Savings account for children
The daily allowance is also offered by some banks to minors. It offers attractive interest rates, high security thanks to deposit insurance (in the EU at least € 100,000 per customer and flexible availability.
Child Parking Comparison November 2019
Not every bank offers their daily allowance for underage children. We present some of the most attractive passbook alternatives for children.
| Bank | Interest p.a. | interest credit | particularities | application |
|---|---|---|---|---|
| 0.70% | Credit: monthly | – monthly interest payment (compound interest effect) – 3 months interest guarantee – only for |
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| 0.20% | Credit: monthly | – monthly interest payment (compound interest effect) – German deposit insurance – Interest rate is only 4 months |
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| 0.20% | Credit: monthly | – monthly interest payment (compound interest effect) – German deposit insurance – Interest rate is only 4 months |
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| 0.00% | Credit: monthly | – monthly interest payment (compound interest effect) – No minimum investment amount |
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| 0.01% | Credit: quarterly | – attractive interest – 12 months interest guarantee – German deposit insurance – No minimum investment |
A savings account for children shows itself today in many facets. Investment opportunities are provided by a daily or fixed-term account as well as special accounts for babies and children, which lead to targeted financial savings through targeted savings plans.
Why a savings account for the child??
Before the children grow up, there are a lot of expenses and wishes that are difficult to manage today without financial reserves. But saving is in, because numerous bank offers with good conditions and a lot of flexibility make you want to invest again, after the good, old passbook has lost its appeal. Gifts of money from grandparents, relatives or acquaintances can be created with good interest.
The call money account as a savings account
With a savings account as a child savings account you get an attractive interest with high flexibility, as our comparison shows. With an appealing and day-exact interest rate, the paid-in amount increases noticeably over time. Interest rate guarantees are also important, however, which keep the initial interest rate constant for a certain period of time, as the overnight interest rates are regularly variable. Also, the intervals of the interest credit play a role, especially for the compound interest effect. A free account management should be self-evident. If money is needed, you can always have the required amount via the reference account. There is no notice period.
Savings account offers with savings plan
Many banks today offer a savings account for children, in which, together with the parents, the target savings is pursued. For this purpose, monthly deposit amounts are set, which are automatically withdrawn. This is the primary way to save the parents for the children, deposits of gifts and unscheduled amounts are also possible. These savings accounts are often associated with periods of notice, depending on the execution of the contract, the saved amount can only be used after a certain period of time. Such offers are similar to fixed deposits, which are characterized by a fixed interest rate and a fixed investment period. Alternatively, of course, can also set up a money market account, is regularly paid on a standing order money.
Worth knowing about savings accounts for children
A child savings account will be opened by the parent or guardian, but the ownership should be in the name of the child, so that the child can be given a separate leave order. Thus, you can save up to the amount of the saver lump sum the withholding tax. Investments for children must be orally secure, that is to say, they must not be investment forms in which a total loss or a reduction in assets is to be expected. Therefore, the deposit insurance for savings accounts for children is always observed.
Savings account for children:
4.26 of 5 points, based on 31 votes cast.
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