7th July 2022

All you need to know about opening a bank account for your baby

Having your first baby is a big change for a couple and it’s best to be prepared. Besides buying baby gear, decorating the nursery, choosing a name, and organising a baby shower, there is also the administrative side to think about – including opening your baby’s first bank account.
Jeunes parents cherchant à constituer une épargne future dès la naissance de leur bébé et hésitent entre le compte d'épargne classique ou bloqué

Save for your child’s future right from the start!

A savings account, a blocked savings account... which is best for a baby?

To make the right decision, you need to understand the different savings accounts available from Spuerkeess.

1. Blocked savings account

You can make one-time payments into a blocked savings account – on birthdays, for a baptism or communion, etc. – or save regularly with monthly payments. The account will be blocked until your child turns 18, meaning he will not be able to access his savings until his 18th birthday. No account management fees are payable and the account enjoys all the benefits of the Tweenz Club.

A blocked savings account earns more interest than a traditional savings account!

2. Tweenz: A traditional savings account

With Tweenz, our traditional savings account, the account holder can withdraw his money from age 15. Under that age, he has access to the savings only with the signature of a legal representative. No account management fees are payable and the account enjoys all the benefits of the Tweenz Club.

The Tweenz savings account allows your child to make his first steps towards financial independence from age 15!

Discover the Tweenz-Club !

When can I open an account for my baby?

Your family has asked whether you have a baby gift list, and as you are well organised, you already have all you need for your baby... To avoid ending up with dozens of soft toys and clothes, you could give them your account number, or – even better – your baby's account number!

However, to open an account for your baby, you do have to wait until he is born! You will be asked to provide a birth certificate to open the account.

The gift for newborns

Spuerkeess and LALUX Assurances offer EUR 150 to your newborn, of which:

  • EUR 50 will be credited on a blocked savings account  (opened by a legal representative);
  • EUR 50 will be credited on an insurance lalux-Study Cover ;
  • EUR 50 will be credited on a savings plan S-Invest.

Your child may benefit of this gift up to the age of 12 months. Furthermore, your child will receive a nice surprise gift at our branch.

Mum, Dad, Grandad – Who can open an account for a baby?

Parents generally open an account for their child (as legal representatives), but anyone (grandparents, aunt, uncle, neighbour, etc.) can open an account for a child (as depositor).

Alternatives to a savings account for a baby

Although it is now common practice to open a savings account for our children, there are alternative ways to invest some of their savings over the long term.

Why you should switch from saving to investing for your children Find the answer in our blog article

Family Savings