Daily money account for children
Parents, grandparents and godparents can save money for their offspring in a very flexible way without a minimum investment amount and without fixed savings. In addition, the daily allowance Thanks to deposit insurance absolutely protected against losses, available daily and because of attractive interest rates.
Not all banks offer money market accounts for minors, we present you the offers, in which the account is also possible for children and adolescents.
Child day money in comparison November 2019
| Bank | Interest p.a. | interest credit | particularities | application |
|---|---|---|---|---|
| 0.70% | Credit: monthly | – monthly interest payment (compound interest effect) – 3 months interest guarantee – only for |
||
| 0.20% | Credit: monthly | – monthly interest payment (compound interest effect) – German deposit insurance – Interest rate is only 4 months |
||
| 0.20% | Credit: monthly | – monthly interest payment (compound interest effect) – German deposit insurance – Interest rate is only 4 months |
||
| 0.00% | Credit: monthly | – monthly interest payment (compound interest effect) – No minimum investment amount |
||
| 0.01% | Credit: quarterly | – attractive interest – 12 months interest guarantee – German deposit insurance – No minimum investment |
TIP: It is essential to compare the interest amount for child day allowance with that in a general daily allowance comparison. If there are major differences, it may be worth opening the account in the name of a parent.
The topic of daily allowance for children is becoming increasingly important. The savings account, however, seems largely uninteresting when it comes to the return on savings for their own offspring. But not all banks have long since joined in, the offers have to be carefully weighed and the purpose of the investment should also be considered.
Create daily allowance for children
The purpose of the child day money account is to save a certain or indefinite sum in order to invest in the future of the child. The money should really only benefit the children and not be intended as an alternative money account for the parents. Because tempting interest offers are often limited to a maximum amount, which is why the temptation is high in the parents to distribute their own money in this way profitable. The exhaustion of the tax deduction, which is also due to a child, is an incentive, but with great caution, because the tax authority checks the use of the money exactly. Anyone who acts prudently will use the daily allowance for babies and children only for the interests of the child.
Banks, especially direct banks, which offer daily allowances for babies and children, can be found through a targeted comparison of conditions and conditions. One of the most important requirements is that the legal guardian, but also the guardian or guardian, agree to the opening by means of a declaration. This is done on application by the signature of a parent or guardian. The minor is registered as the account holder. A reference account is required to transfer amounts to the children’s money account. Some banks offer such a clearing account or giro account immediately or tie the opening to this condition. Again, the name of the child is entered. Parents are entitled to carry out transactions until they reach the age of majority. The identity determination is carried out by the PostIdent procedure. For this purpose, the identity cards of a parent and the child, or for babies the birth certificate to present.
Compare conditions
The conditions are very different for the daily allowance account for babies and children. That starts with the interest. Here, a distinction is primarily made between existing and new customers and the intervals of the interest credit vary. It should also be noted whether a minimum investment amount is required and whether a high interest rate is limited to a certain amount, which is usually the case for new customer offers. Also, the interest rate guarantee for the higher interest rate should not be ignored. So-called “condition accounts” connect several accounts or investment forms with each other. Often attracts a high interest rate, but it is important to consider whether this offer is ultimately worthwhile. Good interest conditions without restrictions and the guaranteed security of the deposits are often the better alternative for the daily allowance for children.
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Savings account for children:
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