Bank account: open one for your child?
Open a bank account to your child, is it really necessary? As a parent, this is the question you may be asking yourself. To convince yourself, but also to reassure you, here is everything you need to know.
As long as your child is a minor, you alone are entitled to open an account at the bank . By the way, as long as you are not 18, you will have a complete view of the state of your bank finances. It is only when he reaches the age of majority that he will be able to fully own it and carry out the operations he wishes without having to ask your opinion.
It is from this moment that your offspring will also be able to apply for a credit card, take out a credit, or open another bank account. But rest assured! It is not because he is of age that the financial organizations will let him do anything: generally, the products offered are adapted to young adults, and ask that the parents act as guarantors in certain cases (for a consequent credit request, for example).
When the decision is made, and you are going to open an account, why not involve your blonde head from the beginning and take it with you to the bank? After all, he is the first one concerned. From the banker, he will be able to hear what he can do or not. If everything is not understandable for him, he will be able, moreover, to put his questions to the professional who will have taken care of you.
An account to make your child financially responsible
Even when your toddler is still small, it is interesting to open a savings account , especially as it is possible to find rates more than interesting. On your side, you can deposit money, even from birth: he will then be able to enjoy the sum that you have accumulated over the years at his majority, or at the age determined with the banker.
It is clearly around 11-12 that it is interesting to open a young bank account for your child since at this age, he will be more likely to claim an envelope with money rather than a toy as a of gift. On this account , you can also pay him pocket money. When he needs money to give himself a little pleasure, he can use his card to pay, or to withdraw tickets to the distributor.
By performing these gestures, similar to those made by adults, he will feel empowered . Because not to be on the straw quickly, your teen will have to learn to manage his budget correctly and in a reasonable way: this will inculcate him all the more the value of money and the meaning of savings.
Together, you can set a withdrawal limit that should not be exceeded . This ceiling can even be set on your youth's card. Thus, you are certain that he is not able to spend more than you have agreed. Note that this limit can be re-adapted at any time. This is useful, for example, if he goes on a language stay for a month: far from you, he will more than likely have to spend more money than usual. Its ceiling may therefore be revised upwards during this period.
Even if it goes without saying, do not forget to tell him that his secret code is not to communicate to anyone.
Compare offers from banks
Take the time to compare the rates associated with opening an account in all financial organizations. You will see that some of them offer that are completely free, and that will cost no management fees.
If it pays, it will usually be less expensive than yours. Preferential rates are very often applied for accounts intended for children, adolescents and even, sometimes, young adults.
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