Top Checking Accounts for Minors: A Ranking

Opening a Minor’s Current Account: A Tool for Financial Education

Opening a current account for minors can be a necessity or a valuable tool to educate children about saving money.
It is essential to choose among the best offers, not only in terms of affordability but also safety and functionality, based on the family’s needs.

While minors cannot independently open a current account until they reach the age of 18 – even if the account is jointly held with one of the parents – parents can open a current account for minors, where the account holder will be solely the minor.
Thus, the minor can learn to manage their savings (the famous allowance) to invest for their future.

Let’s explore the current best minor’s current accounts, understanding all the benefits this solution offers, the necessary requirements, and everything to know before opening a bank account for your children.

What Is a Minor’s Current Account: General Information and Legal Limits

A minor’s current account is a banking product designed for children and teenagers, offering similar features but different conditions compared to traditional current accounts for adults.

A minor’s current account is opened by parents and titled to a minor under the age of 18 who is at least 12 years old.
Before that age, it is more appropriately referred to as a savings booklet.

The minor’s current account largely shares the same features as an account held by an adult.
The teenager can receive cheques, bank transfers – even the allowance – make purchases with the linked card, check the available balance, and withdraw cash both in Italy and abroad.

Furthermore, it offers functions like the digital piggy bank, an excellent tool to educate about saving by setting aside a small sum of money whenever desired.

However, the minor’s current account has some restrictions such as lower spending limits, withdrawals, and ceilings compared to standard accounts.
Moreover, it provides parents or guardians of the minor with the convenient parental control function to supervise expenses and potentially set limits.
Additionally, investment opportunities for minors are limited; complex instruments like stocks or bonds are generally not accessible.

Why Open a Minor’s Current Account for Your Children?

Opening a current account for minor children may seem premature, but it offers various educational and practical benefits:

• Early Financial Education: It can be an excellent tool for financial education.
  Children and teenagers learn to manage money, save, and plan expenses, essential teachings for developing healthy financial awareness that lasts a lifetime.
• Safety and Control: Managing money in a current account is safer than using cash.
  In case of loss or theft, the deposited sums are protected and recoverable.
  Moreover, parents can monitor transactions and have greater control over their children’s expenses.
• Promoting Saving: Having a current account can encourage children and teenagers to save.
  By seeing their money grow over time, they learn the importance of setting aside funds for the future.
  Some accounts also offer interest on deposits, further encouraging saving.
• Enhanced Access to Banking Services: Opening a current account for minors facilitates access to banking services in adulthood.
  Youngsters become familiar with banking services and digital technologies, such as online banking and banking apps, paving the way for autonomous and responsible financial management.
• No Costs: Current accounts for minors do not involve opening (or closing) and management fees.
  In most cases, stamp duty is borne by the bank until the age of 18.

The Best Minor’s Current Accounts Ranking

Navigating the vast world of credit institution offers for minor’s current accounts can be challenging.
There are various proposals from traditional banks to innovative platforms.
Therefore, consulting our ranking with the best minor’s current accounts can be useful.

1) Revolut <18, for young individuals aged 6 to 17 years.

2) XME Conto UP! by Intesa Sanpaolo, with a tech piggy bank.

3) HYPE Minori, free withdrawals up to 250 euros per month.

4) Tinaba Under 18, with a free prepaid card.

5) Sella Junior by Banca Sella, costing just 1 euro per month.

6) Let’s Bank by Banco BPM, with a free debit card.

7) Conto Teen by BPER, with a deposit limit of 100,000 euros.

8) Genius Teen by Unicredit, with an interest rate of 0.20% on deposits.

9) Conto Teen! by Banco di Sardegna.

10) SelfyConto by Banca Mediolanum, suitable for minors and free for all under 30.