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Daily allowance for children – comparison 01

Daily allowance for children – child allowance comparison

A daily allowance account for children is characterized by no fees and daily availability of the entire savings amount. The bank can lower or raise the interest rate on child benefit depending on the market situation. Daily allowances with an interest guarantee, such as the Renault Bank overnight allowance account for children, are excluded. Here is the return for a guarantee period. More about child benefit at sparkonto.org

Up to € 500 premium until January 31, 2020 with the ETF savings plan OSKAR for children.

The state as a legislator explicitly protects children’s savings investments by prescribing coin-safe savings investments. Share and fund savings plans are not excluded. We recommend spreading the risk with an ETF savings plan for children and not investing in individual stocks. OSKAR is an ETF savings plan for families, recommended by the magazine ELTERN. Read our fact check.

A deposit of up to EUR 500 is possible for deposits made until January 31, 2020.
Read directly to Oskar’s test report

Facts daily allowance for children

  • Children should not yet have access to cash. Interest is higher than on the classic passbook.
  • Financial investments run absolutely safe in the name of the next generation. No notice period like the savings account for children.
  • A deduction of 801 euros for the flat-rate tax also applies to children. No long-term commitment like fixed-term deposits for children.

Our tip for child benefit:

When investing in children, safety should be paramount. For this reason, we recommend banks that offer enhanced investor protection. Membership in the Federal Association of German Banks is identified in our comparison table by the country symbol for Germany.

Daily allowance comparison for children as of 07.01.2020

Rabobank Spar90 0.50%
effective p.a..		 € 25.01
interest income		 RaboSpar90 – savings account with 90 days blocking period.
Account Details »		 application
Renault Bank overnight money 0.45%
effective p.a..		 € 22.36
interest income		 Renault Bank provides the popular investment accounts with U18 option for minors. application
Rabobank Spar30 0.40%
effective p.a..		 € 20.01
interest income		 RaboSpar30 – savings account with 30 days blocking period.
Account Details »		 application
Rabobank overnight money 0.30%
effective p.a..		 € 15.00
interest income		 Rabobank child benefit: Suitable as an account for minors. Rabobank call money account is the basis for higher interest savings accounts (RaboSpar90 and RaboSpar30).
Account Details »		 application
Opel Bank overnight money 0.30%
effective p.a..		 € 15.00
interest income		 Opel Bank Daily Allowance for Children: Your own savings allowance is an advantage when investing in children. At Opel Bank it is possible to save with daily allowance and fixed-term child benefit. application
ING call money 0.25%
effective p.a..		 € 12.49
interest income		 ING daily allowance for children: The ING EXTRA is available as a junior version and helps to save taxes. The data of the minor and the legal representative must be specified in the online application. A savings plan enables regular deposits.
Account Details »		 application
Mercedes Benz daily allowance 0.10%
effective p.a..		 € 5.00
interest income		 MB Bank: In addition to the solid conditions of the Mercedes Benz Bank, it is above all the investor protection for day money for children that is convincing. It is gratifying that ownership at the Mercedes Bank is possible for children through a junior option. application
VW Bank overnight money 0.10%
effective p.a..		 € 5.00
interest income		 VW call money: For new and existing customers, the interest rate at the base rate of the bank applies. This is currently 0.10% and is therefore within the scope of other German overnight allowance accounts for children.
Account Details »		 application
Audi Bank overnight money 0.10%
effective p.a..		 € 5.00
interest income		 Audi Bank: Like Volkswagenbank, Audi Bank also has a comparable overnight deposit account with an option for children.
Account Details »		 application
IKB daily allowance 0.05%
effective p.a..		 € 2.50
interest income		 Deutsche Industriebank: Deutsche Industriebank AG provides an extra form for applying for legal guardians for children. Special feature: Access is not possible under the age of 18. Only parents can make transactions. It is a pure investment account for children. application
pbb call money 0.05%
effective p.a..		 € 2.50
interest income		 pbb child benefit: opening as child benefit account is no problem. No new customer offer, the interest rates are fair for everyone. High minimum investment of 5,000 euros. Money at a Pfandbrief bank is very safe. application
Consorsbank overnight money 0.01%
effective p.a..		 € 0.50
interest income		 Consorsbank child benefit: Unfortunately, since November 5, 2018, no increased interest for new customers. The account for minors is therefore not a good choice for saving.
Account Details »		 application
DKB cash 0.01%
effective p.a..		 € 0.50
interest income		 DKB U18: Only if the parents are also customers of the DKB do they have access to the application forms for their children.
Account Details »		 application
Wüstenrot Bausparkasse AG 0.01%
effective p.a..		 € 0.50
interest income		 Wüstenrot Bausparkasse AG Child benefit: Wüstenrot has its various accounts, all with options for children – mostly from the age of 7 in the program. application
netbank overnight deposit account 0.01%
effective p.a..		 € 0.50
interest income		 netbank daily allowance for children: when the child is of legal age, the authority of the parents expires automatically (growth account).
Account Details »		 application
1822 direct call money 0.00%
effective p.a..		 € 0.00
interest income		 1822direkt for children: The 1822Direkt overnight allowance account at the Sparkassen subsidiary can be opened as a savings account for a minor child under the authority of the parents. The child must be specified as the account holder.
Account Details »		 application
comdirect daily allowance plus 0.00%
effective p.a..		 € 0.00
interest income		 comdirect daily allowance for children: It is also possible for minors to apply for the PLUS account with comdirect using an extra form. Same conditions for new and old customers. application

Younger children up to the age of 12 are not expected to make responsible cash withdrawals, as is usual with a checking account. The credit on the overnight deposit account, on the other hand, is secure against cash access. Cash can only be used after a transfer back to a reference account.

Flexible deposits through savings plans

With standing orders, the legal guardians can transfer a monthly amount to the child’s daily allowance account. This can work along the lines of a savings plan. In contrast to the time deposit account, where the entire amount must be available when the investment is started, the savings can be saved continuously.

Cash gifts from baptism, from grandparents to school entrance or even birthday allowances can grow the overnight allowance account. The interest on children’s daily allowance is much higher than on current checking accounts for schoolchildren.

Instructions for applying for a overnight deposit account for minors

When applying for the child benefit account, you must indicate the child as the account holder. Due to the date of birth automatically recognized as an account opening as a minor account, the data of the legal representatives who have to sign the overnight deposit account application must be entered below. The identity of the applicant must then be legitimized using the PostIdent procedure. If there is joint custody, this applies to both parents. Some banks also require a certified copy or the original of the child’s birth certificate.

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Christina Cherry
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