Opening a bank account for a minor: what you need to know

Opening a bank account for a minor is quite possible and relatively simple. However, the use that can be made of it remains limited and progresses as it goes.

The opening procedures

To open a bank account for a minor, all you have to do is go to a branch and complete a standard procedure for opening an account in the name of the child. The minor’s identity document as well as those of the parents and the family record book are required. For an online bank, the terms are a little different. The opening of the account to a minor is possible only if the legal representative also holds an account in this brand.

Regulations

Parents (or legal representatives) have the option of opening a bank account for their child from birth. This opening is done without the latter’s authorization and he will not be able to use his account before his 12th birthday. Parents remain responsible for funds and movements made on their child’s account. To make all deposits and withdrawals from this account, the parents’ signature is required. In addition, they can use the money available in the account, but only if the expenses relate to the needs of the child.

From the age of 16, a minor can in most major banks open a bank account and have a checkbook and a bank card. He can freely deposit or withdraw sums from this account. However, parents are responsible for account transactions and any debts of their minor child. When the child comes of age, he is free to spend his money as he wishes even if the parents remain responsible for the finances.

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Read also: Which online bank for young minors?

The additional costs

The majority of bank accounts are free for minors. Only the use of the bank card is chargeable. However, additional charges may apply. They are notably due to the addition of options set up by parents such as alerts by SMS or email. As with a bank account held by an adult, additional costs are possible if the minor makes withdrawals outside of ATMs belonging to his bank.

Open a bank account for a minor: the interests

Opening a bank account for a minor allows him to build up long-term capital, when he begins his studies, for his leisure time or has plans to pass his driving license. It is also an opportunity to instill in him the principles of financial autonomy and to make him responsible, in particular during adolescence. The money received by the child during his birthdays, Christmas, his baptism or other can thus be placed in his personal account rather than being stored in a piggy bank. Another advantage: the money will grow over the years thanks to the interest!

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