Children's savings accounts

11 posts in this topic

Hey there,

 

Me again, posting alot at the moment in the need for lots of info!!!

 

I was wondering if anyone can recommend any childrens' savings accounts? I will be having my first child in early March and would like to open a savings account for him. I am looking for something that preferably doesn't have a yearly charge as I won't be putting huge sums of money in there, just bits here and there that I can come up with and money gifts from family members. Any advice on this matter would be welcome.

 

Many thanks

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You will get mail postpartum from the local banks and Sparkassen, offering saving accounts. Usually they also put some Euros into it, initially.

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ING Diba offer a free high interest account (they call it the Extra Konto). Our kids have got accounts there. Currently pays 4% p.a. for new accounts.
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Thanks for the link to http://www.modern-banking.de, PandaMunich. That site is excellent for comparing accounts and conditions, and I like the feature where you can look at the banks' interest-rate histories.

 

Still, I haven't managed to find exactly the account that I want. What I want is:

- Interest of at least 3%.

- No minimum deposit per month.

- Account in my child's name.

- Happy to accept a minimum term of around 10 years.

- Only myself, and not my children's mother, having access to the money as long as the child is still a minor.

 

That last one is a killer, but all of those features are features that I have seen on various accounts. Still, I have yet to find one that does them all...

 

(BTW, the DiBa has reduced the interest rate on the Extra Konto to 1.5%.

The Dresdner Baby Sparbuch offers 3% until the child is 3 years old. I can't see any information on their website as to what rate you get after that.)

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Updates

On 1/13/2009, 1:08:45, leeza said:

I noticed Dresdner Bank has a

 

Dresdner Bank was merged into Commerzbank.

 

Commerzbank does offer child's savings accounts with no annual fee. We've got a Girokonto account called a "0-Euro-Konto" and kids have a "Sparkonto".  I don't know what the interest rate is, but it's not much.  The "Sparkzinsen" in 2020 was 1 Eurocent.   I don't know if there might be a minimum amount required to have in the Girokonto.

 

Tax free, I dunno.

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More update. 

March 1, 2020 Wall Street Journal:   "Germany’s biggest lenders, Deutsche Bank AG and Commerzbank AG, have told new customers since last year to pay a 0.5% annual rate to keep large sums of money with them. The banks say they can no longer absorb the negative interest rates the European Central Bank charges them. The more customer deposits banks have, the more they have to park with the central bank.

"

 

I don't know what the WSJ means by "large sums of money", but maybe that means new savings accounts are more likely to have a fee associated.

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On 2/24/2021, 10:10:20, MikeMelga said:

Hi, any update on this topic? Specifically, are there any tax-free savings accounts for kids in Germany?

 

Deutsche Bank. Just opened one this year, they said that is tax free until age of 18. No interest either :D making it a WYSIWYG thing 

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On 2/24/2021, 11:10:20, MikeMelga said:

Hi, any update on this topic? Specifically, are there any tax-free savings accounts for kids in Germany?

Children will have to pay tax just like adults. However, they´ll also have the same tax allowance. So at current interest rates they´d have to have hundreds of thousands in their savings accounts before  any tax would be due.

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