Why savings accounts make sense for families

Whether as a couple or a family: every budget is as individual as the people who manage it – and yet no one can spend more than they have. Defining a transparent household budget and consistently monitoring your spending will help you to keep track of everything together and be prepared for anything you need or plan to do.

Events such as starting a family have an impact on your finances and mean that you will have to make financial decisions. According to the child cost table published by the Zurich Youth Welfare Office at the beginning of 2025, the monthly costs incurred for each child are between CHF 1,440 (for 1- to 4-year-olds) and CHF 1,920 (for 13- to 18-year-olds). If you take these figures as a basis, this adds up to just under CHF 360,000 by the time the child comes of age – and that doesn’t take into account childcare costs, inflation or additional living costs if the child wants to go to university.

The principles of financial protection for individuals also apply to couples and families: building up reserves makes sense. A financial cushion helps you to prepare for planned or unforeseen events.

A financial cushion for planned and unplanned costs

You should set aside reserves to cover unexpected costs. These funds represent a “nest egg” or “savings for a rainy day”. You may need to use these reserves to repair your house or car, for instance, or to buy a new washing machine or freezer.

Another way to set aside reserves is to save up specifically toward specific expenses, such as the next family vacation, or the purchase of a musical instrument for your son or expensive sports equipment for your daughter. Be open and talk about your joint savings goals with other family members.

Savings models can be an advantage in this situation. The UBS Savings Account allows you to set money aside on a regular basis and remain financially flexible, for example. Account maintenance is free of charge. A savings account in Swiss francs can be opened from the age of 20, and a savings account in euros is available to all age groups. You can set up a savings account easily via your UBS account or in the app using UBS key4 banking.

Smart investing for long-term investments in investment funds

UBS key4 smart investing is designed for long-term investments that will benefit you or your child in the future. An investment fund account can also be in your child’s name, and you can invest as little as CHF 50 per month. If their financial situation allows, many parents use the state child allowance as a regular investment amount. The assets invested in investment funds from birth to adulthood will grow and could finance your child’s driver’s license, a long-distance trip after graduation or many other plans and wishes. Beyond this, this form of continuous investment remains suitable for investors as adults.

Practice makes perfect – and the same applies to saving. Whether you use the good old money box or pay into a savings account: understanding the value of money and saving is important for successful financial decisions. If children encounter real physical coins and bills, it helps them to understand what is behind the initially abstract concept of saving. Shopping together is also particularly enlightening as your child realizes what the things they want actually cost. Consumers – and those who want to become consumers – have to save up for a while before they can afford expensive items.

Elementary school children – gaining initial experience

Children can obtain practical experience of using money when they start receiving pocket money, if not before. This is also the time when parents should open the child’s first account so that their little savers can deposit their savings. The UBS banking offer for children is available to six- to eleven-year-olds, who can have their own bank card and online banking access. When opening an account for a child aged six or older, parents keep full control over the account. From the age of twelve, the child can manage their account on their own. 

Young people – encouraging independence

As teenagers become increasingly independent, their financial demands grow along with them. Young people can achieve their goals with the right accounts and cards. Discuss which prepaid, debit or credit cards and which limits are suitable.

The savings account for young people, which is ideal for saving, comes with free account management for children and young people up to the age of 20. Alternatively, we recommend the UBS key4 banking digital app, which offers a wide range of products such as the sustainable savings account, which can be used free of charge up to the age of 26.

As a couple or a family – realizing plans together

You can achieve both short-term and long-term savings goals in a variety of ways, be it with the UBS savings account for adults or with digital UBS products. For joint projects with your family or partner, you should also investigate whether a banking package such as UBS me could be right for you – for example with a joint account for expenses that you want to finance together. The associated banking package includes various elements – such as current and savings accounts, debit, prepaid or credit cards, the possibility of digital access and a bonus program – and is available for a flat fee to anyone aged 20 and over.