Children at the bank counter

Handling money

«How old does my child need to be to open an account?»

A child would like to deposit their pocket money into their own account. How old do they need to be to do this and what needs to be taken into consideration?

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Barbara Leo
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Question: My 13-year-old daughter wants to put her pocket money into an account. Is she allowed to open an account herself? What needs to be taken into consideration

Answer: There is no fixed legal minimum age for opening an account. Instead, what matters is that minors are «capable of judgement» in order to be able to handle their own money. Most banks (including Migros Bank) assume that a person is capable of judgement from the age of 12 and generally allow them to open an account from that age. Your daughter can then open a personal account in her own name to manage her pocket money, for example. To do this, she must, among other things, prove her identity herself online or in a branch with a valid ID card.

The relevant personal account can be managed on a credit basis: your daughter can only withdraw as much money as has been paid in. This means that there is no risk of debt. A personal account of this nature usually also includes a debit card, which your child can use to withdraw money from ATMs or pay for small purchases without cash. In addition, transactions can also be processed via the account using the payment app Twint, while your daughter can always keep track of her finances via mobile banking.

Accounts for children and young people generally have various advantages. One of them is that Migros Bank does not charge any account management fees for its Free25 personal account. The other advantage is that young account holders benefit from attractive interest rates on their savings, even up to the age of 25 in the case of the Free25 personal account. In addition, this offer comes with other perks, such as shopping discounts and other benefits.

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If you want to prepare for your child’s financial independence, you can set up a savings account under their name after the child is born. The power of disposal automatically passes to your child on their 18th birthday.