Skip to contents

When to open and how to use child accounts.

When to open and how to use children's accounts.

children's accounts are a good way to instil the benefits of saving in children, initiate them in financial education and even provide them with certain options for returns for the future. It also teaches them how to manage their money, to plan and to see it as a limited resource that should be properly distributed.

These products usually offer certain advantages, such as not carrying associated administration or maintenance fees, or fees for transferring money from the account of the minor's legal guardians, and they can even offer certain remuneration by generating NIR interest when there is money deposited in the account.

Opening a children's account is a fairly common custom that relatives gift children when they are born, for baptisms, communions and other milestones throughout childhood. Even so, there are certain procedures and uses that should be known.

Although it depends on each child, each parent and each circumstance, and time is a good time to open an account for a minor. For example, if you open one when they are born, you will be helping to invest in their future from the very start with a piggy bank that they can use when they need for studies or travelling, among other things. And if you open it when they are a little older, you can show them the importance of saving to encourage that habit.

What requirements are necessary to open a children's account?

Let's take a look at three important factors when choosing the best account. First, you need to study and compare all the options before making a decision. You need to analyse the most suitable option for the child, depending on their age, use and possible return in the future. Second, you will have to consider whether we want to associate a debit card. You need to take into account their age and their level of autonomy and responsibility, and do so at the appropriate time, provided that the minor has acquired these abilities. Finally, as in any product, you need to be well informed about the conditions and clauses to make sure that you don't get caught out. Also pay attention to the clauses of the cards.

And when you decide on one, we recommend the following: if the account holder is a minor, they must have a legal representative or guardian, who will normally be their father or mother. This information will have to be accredited by providing the family book or birth certificate, and if another person is the legal guardian of the minor, the court ruling or document that proves it. They must also provide their ID and, if they do not have it, a provisional TIN issued by the Tax Agency.

Using and maintaining a children's account

When managing a children's account, it will be necessary to take into account aspects such as the following:

First of all, the account must not be used for the business of the legal representative. Although this may seem obvious, this incorrect use may lead to a legal penalty.

Another frequent mistake is that only the minor is the account holder, regardless of who their legal representatives are. The fact that parents act as account holders may lead to tax and hereditary misunderstandings. Third, you must decide whether or not you want to associate a card (debit or prepaid) with a limited operation. This will depend on each circumstance, but if you do associate one, as legal representatives you must authorise and confirm each transaction before it can be accepted. Having a card can teach them to manage themselves and develop their autonomy and responsibility.

In short, children's accounts can be very useful when handled correctly.


Salary account

Improve your salary with more perks, no fees and no maintenance charges.
Find out more abouy salary account


Discover our wide range of fee-free current accounts for individuals.
Find out more about accounts