Skip to contents

Financial Dictionary - Child account

Child account

A child account is a bank account for children. It is an increasingly common product, and one that banks are commiited to, since it is always a good idea to educate customers about saving; and the sooner the better: With a child account, children can start their financial education, learn to manage their money, save, and see it as a limited resource that should be used well.

Opening an account for a child on his birth, baptism, communion or any other milestone in his life is quite normal; in fact, any time is a good time: by doing so at birth, you are helping to invest in their future from the outset: so they have their own piggy bank ready for the future. Also, opening it when they are a little older shows them the importance of saving as a habit to encourage.

Being such a specific product, it has specific features:

There is an age limit; usually up to 17 years.

They offer limited operation, controlled by an adult at all times.

There is no associated commission (e.g. for administration, maintenance, or even for making transfers from the account of the child's legal guardians).

There are even some thatprovide a little income, due to paying nominal interest for having money deposited in the account.

They offer attractive gifts for children, which in turn provide an incentive to save.

Requirements for opening a child account

If the account holder is a child, he/she must have a legal representative or guardian; usually the father or mother. This has to be proved by the family book and, if it is another person who holds the legal guardianship of the child, he will have to provide the document proving it. Children must also provide their ID card or, if they do not have one, a provisional tax number (NIF) issued by the Tax Agency.

Steps to open a child account

First, you should study and compare all the options before making a decision. You need to analyse the most suitable option for the child, depending on its age, and the use and possible return in the future.

Second, consider whether to associate a debit card, depending on the age and level of autonomy of the child; this will have to be done in any case at the right time, when the child is sufficiently capable. Finally, as with any product, you need to be well informed about the terms and conditions, to make sure you don't get caught out.

How to manage a child account

Managing this type of account is simple, but you should take into account three things: First of all, the account must not be used for the business of the legal representative. In addition, the child should not be the sole account holder, regardless of who their legal representatives are. The parents/guardians should also not be the sole holders, as this may lead to fiscal and hereditary misunderstanding.

Finally, if a card is associated with the account, the legal representatives must authorise and confirm each transaction before it can be accepted.


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