When should you open a current account for your child?
Is it time for your child to replace the piggy bank with a bank account of their own? There are numerous benefits to doing so. Your child:
- won’t have to worry about money being lost or stolen
- can save their money securely
- will have more freedom to make their own purchases
But when is your child ready for their own bank account and how can you keep an eye on things?
What’s the right age to open a young person’s account for my child?
Most banks allow you to open a free account for children aged 10 and older. There’s a reason for this limit: most ‘tweens’ between 10 and 12 are ready to learn how to budget and manage money responsibly on their own.
If your child is starting to go out without you more often, then having their own debit card (and banking app) is a much more convenient and secure way for them to buy things on their own. What’s more, parents can track their child’s activities digitally, so you always know exactly what they’re up to when you’re not around.
If your child is saving up for something big, a personal bank account offers more peace of mind and a clearer overview of their money, especially when compared to a stack of cash that they could easily lose or conceal.
Of course, just because some 10-year-olds get their own current account doesn't mean that your child is ready for one. If your child has never had to manage their own budget before, then it’s smart to start by giving cash as pocket money.
How do I keep a parental eye on things?
You can always see what they’re up to and tweak things where necessary. KBC makes it easy to do this in the KBC Mobile app or the KBC Touch online portal. You decide whether your child can:
- make online purchases on their own
- make payments and cash withdrawals up to a certain limit
- make contactless payments without a PIN
- view savings account details
Whatever you choose, you can rest assured that your child cannot:
- go overdrawn
- apply for a credit card
- transfer savings to their current account without explicit permission until they turn 16
Can my child also use mobile banking facilities?
Yes, if you give them permission to do so. Of course, you set the pace and the rules:
- Do you trust your child with online payments, or would you rather wait a little longer?
- How much can your child withdraw and pay each day using the app?
- Is your child allowed to link their app to Payconiq, Apple Pay, PayPal, and similar services?
Did you know that KBC Mobile is full of useful features for your child?
- Brush up on financial knowledge
- Buy tickets for the bus, train or cinema
- Split group expenses
- Practise for the driving theory test
- And much more besides!
Who can open a young person’s account?
Your child can’t open an account on their own until they turn 18 – only a parent or legal guardian can open a young person’s account while a child is still underage.
How do I open an account for my child?
This can be done quickly and easily online. All you have to do first is make sure your child’s details have been added to your profile.
- If you're not a customer, start by opening a current account with KBC for yourself and then open one for your child. Alternatively, you can simply pop into a KBC branch near you.
