In some banks, young customers can open such accounts with a parent’s consent (the parent must be present when the child signs the agreement). In others, the parent opens the account and authorizes the child to use it.
A Bank Account for a Young Person
Parents (legal guardians) may manage the child’s account in accordance with the rules set out in the bank’s regulations, and they influence the rules governing the child’s use of the account – for example, they set transaction limits for payments made with the debit card.
Banks also usually offer young customers the option of opening a savings account with a higher interest rate.
Bank accounts for young people are often free, for example izzykonto from mBank (although at some banks this depends, for example, on whether the parent also has an account with the same institution; sometimes a free account is available only if it is regularly funded). Online transfers are usually free, and if a bank charges for them, the cost does not exceed PLN 1.
A debit card is issued with the account (free of charge). Using it may, but does not have to, be free as well. Banks that charge monthly fees for using the card linked to the account always specify the conditions under which the fee is waived (for example, making at least one or two card payments of a specified amount). Most banks currently issue contactless cards with accounts for young people.
Is it worth opening a bank account for a young person? Definitely! This allows them to enter the world of finance safely – under their parents’ supervision – and develop practical skills in using banking products. Another clear benefit is that parents can fund the child’s account (pocket money), as can other relatives (if, of course, they are willing and able to do so). It is a good introduction to learning how to live independently and manage one’s finances.
The Best Bank Accounts for Young People
Currently, many banks offer dedicated bank accounts for young people aged 13–18. When choosing the best bank account, be sure to check the basic fees: the account maintenance fee, card usage fee, commissions for transfers, and commissions for cash withdrawals from ATMs. You can also use specialist websites presenting the best bank accounts for teenagers.
Important! When a child turns 18, the bank may convert the youth account into a standard account. It is worth remembering this and, if the standard account offered by that bank is not advantageous, arranging to close the account in advance – before the 18th birthday. An “adult” account can already be opened at another institution if it offers more favorable terms.