Guide-epargne.beWill your children soon receive money as a gift for their First Communion or for the Spring Festival? In this case, the time has come to open their first current account. What options do you have? Can your children also already get a bank card? What costs are associated with it? And how can parents control all this? Guide-epargne.be reviewed this.
Minors are ‘legally incompetent’ according to the law. This means that they cannot perform legal acts before the age of 18. However, in practice it is often assumed that children have an ‘implied mandate’ from their parents, following which they are still allowed to perform everyday acts such as small payments. This is why many banks allow young people to manage an account themselves.
Pipe: We help you compare youth and baby accounts in the blink of an eye.
From what age can your children hold an account?
Opening a current account is often possible from the age of 10 (with KBC and ING, for example), but also from the age of 7 (with Argenta). In addition, this type of account is often free.
With ING, for example, the Youth account is free until its holder has reached the age of 17. Then, it will be transformed into a ‘classic’ account, but will remain free until the age of 25.
With KBC, this account is also free up to 25 years. When your children reach the age of 18, BNP Paribas Fortis will automatically convert it into an account which will remain free until their 28th birthday.
Get more out of your children’s money
Will your children receive (extra) money? Often the first reaction is to put it in a savings account. But don’t you have better financial options?
How much money can your children withdraw and how much can they pay?
Often, young people immediately receive a bank card linked to their current account. At BNP Paribas Fortis, they can use it to make payments of up to 250 euros per week and withdraw the same amount from ATMs. These limits are adaptable. From the age of 12, your children will also be able to make payments online and in stores via an app. All euro transactions are free.
With ING, young people can withdraw banknotes from 5 euros with their card at Self’Bank machines in ING branches. From the age of 12, they can consult the balance of their account via the application.
KBC allows your children to pay immediately and everywhere with their bank card and to withdraw money with their smartphone or via the K’Ching app. With Argenta, your children from the age of 11 can apply for a card, consult their account and carry out transactions with it.
With Belfius, your children will be able to withdraw 100 euros per week until the age of 16.
Attention: minors cannot go into the red! That’s why they can’t get a conventional credit card.
Do not spend all your money immediately, but also think about saving: teach your kids how to spend money and save wisely in 5 steps.
How much control do parents keep?
You can control what your children do with the money in their account, for example through your banking app or the app for online banking.
Be aware, however, that your children own the money in the account. Parents must manage this amount in the interests of their children. In other words: you can only withdraw and transfer money if the minor has an interest in it.
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