Today’s teenagers like to make independent purchases and save money for a specific purpose. In both cases, a youth account may be useful, provided that your child is already 13 years old.
To set up a traditional bank account, we should be at least 18 years old and have a current ID card. However, not only adults can set up a bank account. If you are 13 and dream of having a bank account with a payment card, you can set up a youth account. Provided that your parents agree.
I remember that in times when I went to primary school (the turn of the 80s and 90s), collecting money was very popular for SKO. It was the School Bank. Money was deposited there that parents gave us and class results were always presented in the main school hall. The class that had the most funds was always honored at the roll call. These times of deep PRL are long overdue for us. Now, the children collect savings either into a piggy bank or they pay them into youth accounts.
Who can set up a youth account?
A youth account can be created by virtually every person who is already over 13 years old. This is the main criterion that we should fulfill. As we are not yet an adult, the consent of our parents or legal guardians will be required to set up such a bank account. Nowadays, without any major problems, we can set up a youth account completely online.
What can a youth account be useful for?
It is known that teenagers today differ from teenagers from the 80’s or 90’s. Now such young people make some purchases themselves or accumulate savings for a specific purpose. Here, with the help of them, you can set up a bank account. Such an account for teenagers in most banks is completely free and free of charge. Therefore, we do not have to meet certain conditions in the form of declaring monthly receipts to keep the account completely free.
A youth account for a child can be useful for many things. First of all, it can be used to transfer a pocket money or other payments that will be received from loved ones. Such an account can also teach a child how to save or plan expenses from young years. Very often, along with the account, we can receive a payment card by means of which you can make payments for purchases in stores. Young people very often also make purchases online, so here in a convenient way they will be able to use electronic payments for payment.
Are youth accounts paid?
Most banks do not charge for maintaining such accounts or even for additional services such as online transfers or withdrawals from ATMs. There are, however, those that may charge additional fees. So let’s analyze a few different offers before making a decision on setting up a youth account. Thanks to that, we will be able to choose the most favorable offer. One of the more comfortable offers I have met is the mybank m offer, which remains completely free until the age of 25. An additional convenience of the account is the possibility of taking advantage of many discounts and discounts in shops or restaurants thanks to the card attached to the account.
The Youth Loan application requires a recommendation from a project advisor who verifies that he/she will sponsor the loan applicant, has the correct training and experience to supervise your project, and is available to help whenever needed.
If you are between the ages of 10 and 25 years at the time of loan closing, parent(s) and/or legal guardian(s) must consent to the loan application. Young people applying for a Youth Loan are personally responsible for repaying the loan. A co-signer is required only if the project shows possible difficulty in repaying the loan or does not meet security requirements.