A comparison of Volksbank's children's account

Parents want to prepare their children for later life in the best possible way - this includes handling money responsibly. A children's account with Volksbank is one way of encouraging financial independence at an early age. From their first pocket money to their first savings: With their own current account, children learn how to handle income and expenditure, while parents retain full control.

But what conditions does the account offer, does it pay interest and how does it compare to other banks?

Find out here!

A children's account with Volksbank offers numerous advantages for young savers and their parents:

A major advantage of this current account for children is the free account management. Unlike many regular current accounts for adults, there are no monthly fees for the first few years with this account.

Important: Volksbanks operate differently from region to region, so additional costs for certain services may vary. 

The credit balance on the children's account can earn interest. However, interest rates vary depending on the regional Volksbank and current market conditions. 

Tip: It is therefore generally worth making a direct comparison with local providers to find the best offers.

While the Volksbank children's current account can initially be used purely as a savings account for gifts of money, additional functions can be activated over the years. In this way, children and young people learn step by step how to handle money responsibly - under the supervision and control of their parents.

The Volksbank children's account grows with the child's age and financial needs. Although parents retain control until the child reaches the age of majority, the account is in the child's name so that they can gain their first experience of handling their own finances. We have briefly summarised the three stages of development for you here: 

1. Savings account — creating a financial basis

For young children, the account initially serves purely as a savings account into which parents or grandparents can deposit gifts of money. The balance usually earns interest and the IBAN is retained even if the account is expanded at a later date.

2. Learning account — first steps towards personal responsibility

As children get older, the savings account can be converted into a learning account. Parents decide individually which functions are activated, e.g. a girocard (debit card) for cash withdrawals and payments. This gives children their first experience with their own money, while parents continue to have an insight into their finances.

3. Youth account — managing money independently

The account becomes a youth account with the first holiday job at the latest. Transfers, online banking and cashless payments are possible. However, an account overdraft is only permitted once you reach the age of majority, so there is no risk of getting into debt.

Thanks to this gradual development and an educational concept, Volksbank's children's account provides optimum support for children and young people on their path to financial independence.

Opening a current account for children at Volksbank is straightforward. Parents need to go to the Volksbank branch together with their child and bring the necessary documents with them.

Documents required to open the account:

After opening the account, children will receive an account number and, if desired, a debit card if the learning account is already desired. 

A Volksbank children's account is a good choice, but there are also alternatives with their own advantages. Here is a comparison with other providers:

A comparison of children's accounts shows that the Volksbank account is particularly suitable for parents who want to use a nearby branch and benefit from personal advice. However, anyone who values a high interest rate on savings should check whether other banks are currently offering more attractive interest rates.

With its children's account, Volksbank offers a free, secure and age-appropriate solution. It combines the advantages of a current account with a savings account and teaches children the practical use of online banking, cards and transfers — in a protected environment, of course. 

However, it is worth comparing children's accounts to find out which bank offers the best interest rates and conditions. If you decide in favour of Volksbank, you will receive a secure account with parental control.

Not convinced yet? 

⇒ Discover more children's current accounts on our comparison page!