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Open an account for a child in a bank for minors: at what age
To provide their son or daughter with financial support in the future and a good start into adulthood, relatives open an account in his name. It is not difficult to do this, and if necessary, the deposit can be closed at any time.
How to open an account for a child in a bank for adults and children
First of all, you must choose the bank and program you like. To open an account, you must provide the required documents. As a rule, this is a passport and birth certificate. When opening an account, you need to pay a minimum deposit.
The best gift for a child is opening a bank account.
Taking into account the degree of legal capacity, the Civil Code distinguishes 3 age groups of citizens:
- young capable minors: up to 14;
- partially capable: 14-18;
- fully capable: more than 18.
Depending on this, the account management rules are regulated.
In the first case, only parents and guardians open it. To do this, you will need an adult’s passport and birth certificate. In the second case, for opening, you need the written consent of the parents or guardians. In this case, the passports of the son or daughter and one of the parents are provided. In the latter case, you only need a passport.
If you open an account for a long term, the rates here will be higher. As a rule, programs are offered that run for 1-5 years. Capitalization takes place every month or every quarter. Auto-renewal options are possible.
At what age can minors manage the deposit
Parents carry out operations of replenishment and withdrawal of money.
Upon reaching partial legal capacity, your son or daughter can manage the money. However, there is a limitation. The second group of citizens can withdraw only those funds from the account that she deposited herself. Otherwise, written permission from the parents is required.
Full control over money is possible only for 3 groups of citizens.
From how old the child can close the deposit himself
If you wish, you can close the issued account:
- The first group of citizens to close an account provides the passport of the parent or guardian who opened the account, a completed contract and a savings book.
- The second group is a passport and a passbook. Written parental consent is sometimes requested.
- Upon reaching the age of majority, the account holder’s passport, contract and savings book are provided.
After providing the necessary documents, the contract is terminated and the money is paid.
Do not be afraid to open an account for your loved ones. This can be done quickly and easily.
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