10 reasons to open a bank account for your minor child

The bank account for minors can help the teenager to become more independent while empowering him. Thanks to it, your child keeps a close eye on his weekly and monthly expenses. For him, this account is a kind of training that prepares his financial management for tomorrow. But that's not all ! Here are 10 good reasons to open a bank account for your child.

The 4 main advantages of the bank account for minors

1) A motivation to fit into working life

In addition to empowering him, the bank account motivates the teenager to enter working life as soon as possible. The simple fact of having a view of his capital can completely change his perception of things. And this, whether the balance of his account is positive or negative. Because in the first case, it encourages him to earn money in order to carry out a project. In the second, the alert situation pushes him to correct the situation as soon as possible.

2) Learning budget management in a supervised way

In this logic, some bank accounts have been designed to suit both the teenager and the parents. From the age of 16, the young man or young woman can be given a bank card for minors, in particular on the following link: https://www.pixpay.fr/carte-bancaire-ado/. His parents, for their part, will be able to accompany him in the management of each euro.

3) Increased security

For parents, letting their child walk around with a credit card can be a source of concern. This is why some banks have set up a system allowing parents to manage their teenager's pocket money. On a mobile application, legal guardians see their teenager's spending history in real time. This allows them to fund the account again or block payments in two steps.

4) A minor bank account is relatively simple to open

Until he turns 18, the child is under the guardianship of his parents. The latter will therefore be responsible for the deposits, expenses and potential debts of their child until they reach majority. You can open a bank account for minor by going directly to a physical bank, or simply online via the bank's website (if this allows it). This action is very easy to perform, it only requires a few clicks. You are usually asked to fill out a form, attach some supporting documents, sign the contract and then transfer a small amount of money to the account in order to activate it. Generally, the teenager can start using the bank account as soon as it is activated.

The 6 secondary advantages of the bank account for minors

In addition to the advantages that we have just developed, the bank account for minors opens a door leading to:

  1. Achieve financial autonomy;
  2. The fructification of the minor's savings;
  3. Building up savings gently;
  4. The benefits of an investment at lower costs;
  5. Encouragement to put money in your child's bank account;
  6. Projection on short, medium and long term projects;
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