As a parent, you’ve likely thought about teaching your child financial responsibility. A Bank Account can help them learn how to save, spend, and manage their allowance—but how do you know they’re ready?
Here, we’ll walk you through the signs that your child might be ready for their first bank account, a handy readiness checklist, and the benefits of giving them their own account. Plus, we’ll show you how bunq can make this process quick and easy for both you and your child.
Signs Your Child Might Be Ready for a Bank Account
Not sure if your child is ready to start their banking journey? Here are a few key signs to look for:
Interest in Money Management: If your child asks about saving, budgeting, or how money works, it’s a good indication they’re curious and ready to learn.
Responsible with Money: Does your child save part of their allowance or make thoughtful spending choices? If so, they’re showing the kind of responsibility needed to manage an account.
Understanding Financial Basics: It’s helpful if your child knows basic concepts like saving, spending, and the value of money. These foundational skills are crucial for managing an account.
The Readiness Checklist
To help you decide if your child is ready, consider the following:
Age: There’s no set rule—kids of all ages can benefit from having a bank account. Whether they’re learning the basics or ready to manage more responsibility, it’s never too early to start with the right guidance.
Responsibility: Are they completing chores, keeping up with schoolwork, and taking care of their belongings? Responsibility in these areas often translates to readiness for managing an account.
Life Milestones
Receiving Money as Gifts: If your child often gets money for birthdays or holidays, a bank account can help them save and manage it.
Starting to Earn: Babysitting, summer jobs, or other gigs are great opportunities to introduce money management.
Getting a Driver’s License: With growing independence, a bank account can be an essential tool for managing their finances.
If your child meets these criteria, it’s a great time to set them up with an account.
Why Open a Bank Account for Your Child?
Giving your child their own bank account offers a range of benefits:
Hands-On Financial Education: Learning to save, budget, and spend teaches lifelong money management skills.
Encourages Responsibility: Managing their own account helps kids develop accountability and set financial goals.
Safe Money Management: With both a physical and digital card, your child’s money is secure—no more worrying about lost cash.
Parental Oversight: Modern accounts allow you to set limits, track spending, and keep their finances safe.
How bunq Makes Banking Easy for Kids and Parents
bunq’s child accounts are designed to make money management simple and secure for your family:
Real-Time Insight: Monitor your child’s transactions and receive Instant Notifications for peace of mind.
Child-Friendly Credit Card: Your child gets their own prepaid Credit Card, which you can track and manage directly from the bunq app.
Savings Goals Made Simple: The bunq app helps your child set Savings Goals and track progress, making it fun and easy to learn about saving.
Easy Budgeting: Help your child manage their allowance effortlessly with bunq. Set up dedicated bank accounts for specific budgets, automate spending limits, and teach them the value of money while staying in control.
Start Your Child’s Financial Journey Today
A child bank account is a big step toward building financial independence and good habits. By following this checklist, you can decide if your child is ready to take the leap. With bunq, you’ll have everything you need to guide them along the way.
Explore bunq’s child accounts today and see how we make money management fun—for you and your kids!
