The savings account for children should offer high returns with a manageable risk and should also be flexibly available.
The overnight money is also offered by some banks for minors. It offers attractive interest rates, high security thanks to deposit protection (at least 100,000 euros per customer in the EU) and flexible availability.
Child savings account comparison October 2019
Not every bank also offers its daily allowance to underage children. We present you with some of the most attractive savings alternatives for children.BankZinsen p.a.Interest creditPeculiaritiesApplication0.70 %Credit: monthly – monthly interest credit (compound interest effect) – 3 months Interest guarantee – only for0.20 %Credit: monthly – monthly interest credit (compound interest effect) – German deposit protection – Interest rate applies only 4 months0.20 %Credit: monthly – monthly interest credit (compound interest effect) – German deposit protection – interest rate applies only 4 months0.00 %credit: monthly – monthly interest credit (compound interest effect) – no minimum investment amount0.01 %credit: quarterly – attractive interest rate – 12 months interest guarantee – German deposit protection – no minimum investment
Today, a savings account for children can be seen in many facets. There are investment opportunities with an overnight or fixed-term deposit account as well as special accounts for babies and children that lead to a financial cushion through targeted savings plans.
Why a Savings Account für´s Child?
Before the children reach adulthood, there are a lot of expenses and wishes that are difficult to cope with today without financial reserves. But saving is in, because numerous bank offers with good conditions and much flexibility make again desire on the investment of funds, after the good, old passbook at attractiveness lost. Monetary gifts from grandparents, relatives or acquaintances can also be invested with good interest rates.
The call money account as a savings account
With a daily allowance account as a children’s savings account, you receive an attractive interest rate with a high degree of flexibility, as our comparison shows. With an attractive interest rate that is accurate to the day, the amount paid in increases noticeably over time. However, interest guarantees that keep the initial interest rate constant for a certain period of time are also important, as the interest rates for overnight money are regularly variable. The intervals of the interest credit also play a role, especially for the compound interest effect. Free account management should be a matter of course. If money is needed, the required amount can be made available at any time via a reference account. There is no notice period.
Savings account offers with savings plan
Today, many banks offer a savings account for children in which parents and children pursue the goal of saving. For this purpose, monthly deposit amounts are determined, which are automatically collected. Parents are the first to save money for their children, and it is also possible to make deposits of cash gifts and unscheduled amounts. These savings accounts are often associated with periods of notice, depending on the execution of the contract, the amount saved can only be used after a certain period. Such offers are similar to fixed-term deposits, which are characterised by a fixed interest rate and a fixed investment period. Alternatively, it is of course also possible to set up an overnight deposit account to which money is regularly deposited by standing order.
Interesting facts about savings accounts for children
A savings account for children is opened by the parent or guardian, but the ownership should be in the child’s name so that a separate exemption order can be issued for the child. In this way, the final withholding tax can be saved up to the amount of the saver’s lump sum. Investments for children must be gilt-edged, i.e. they must not be forms of investment in which a total loss or a reduction in assets is to be expected. For this reason, deposit protection must always be observed for savings accounts for children.
Savings account for children : 4.26 out of 5 points, based on 31 votes cast.