An account for children, is that necessary?

In today's world, where interest rates have been at historically low levels since the banking and financial crisis of 2007 to 2009, parents are wondering what form of investment they should choose. Long gone are the days when you could get four to five percent on savings accounts and your savings increased significantly. Opening a children's account still makes sense, or perhaps precisely because of this situation.

Account for children

After all, it is never too early to learn how to handle money. 

It was easy for the American oil billionaire Jean Paul Getty, who owned what was then the largest tanker fleet in the world, to say this. He coined the oft-quoted saying, "You don't talk about money, you have it."

However, this strategy can have disastrous consequences for children. When it comes to handling money, parents should stick to the motto "If Johnny doesn't learn it, Hans will never learn it."

With a children's account, children learn how to handle money without taking too much risk. Even small children learn about the subject in a playful way when playing with a shop.

It makes sense to open a children's account from around the age of 7. This is when the child develops a sense of rules and has already learned basic arithmetic at school.

Many experts also recommend giving children regular pocket money from the time they start school. It can be paid in whole or in part into the child's account. With a child's account, boys and girls learn to handle money in a realistic way.

And since probably very few of us are financial geniuses with the necessary foresight, you can get an overview online for free of charge of what offers there are for an account for children at other credit institutions and not just at local banks and savings banks.

Their parents also do not receive their salary in cash, but rather into a checking account. Parents simply transfer pocket money to the children's account, and cash gifts from relatives for Christmas, birthdays or other occasions also go directly into it.

With a children's account, children learn that larger investments may not be possible immediately. The vexed issue of household money will happen to everyone at some point. Parents also put a certain amount aside every month to buy a new car or to finance the next family vacation.

An account for children is a modern version of the savings account

However, the money is not kept at home, but is managed in the bank. If the children need a certain amount, they can withdraw it at the bank counter or often with the service card in the foyer. This reduces the risk of spontaneous purchases because they have to go to the bank before shopping. The risk is low with a children's account because there is no overdraft limit.

Another advantage is that children get to know the Internet outside of their leisure activities. It is usually used for playing games, listening to music or maintaining social contacts.

A children's account gives an insight into the world of adults: online banking options allow children to check their account balance. If parents give their consent, online transfers are even possible.

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