Is your child still too young to be in charge of their own account? In E-Banking you can add on a Young Person’s Savings Account for the younger generation. Then as with your own account you can keep an eye on the movements within your child’s account. You can pay money in at anytime – especially easy by standing order.
When your child is 12-14 years old they are old enough to be responsible for themselves. Either the child takes over the existing savings account that you opened for them or your child opens one up for themselves. They are in control of the account and proud of that. Therefore you probably don’t want to constantly question every expenditure.
Trust is good, control sometimes better
Being in charge of their own money isn’t always easy at first. Your child can be kept up to date with Messages via App, SMS or email.
You have access to the account and you can also receive these messages. Thus you can provide advice should the savings be spent on too many video games or clothes. In this way you can protect your child from costly errors by keeping an eye on the budget.
When your child controls the account themselves they must agree to you having access.
Introducing your child to E-Banking
With your help your child can learn a lot about E-Banking. For example, how you can control your budget or save up for something. You can show them:
- how E-Banking works: sit with your child in front of the computer. Explain to them how to log onto E-banking and all the things that you can do on there. For example, pay the annual fee for a club membership themselves. Or to control whether you have paid their pocket money on time. With the first log in there are also bank advisors to offer support
- how is their money allocated and saved: Does your child really want to buy a Play Station? Decide with them how much money they should save each month, so determining how long it will take until they can fulfill their wish. With E-Banking your child can see anytime how close they are to their savings goal
- how to use a Maestro card: With their Maestro card and PIN your child can take money out of the Cashpoint for a cinema visit or pay with their debit card in a shop without cash with their debit card. With E-Banking receipts can be checked against expenditures and an eye always kept on the overall budget
Actively support your child in having the responsibility for their Pocket Money. But let your child also make some decisions for themselves. In that way your son or your daughter can also make mistakes - wasting money hurts and is a lesson for life.