Compare child account and youth giro accounts
There is an average child account, youth account or pocket money account for young people from the age of 7. Credit cards (prepaid) for minors 7 years and older are offered by Deutsche Bank, Wüstenrot, Comdirect or DKB.
No | details | Age in years | Giro interest | Girocard annually | Credit card annually | account access | free cash | bonus |
---|---|---|---|---|---|---|---|---|
1. |
Targobank GiroStarter |
7-18 | 0.00% |
from 14 years |
– | 3,000 cash pool machines | 0 € | to offer |
2. |
SSKM Growing account |
0 – 25 | 1.00% |
from 11 years |
– | at 25,000 Sparkassen ATMs | 0 € | to offer |
3. |
Commerzbank StartKonto |
7-30 | 0.00% |
from 7 years |
– | 9,000 machines | 0 € | to offer |
4. |
Comdirect JuniorGiro |
7-18 | 0.00% |
from 7 years |
from 7 years € 0.00 |
9,000 cash group machines & outside € zone with prepaid credit card | 0 € | to offer |
5. |
Postbank Giro start |
12-21 | 0.00% |
from 12 years |
from 14 years € 5.00 |
9,000 cash group machines | 0 € | to offer |
6. |
DKB-Cash u18 |
7-17 | 0.00% |
from 7 years |
Prepaid
from 7 years |
worldwide with Visa to Visa machines | 0 € | to offer |
7. |
HVB StartKonto |
7-25 | 0.00% | from 7 years: service card
from 14 years |
from 12 years
€ 10.00 |
27,000 ATMs worldwide, including at UniCredit banks | 0 € | to offer |
8th. |
Deutsche Bank Young Account |
7-30 | 0.01% |
from 7 years |
from 7 years
from € 0.00 |
at over 38,000 ATMs worldwide, Shell | 0 € | to offer |
9. |
Norisbank current account |
7-75 | 0.00% | from 7 years: Service Card |
from 12 years
€ 12 |
9,000 cash group machines | 0 € | to offer |
10. | SpardaYoung + Munich | 1-17 | 0.50% |
from 10 years |
– | 5,000 cash pool machines, Postbank, REWE, Aldi Süd, Penny, Netto | 0 € | to offer |
11. |
GLS bank starter |
14-17 | 0.00% |
from 14 years |
from 14 years € 30.00 |
19,000 machines from VR banks | 0 € | to offer |
12. |
BBBank cub |
1 – 27 | 1.00% |
from 7 years |
from 12 years € 9.90 |
3,000 CashPool machines + VR banks | 0 € | to offer |
1 to 12 of 12 child accounts |
Child and Adolescent Accounts – Summary
In principle, most banks and savings banks offer youth accounts as current accounts or savings accounts. There are Girocards or credit cards on a credit basis from the age of seven. The difference to a classic current account is that the legal guardians have special powers. There are no basic fees or costs for account management. Account cards are usually issued free of charge for a youth account.
Some of the accounts for young people also receive a low credit interest. In the current low interest rate phase, interest-bearing offers are rare. It is better to open a call money account for the deposit of money. If you want to save for your child in the long term, set up an ETF savings plan.
Credit cards on a credit basis are only available for children with an age restriction. However, not all banks offer such a card. Usually, a Girocard for paying and withdrawing money is enough for Germany and all other € countries. The advantage of these cards is that payments are debited directly to the checking account, making it impossible to overdraw the account. From the age of 18 it is possible to exchange for a classic Visa or Mastercard credit card.
Note: Think about the future when opening an account. A youth or children’s account is only free of charge up to a certain age. Inquire in advance about possible costs that may arise when your child becomes an adult. At branch banks, fees for account management or checking and credit cards are often due later. An account change is possible at any time.
What are youth accounts or child accounts?
My page is about checking accounts that enable cashless payments. Known as youth accounts or pocket money accounts, the mostly minor account holders usually receive a bank card with this account that works on a credit basis.
What are the differences to classic current accounts?
The biggest difference to classic current accounts is that a child account for young people under the age of 18 is only kept on a credit basis. An overdraft or the agreement of a overdraft facility is not possible. Young people and students who are not yet of legal age cannot overdraw their accounts.
The same applies to possible credit cards for student accounts. Those who are not yet of legal age will at best receive a Visa or Mastercard on a credit basis. Such a credit card for young people is called a prepaid credit card. In principle it works like a Girocard. It won’t "credit" conceded in the true sense. With these cards, the holders can only have as much money as the credit on the youth account allows.
Another important difference to private current accounts for adults is the unconditionally free account management. A checking account for children generally does not require any basic fees. There are also no costs for the credit and bank card. Some banks also award interest on youth accounts.
How can I access these accounts??
Depending on whether the child account is held at a direct bank or branch bank, account access is possible in different ways. The youth giro account can be accessed either online, by phone or at a bank branch. Branch banks usually pay basic fees or account maintenance costs after reaching a certain age.
At what age can a child or youth account be opened?
Most of the banks in my comparison allow an account to be opened for children from the age of seven. Up to the age of 18, the legal guardians must agree to the opening of the account. In principle, adults have the possibility to apply for any other current account. However, pupils and students, as well as trainees up to the age of 30, get better conditions. See also my comparison of student accounts.
How does opening a child account or student account work??
All parents or legal guardians must open an account for children or young people who have not yet reached the age of 18. The process is always the same:
- 1. find a suitable children’s account;
- 2. Enter your personal data and print out the application;
- 3. Go to the post office with the documents and legitimize yourself there.
A Schufa query of the parents is usually not made, since children are usually a credit account.
Important: If you want to open an allowance account for your child, ALL guardians must sign on the account application. An appointment at a branch is necessary at Deutsche Bank.
How can the child pay cashless and withdraw money?
Withdrawing money and paying cashless always works with a Girocard or credit card. There are no costs in Germany. Pay attention to the age restriction when issuing tickets. For example, only Commerzbank, Berliner Bank, Hypovereinsbank, BBBank, Deutsche Bank, Wüstenrot, Comdirect and DKB issue a Girocard for seven-year-olds. In stores, your child usually pays by PIN or signature.
As children under the age of 18 are not fully legally competent, the child’s account is always debited with the consent of the parents. In principle, debits can therefore be reversed legally. However, only if the amount exceeds the limit of an ordinary allowance.
What happens when my child is of legal age??
Branch banks that do not offer a free current account often switch the children’s account to the cheapest account model. However, you should not expect notification of this. It makes sense to ask in advance what happens when the child status expires and your son or daughter is considered an adult. Most banks do not charge account management fees even during their training or during their studies. Nevertheless, inquire in advance or write a reminder on the calendar.
What else is there to consider?
When choosing a youth or child account, think about later. The conditions for the account often change and account fees become due or there are annual costs for checking and credit cards. Everyone is responsible for reaching legal age. There is also a free current account for adults. An account change is of course also possible at any time, although with a little more effort.
I would like to have a youth or pocket money account, how can I convince my parents?
It is important to learn how to deal with money as early as possible and to take responsibility for it. A youth checking account is a first important step. Account management is also free of charge. Parents generally don’t pay anything for a child’s account. A bank overdraft and thus a possible debt is excluded, because a children’s current account or pocket money account is only kept in the credit.
Related Posts
-
Child account comparison What is a child account? A children’s account is either a checking account on a credit basis or a kind of savings book. Most…
-
Child account – accounts for minors in comparison
children account Discover the world with ease! With a children’s account, children can easily learn how to use a current account and card. Accounts for…
-
Child account, comparison guide for parents – january 2020
The children’s account – everything parents need to know If you want to become a master, practice early. This also applies to dealing with finance. The…
-
Child account – guide – what do parents have to consider?
Children’s account – guide – what parents have to consider? For all custody officers, regardless of whether they are single or parenting or for a…