Youth savings account
In theory, deposits in savings accounts, including interest, remain frozen until the holder's majority. Thus, neither spouse can withdraw funds from a minor's savings account.
The bank may, but is not obliged to authorise early repayment of the holdings in the account if valid reasons are given, by means of a written request with the agreement of the legal representative(s). In this case, it is preferable to revoke the legal presumption of mutual consent between the spouses.
Youth current account
Your minor child, as the sole holder of his/her current account, has the exclusive right to carry out transactions from his/her account. Furthermore, a minor is not supposed to grant proxies on his/her accounts.
If both parents are policyholders, there are two possibilities:
- The policy reaches its term, with no change in policyholders;
- One of the two parents chooses to leave the policy. This requires the agreement of both policyholders. Exit by one of the parents results in the cancellation of the first policy and the creation of a new one. This operation may incur fees.
Mortgage savings plan
- If the child is under 15, both parents or the parent who has custody have/has the option of terminating the scheme early.
- If the child is over 15, he/she has the exclusive power to terminate the scheme.
Would you like to secure a better financial future for your children?
Here are some ideas for how young people can save.
"Billy" Savings account
By making regular deposits into this savings account, you help your child build savings from an early age, as well as learn about money and saving. The account is frozen until the child reaches majority. On top of being free of charge, a Billy savings account pays a preferential rate of interest.
“Juvena” life assurance
This modern investment taking the form of a life assurance policy will enable your child to draw on financial support when he/she embarks on his/her professional career. In addition, Juvena guarantees certain protection:
- You retain control over the policy for its entire term;
- You earn an attractive rate of return on your savings;
- In the event of death, the insurance company pays the remaining premiums on your behalf.
Wüstenrot mortgage savings plan
This is a savings account which will host early contributions to your child's future home. In addition to this, it provides you with a number of benefits:
- You benefit from an attractive interest rate on savings;
- Savers pay no account custody charges until their 20th birthday;
- You enjoy tax benefits.