As of: March 25, 2024, 12:30 p.m
By: Carina Blumenroth
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Creating an account for children is something some parents may think about.
Below you will find out what you should pay attention to.
Money affects everyone throughout their lives.
It may therefore make sense for parents to teach their children how to handle money step by step.
Some then ask themselves about having their own account for children.
What you should keep in mind.
Setting up a child account: What you should think about
Parents should teach children how to handle money.
You can also think about a child account.
When it makes sense.
(Symbolic image) © Andrey Popov/Pond5/Imago
Of course, the easiest way for you as a parent is to set up an account for your child at your bank.
You already know your way around and don't have to deal with other systems.
However, you should pay attention to key points:
No basic fee for account and card:
There are a few to choose from, you should make sure that no costs arise elsewhere, for example when withdrawing or transferring money, informs the
Finanztip.de
portal .
Deposits possible:
Children always receive some money from their grandparents.
Therefore, it makes sense that the money can be deposited into the account.
If this is not possible, you can also agree that as parents you will receive the money and transfer it to your child.
Parents can set functions:
At some banks, you as a parent can specify how much money the child can collect or how large transfers can be.
Children's accounts cannot be overdrawn:
If there is not enough money on the card, the payment cannot be made - although this is not possible with a payment with a signature.
Stiftung Warentest
informs that most youth checking accounts are only free up to a certain age.
If fees are due, the banks usually indicate this in good time.
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Current account for children: When is the right age?
There is no one-size-fits-all solution as to when your child will need an account.
Stiftung Warentest
quotes the German Banking Industry Association on the topic: “Children aged twelve and over generally have the ability to manage their own money on their own responsibility.” For example, you as a parent can then transfer the monthly pocket money to the account and gradually transfer it to your child Explain how to use the account, the card and, if necessary, online banking.
It makes sense to have your own account at the latest when young people aged 15 and over have a holiday or school job.
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What do you need to open a child account?
Identity cards of both parents and the child, if available, otherwise the birth certificate
Find out whether a power of attorney is sufficient to open an account or whether both parents have to appear.
If your parents are separated or one parent has died, bring proof with you.
Child's tax identification number
What else you should consider when talking to your children about money.