At what age can a child open a bank account in Russia

2024 Author: James Gerald | [email protected]. Last modified: 2023-12-17 14:00

The question of at what age you can open a bank account can arise from both parents and children. Specialized deposits for children are offered by different banks, but it is important not only to preserve savings, to be able to make payments, but also to increase capital.

At what age can you open a bank account in Russia?

Parents can open a bank account for their child from the moment the birth certificate appears. As soon as the baby is born, from this age you can open a bank account for the child. If the person is not related by blood ties to the baby, parental consent will be required.

At the age of 14, the child receives a passport and can independently open a bank account. Until this age, while there is no document on Russian citizenship, adult relatives are involved in the registration of financial services: parents, guardians, grandmothers. To open an account for children, you need a passport of an adult family member and a birth certificate.

At the age of 18, all deposit operations become fully accessible to young people. From 14 to 18 years old, most transactions can be performed, but there are restrictions. If the child is under the age of 18, they are not eligible for financial services.

If the parents have already opened an account for the child, he can replenish it independently and withdraw interest from the deposit. If you want to withdraw all the accumulated funds, you will need to provide a written parental consent to the bank.

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Contributions must be profitable

Interest is charged on funds entrusted to the bank. It is not the user who pays for the fact that the financial institution keeps his money, but the bank pays interest for the fact that it can manage the clients' funds until they need the money.

When choosing a bank, one should not only consider special offers for children, but also take into account the benefits of the transaction. Children's deposits are available in all large organizations, but not all offer high interest rates.

At what age you can open a bank account and get a card for a child, parents decide. As soon as free funds appear, it is worth doing it. It is possible from birth or later. But when opening an account for a child, you need to choose the most suitable bank.

Sberbank offers the SberKids program at 2.9% per annum for deposits in rubles and 0.4% for dollar deposits. Term - 1 year with the condition of replenishment at any time. Tinkoff offers a similar account with a yield of 5, 24%, replenishment, monthly capitalization and partial withdrawal. VTB has formed 27 offers for children with different conditions. The rate is from 4.2% to 5.4%.

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Financial instruments for children

Modern life teaches us to count money and manage savings rationally. Porcelain piggy banks and even cash payments are a thing of the past. The sooner a child learns to count money, save income, the easier it will be for him in an independent adult life. Registration and the ability to fill out financial documents will also come in handy.

Banks offer a variety of savings and card use programs.

Term deposit

Cash is deposited for a certain period. Conditions of registration and the possibility of replenishment are important. Highlights for selection:

• You need to choose the currency of the deposit: rubles, dollars, euros. If the expenses are planned to be made abroad, then it is more profitable to immediately determine for the deposit the currency of the country where the child will study or rest.
• The possibility of replenishment is important if the amount will increase gradually. Can't put more money in right away? This means that you need to choose a deposit to be replenished.
• The investment term also plays a role. If the banking program provides for a higher percentage for a longer period, it is worth considering this.

Do not forget that a child will be able to withdraw money on his own only when he reaches the age of 18.

Bank card

No one will give a loan to a minor, but a child can issue a debit card on his own. Children from 14 to 18 years old can independently draw up a card with the written consent of legal representatives.

Even children can easily use plastic cards, and cash can be lost. Many banks are ready to issue children's cards from 6-7 years old. In essence, this is an additional card linked to the parent account.

Teenagers who have received a passport can independently issue a bank card. You can also take out insurance in case of card loss. Banks offer beneficial services for children when the loyalty system is in place. Points for purchases, cashback, discounts from partners of the financial institution are attractive to young people.

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How a child can independently dispose of a deposit

From the age of 14, adolescents are eligible for deposit operations. This opportunity is reserved for children by law. The child can independently replenish the account, withdraw funds from the deposit in the amount of his income, for example, a scholarship.

Bank specialists need to provide supporting documents. If there are no documents to withdraw money from the deposit, the consent of the parents or guardians will be required. Upon reaching the age of 18, a young person will have the right to dispose of all funds without restrictions.

A bank card, the data of which is linked to a phone number, is convenient for many transactions. Without leaving home, a teenager will be able to pay for mobile communications and the Internet, make orders for food and things via the Internet, pay for purchases.

Outcomes

The possibility of opening a deposit for a child and the conditions for withdrawing money are regulated by law. The Civil Code defines the rights and obligations for financial transactions. A 14-year-old teenager can replenish the deposit and withdraw money from it in the amount of his income.