Current account for children comparison 2020, child account advisor

The current account for children is a special form of current account and is offered by branch banks as well as direct banks and Internet banks. It is suitable for children, students and teenagers. As well as for trainees, students and teenagers with summer jobs.

The advantage one at one Children’s checking account is that it offers almost all the essential functions of a normal current account, but largely protects children and young people from indebtedness or even over-indebtedness.

This means: a credit facility is not provided for a checking account for children, for example.

Likewise, children and adolescents cannot apply for a loan. And that is also good and important in the learning phase when dealing with money, account and bank.

The terms and conditions of the current account for children are very different. In our Children’s checking account comparison get an overview of banks that offer child accounts.

We have summarized and evaluated which ones bank cards which children’s current account is available. Whether the children’s checking account with one start credits, Initial balance and / or one credit interest Is provided. You can also find out here which children’s current accounts are quick and easy to open online are.

It is also very important that you should have a current account for a child no account management fees be levied by the banks. Withdrawing cash should also be largely free of charge. You can find out which account offers the most attractive conditions and how the accounts performed in our test here.

The children’s checking account in comparison

account	cards	conditions
#1	Desert red top giro Rating: 9.5 out of 10 points

EC card credit card prepaid credit card from 7 – 24 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

# 2 Commerzbank StartKonto Score: 9.4 out of 10 points

EC card credit card prepaid credit card from 7 – 30 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

# 3 Postbank Giro Start directly Rating: 9.2 out of 10 points

EC card credit card prepaid credit card up to 22 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

# 4 Deutsche Bank The Young Account Rating: 9.2 out of 10 points

EC card credit card prepaid credit card up to 30 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

# 5 HVB StartKonto Rating: 8 out of 10 points

EC card credit card prepaid credit card up to 26 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

# 6 DKB Cash u18 Score: 7.3 out of 10 points

EC card credit card prepaid credit card up to 18 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

# 7 Audi Bank My First Giro Score: 6.7 out of 10 points

EC card credit card prepaid credit card from 10 – 17 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

#8th Sparda Munich SpardaYoung+ Rating: 6.3 out of 10 points

EC card credit card prepaid credit card up to 18 years no account management fees no fees f. Withdrawals Online opening credit interest start credit

What is a checking account for children suitable for??

Just as you can teach a child with a children’s kitchen to play baking, cooking and preparing food, checking accounts for children are ideal for that practice correct and mindful handling of money.

For younger children, it is important to understand the value of individual coins and notes, as well as the credit on the child’s account. The older the child / adolescent, the more important it is to learn how to transfer money, make direct debits, allocate money, withdraw and deposit money.

In this way, you can ideally and slowly prepare your own child for later adulthood with regard to finances.

Most parents begin to introduce their preschool children to cash. They practice counting money and paying little things with their children in the presence of their parents. The opening of a checking account for children is usually the next step in practicing money.

slowly introducing the child to using a bank account
Practice deposits and withdrawals
Practicing transfers
Learn to save
practice dealing with online banking
..

What should I pay attention to when choosing the right Girkonto for children?

there should be no account management fees for the current account there should be no fees for transfers and cash withdrawals, at best the bank offers interest on credit for credits in the current account, at best your child can use online banking or get to know online banking with your help

Special features of current accounts for children

Current accounts for children are only offered to children from around 7 years of age until they complete their education or study. Since these are mostly minors, the accounts are subject to a few basic conditions that distinguish them from current accounts for adults.

As a rule, parents can get access to the current account for children and decide for themselves whether their child will be given an ec card / current card, for example.
Typical credit cards are only issued from the age of 18 and with an appropriate credit rating, since students do not have a regular income. Alternatively prepaid credit cards are offered. These prepaid credit cards are only loaded with a certain amount and can then be used.
A credit facility is also not provided for a student account. This is possible at the earliest from the age of 18 and with a regular income.

When should my child get a checking account??

Whether and when you start familiarizing your child with the bank account is entirely up to you. On the part of the banks, the opening of a checking account for children is usually only possible when they are 7 years old.

Basically, it is always an advantage to familiarize children with new things relatively early on, provided that it is possible based on the level of knowledge. Of course, your child should be able to understand what a bank account is and what you need it for.

As a parent, you can slowly introduce your child to the bank account and, for example,. only with Start depositing monetary gifts that are used for baptism, birthday, for example Easter or there for Christmas.

If your child has internalized this, you can give him / her the card to the student account and practice together how to withdraw money from the child’s account.

useful information

In our child account lexicon and guide you will learn many other important things about student accounts and investment for children. Important topics include:

the pocket money paragraph – and what parents have to consider
What is a checking account? And how different >Children’s checking account or children’s savings account?

In addition to the children’s checking account, there are other banking products / financial products for children. Especially if the children are still under the age of 7, a child’s current account is usually not the right choice and it is not yet possible to apply for it at most banks with an age of less than 7.

If you still want to save or invest money for the baby or the child, there are some other alternatives. These range from child / baby savings accounts to overnight allowance accounts for children to savings plans and funds for children and minors.

It depends on how flexible you want to invest the money as a parent and how important interest and compound interest are for you with this investment. You can find out more about this on our following pages:

Tax regulations and benefits for child savings accounts

When opening a savings book, overnight deposit account, fixed deposit account or other financial products for children, as a parent you always have to observe tax regulations.

The following also applies to the interest-bearing savings account for the child: Interest is investment income. And these capital gains are subject to the flat-rate tax and capital gains tax, which are to be paid to the responsible tax office or mostly paid directly by the banks.

Use the exemption order for the child’s investment

In order not to have to tax the mostly rather low interest income from the first euro, you can place an exemption order for your child’s account. Your child annually also 801 euros tax-free interest income or others investment income to.

So you and your child can save taxes. A little tip: if you have opened several accounts for your child, you can split the allowance of 801 euros per year into several accounts.