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

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.

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).

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.