These are the best youth accounts
If you don't have any major income apart from your pocket money and earnings from your vacation job, you should try to keep your money together. However, young people do not have to do without their own current account. Many banks are even very aggressive in their efforts to attract young customers. Experience has shown that once you have signed up with a bank, you often stay there for life.
But where can young people under the age of 18 find the best conditions? And which accounts are suitable for young adults who have already reached the age of majority? FMH-Finanzberatung investigated these questions on behalf of ntv.
The main reason for differentiating between accounts for underage and adult young people is that adults have the option of using a credit card. This is not possible for underage customers, as they only have limited legal capacity under the law. Accordingly, they also require the signature of a parent or legal guardian to open an account.
The cards make the difference
The results of the FMH comparison show some considerable differences in terms and conditions. Account management is free of charge for all youth accounts. However, the costs vary for giro cards, debit cards and prepaid credit cards. And underage customers also need at least a giro card if they want to make cashless payments or withdraw money.
As a rule, young customers only get away free of charge with a current card. With the exception of DKB - which charges €11.88 per year - the giro card is available everywhere without a basic fee or charges for transactions. Almost everywhere, young people also receive a card for making payments and withdrawing money.
No overdraft facility for young people under 18
For the reasons already mentioned, credit cards are only available from the age of 18 and there is therefore no overdraft facility for minors. They can therefore only spend as much money as is available in their account with the Girocard and also with the debit card. With these two cards, every payment transaction is debited immediately.
With a real credit card, on the other hand, customers can buy the goods directly, but often only pay weeks later or even pay off the amount in installments. These services are only permitted from the age of 18.
Credit cards for practicing
Many banks offer prepaid credit cards so that even younger customers can feel like adults. The name is a little misleading, as these products are not a classic credit card, but a kind of cash card on which young customers can load a desired amount and then pay with the card.
However, if you want to use this service, you should take a close look - and not just because the banks charge different fees for these cards. The conditions and special offers associated with prepaid credit cards also vary greatly. Some financial institutions lure youngsters with welcome bonuses of between 50 and 150 euros, others with a credit of 2.50 euros for every use of the Girocard and still others entice them with a free securities account.
Clear winner for accounts for under 18s
Despite the clear differences, FMH has identified a clear winner among the youth accounts for under-18s: Comdirect clearly offers the best current account in this segment. The account is available for children from the age of seven, offers free current and debit cards and encourages young financiers to save with a reasonable interest-bearing call money account. The bank was the only one in the test to receive the top rating of "very good".
In terms of offers for customers over the age of 18, three banks are almost on a par: Santander as well as PSD Bank Nord and PSD Bank Nürnberg were all rated "very good".
You can also use the ntv giro comparison to specify that you only want to see offers that apply to "young people".
- When selecting a bank for their financial needs, young adults might consider advisory services offered by financial institutions like Comdirect, which was praised for its youth account.
- Consumers looking for a bank that caters to young people's financial needs can explore options at consumer centers, where they can compare the terms and conditions of different banks' current accounts, including fees for giro and debit cards.
- Financial investment opportunities are better suited for adults over 18, as many banks offer credit cards and overdraft facilities to customers in this age group, providing opportunities for financial growth and management.
Source: www.ntv.de
