Which bank account for your child and when?

Saving for your child’s future from the start

When your child is a young adult would like you them to have a good start in their chosen career or the ability to fulfill a wish themselves? Maybe it's a training course, passing their driving test or studying in the USA? Then a Gift Savings Account is the ideal solution. And with this: the earlier the better. Is your child old enough to make their own financial decisions - and able to achieve their goals.

The first steps

To learn how to handle money your child should be given Pocket Money from the first class at school. And then for a birthday or Christmas present perhaps their grandparents or a Godparent gives them some money.
With this money your child can buy what they want - a toy or a t-shirt. Or is there perhaps a bigger thing that they need to save up longer for? Then put a part of their pocket money in a Youth Savings Account. Your child can also open their own account from the age of 12.

In control of the budget?

Once your child is 12 they can pay their pocket money into their own account and they can look after it themselves. In doing so they have to learn how to control their own budget and how to use bank cards and PINs correctly.
If your child needs money for the cinema, they go to the bancomat. If they want to pay for a new pair of jeans without using cash that is also no problem. With a Prepaid credit card your child can also pay for things online for example. And with their own account they will quickly learn how E-Banking works.

Is your child doing an apprenticeship?

When your child does an apprenticeship, they start to earn money from an early stage. Your child will, of course, want to be responsible for their own income and expenditure themselves.
For the first paycheck the apprentice will need a private account (or salary account) which is included in the Generation Youth Package along with other useful products and services. Amongst other things a credit card that your child can use once they are 18 is included in the package. Bank advisers or parents can help answer any questions.

Is your child still studying?

Students have totally different needs to apprentices. They often stay at home longer and are not financially independent for many years.
But students and postgraduates often work part time and take responsibility for their income and expenditure themselves. There are also special accounts and Bank Packages for students and postgraduates that meet their financial needs. In addition there are more features focusing on essential financial themes such as making appropriate provisions for the future.

Enabling your son or daughter to have a sure start in professional life from the age of 22

After the degree or apprenticeship, it is finally time for your child to start their chosen career and be totally independent. In addition to all the payment flows and E- and Mobile Banking there are more important areas to consider such as saving and pensions. For this time in their lives there is an Individual Banking Package to meet their changing needs.

Manage your money together as a family

If you live with a partner or have a family, it makes sense to have different accounts. You and your partner would probably each like to have your own private account and credit card.
If you are saving for something in particular, such as your own home or travelling the world, you can use a joint savings account. A Family Banking Package is the easiest in this instance and normally is the most cost effective solution. And you keep an overview.