Savings Accounts for under 18s
Today, banks can offer savings accounts to people under 18 years of age. This initiative is aimed at achieving two objectives:
- 1. To stimulate the financial skills of young people.
- 2. To bring them into daily mainstream transactions on debit cards, to allow them to make transfers, and to use other electronic means of payment.
Thus, the use of electronic means of payment fosters access to bank services.
If you are under 18s, you may open a savings account and:
- - get a debit card in your name to withdraw cash from ATMs and make purchases in shops;
- - make transfers or payments through home banking, ATMs, QR code, cell phone apps, among other means.
- - • At some banks, you can also make investments (such as time deposit) from your savings account.
What happens when you come of age?
Your savings account may turn into a common savings account and you can go on being the account holder on your own or jointly with your legal representative.
Besides, the following services are for free:
- - Opening and maintenance of the account.
- - Account holders’ debit card and its replacement due to demagnetization or damage reasons (only once a year).
- - Transactions in ATMs and self-service terminals of the debit card issuer bank.
- - Home banking transactions.
Account holders will be responsible to the financial institution for their account´s contractual obligations.
¿Would you like to open a savings account?
Before taking a decision, you should compare the conditions for opening a savings account in different banks.
Banks that offer this product to under 18s (*)
(*) Information obtained from each bank’s website | Latest update July 1st, 2018