How to find the best checking account for children and teenagers. At what age?
by Uwe Winkler updated on: 07.01.2020
On Current account for children has practical advantages and can help you learn how to use money. The age at which the parents decide to open a child’s current account depends on the child’s development and cannot be directly linked to a number.
Legally, an account with ownership of minors is embedded in the regulations on restricted business capacity. At the opening must all legal guardians the legitimation using the Postident procedure. A signature is only sufficient if proven sole custody. A certified one Copy of the birth certificate the child must be submitted in any case. From the age of 16, the minor additionally legitimizes himself through the postident procedure. The custody officer has power of attorney until the child is of legal age.