A child or minor account is a bank account designed to bring personal finances and the culture of saving closer to the smallest members of the household. In addition, some offer benefits and gifts.
A bank account for minors It will allow you to save, receive and manage payments and use the debit or prepaid card without maintenance fees. It will be the legal guardian, who will set the limit. Many banks will allow you to see everything your child is doing with his account and may even limit the use of the card. Your child will be able to check their balance and see the movements of their account on the Internet or in the application. Of course, in general, children cannot transfer money or operate through digital banks. Although, there are some exceptions: some children's accounts are very complete, allowing you to send money through Bizum, pay from your mobile, etc...
Opens Bank account for minors
Many parents want their children to start managing their money in a more responsible and organized way and to have a account and card for minors that allows them to access and spend their own money (payments, family gifts for vacations, temporary tips for work...).
In addition, there are also relatives who open accounts to save some money so that the little ones can start adult life with a small amount of money.
The creation of bank accounts for minors it has increased even more with the disuse of cash, since previously, it was common to give a cash payment to minors. However, the use of digital payments has caught up with its predecessor, not only for online purchases, but also for contactless payments in businesses and shops. Therefore, currently, having a digital account has become something essential for day to day. its for The bank is interested in having children among its clients because it is beneficial to retain them and turn them into profitable clients when they reach adulthood.
What are the accounts for minors?
The bank accounts for minors They are free at first and commissionable as you grow. They tend to change over the years. As long as they are children, they generally do not need to pay commissions for basic operations and services, or meet any specific requirements.
After reaching the age of majority, children's accounts often become fully-functioning young adult accounts without parental authorization. They also tend to stay free.
After the age of 25 or 30 it usually happens that the account becomes a checking account, which requires commissions, and at least direct deductions from payroll or other income unless the requirements set by the entity are met.
Open an account for my son
If you want your children to manage the budget under your supervision, a good option is to open a bank account for minors through a card with a spending limit of your previously loaded balance. You can create an account in your name and give it to your child.
They will be able to make payments and send or receive money when they need it, within the limits that you decide. In addition, you can deposit your pay or a certain amount of money on your card easily and instantly, using an application managed from your phone or you can also do it by transfer.
In this way you will have greater control over the account, consult the actions carried out, review the expenses, check the balance and deposit the money yourself.
The appearance of new technologies and new competing entities, known as "neobanks", has led to the popularization of the use of this type of card. Balances are held in accounts managed online or through the app.
Through Fazil Neobank you can do it in 5 minutes. You will have to download the application on your mobile, register and complete the process. Once you have a Fazil account in your name, all you have to do is tell your child to download it and log in from their mobile with your data.
In this way, you will both have the Fazil account on your mobile devices. Your son will be able to add it to his wallet and make payments and buy in stores and on the internet as normal, and you will be able to better manage and control his expenses.
Take a look at this other post about the wallet card and discover all its advantages!