profitability achieved, it is interesting to consider what other options exist to make the savings profitable and achieve a financial cushion that guarantees the future of our children.

A good option may be to resort to traditional savings accounts, with a much more free operating . Over time, when the child is older it will be possible to open a special child account for him.

In the following video we analyze the different savings options, both the paid accounts and the fixed terms. Which of the two is better?

About this page

What is the purpose of this page? On this page we intend to show all the important points of the children’s accounts. Either from what is necessary at the time of its opening, the role of the tutor, the minor himself, and the benefits of this banking product for children.

Source: information on child accounts comes from different sources, such as the websites of the banks that sell this product in Spain.

Methodology: the data related to the contracting of child savings accounts have been achieved through online research techniques and consulting different media specialized in Finance and Economics.

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