youth bank account

Given the difficulty of attracting and retaining younger customers, many banks have introduced so-called youth bank accounts, which are usually part of a current account catalog and normally do not charge commissions. In addition, they have most of their digital operations through a young bank card.

What is a youth bank account?

The youth bank card Through young accounts, they are sight deposits that are offered to clients aged 30 or under and offer some special advantages, such as exemption from paying commissions with few or no requirements, or offering them certain remunerations or advantages, such as gifts or discounts .

If you are over 18 and want open a bank account, it's important to remember that you don't necessarily have to choose an account designed for teens. Once you are of legal age, you can become a client of any entity, which can give you a range of options with more interesting offers than those designed for young people.

Youth Account Types

We offer you a list of youth account depending on the age limits and the advantages and/or discounts offered for opening an account:

BBVA Fee-Free Online Account:

• No commissions
• no payroll
• Withdraw money at more than 6,000 ATMs
• 18-29 years

Smart Santander account

• No commissions
• no payroll
• No commission on transfers
• 18-31 years

Fazil Neobank account

• No commissions
• no payroll
• Fee-free transfers
• From 18 years
• 100% online account

N26 account

• No commissions
• no payroll
• Account 100% 
• mobile payment

Features of a youth account

The youth bank accounts They allow you to perform more or fewer actions depending on the type of account. 

In many cases, a youth account is a current account, that is, it allows most of the procedures that could be done in a normal account, such as:

• make transfers
• Deposit or withdraw money
• mobile payment

However, in the case of a savings account, your actions are much more limited. Since their primary goal is savings, many of these actions are "locked in." The funds will continue to feed into the entity, generating returns.

Data to take into account when opening a youth bank account

Before hire a bank card For young people, it is important to take into account some aspects to know exactly the profitability and operability before opening a bank account: 

• Age limit: Some banks offer account for young people from 18 to 35 years old guarantee to open it, while there are others that at 25 make you switch to a regular checking account, so the more years you can keep a young account, the better. 
• free card: the debit or credit card offered to you in your bank account for youths It should not have commissions, both maintenance and issuance.
• commissions: A good young account it will not impose commissions for management, maintenance and transfers without euro are synonymous with a good young account
• digital operations: One of the pillars in which a good Bank account is that it allows you to carry out all operations through the Internet, from registering to managing or canceling.
• Link: Most of the youth accountss do not require you to buy other products, or directly pay wages or stay.
• Profits: This is not the norm, but there are some, paid, that allow you to earn interest on your savings.
• Free cash withdrawal: As it is a necessary operation on a day-to-day basis, you should not have to pay commissions to withdraw cash from an ATM.

Can I open a youth account online?

If the bank you choose allows it, you can also open a young account online without leaving home. We can do this from our virtual bank through the website or application.

Although you should keep in mind that if you want to open a bank account as a minor, you will most likely have to go to a branch since the process and documents are different.

Advantages of youth accounts

A youth bank account It will allow us to have our own bank account in the best possible conditions.

Since most young people do not have a stable income, the fact that these accounts do not have user or maintenance fees helps to save in the long term, since part of the savings is not lost in these fees.

In addition, many of them provide tools to help us save and increase the money deposited in them. In addition, they usually offer offers and discounts on leisure activities or purchases.

We recommend you also read the post about the free prepaid card without bank account!