At what age can a minor open their first current account?

You would like your children to understand the value of money? You’ve decided on a monthly allowance that your teenager/student (up to the age of 26) will be handling on their own. A ‘cash’ or ‘piggy bank’ solution has proven to be insufficient. You’re thinking about opening a current account, and you’re asking yourself - How old does someone need to be to open a current account? 

In order to open a current account at ProCredit Bank, a minor needs to be at least 11 years of age. Therefore, a child can open an account at our bank. A significant advantage of these accounts is that both the account and the card are completely free of charge until the child turns 26.  

Advantages of opening an account for a minor

Today, we say, “children are born with mobile phones in their hands”, and your child will have no problem using mBanking and eBanking applications. However, it’s a good idea for them to learn how the following functions, as early as possible: the banking system, online payments, payment transactions, how to use an ATM, and all that applies to managing a current account.  This way, children learn how better to handle their funds as early as their secondary school years, and to understand how expenses work. 

If your child has a current account, you will no longer end up in a situation where you are running from one end of the city to the other before work when you forget to leave them money for snacks or a school trip. Everything is easier, with just two or three clicks you can transfer money to your child’s account so they have it when they need it most.

How do I open an account for my child?

With us, it’s simple! There are several categories that accounts for minors fall into, so keep reading to find the one that suits your child's age.

Minors between 11 and 14 years of age

You don't have to wait until your child turns 18 to open an account for them. At ProCredit, it's possible to open an account for children as young as 11 years of age. It's true that, as their parent, you will be the owner of the account, but the card will be issued in your child's name. All you need to do is visit one of our branch locations and submit an application to open an account and the issuance of a Junior payment card. The documentation is signed at the branch. With the account, you will receive a Dina debit card (which is issued in your name, as the parent and account owner) and a Mastercard payment card, issued in the child's name.

You can use the Mastercard payment card to activate Apple Pay or Google Pay on your child's phone, allowing them to make payments without the risk of losing the card.

You need to provide the following documentation:

• Your personal ID card
• Your child’s birth certificate
   

You open the account without the presence of your child, all in just one visit to the bank. The card is then picked up at the desired branch location. Opening and maintaining the account are free of charge as is the issue of the card itself. What’s more, transferring funds from your account, as the parent, to your child’s account is also free of charge. 

Minors between 15 and 18 years of age

For slightly older teenagers, we offer greater independence, as it is our belief that this will prepare them to more efficiently manage their money in future. Your teenagers will now be able to save up for another pair of running shoes, a new phone, video game, new clothes or makeup.  
Therefore, minors over the age of 15 can open a Basic Account  on their own and in their own name, with the signed consent of a parent. The child will receive their own eBanking and mBanking apps with the account, Dina and Mastercard debit cards, current RSD and EUR accounts, as well as FlexSave. 
If you, as the parent, wish to monitor your child’s transactions, the child can authorise you to access the account, and in this case, transferring funds from your account to your child’s account is absolutely free of charge.  

Required documentation:

• Parental consent - signed
• Your child’s personal ID card, passport or birth certificate
   

The account is opened at any of our branch locations and the parent’s presence is not required.

ProCredit Bank does not charge maintenance fees on accounts for minors or young adults still in school, until they reach 26 years of age. What’s more, another positive aspect of this is that you, as the parent, can monitor their account and clearly see not only how much your child is spending, but also what they are spending their money on. However, the objective here is to teach your child to monitor and track their transactions, as this is the best way to teach them how to handle their future finances. In other words, you are educating and preparing them for life once they’ve left home.

Of course, there is a certain amount of responsibility that goes with owning a current account. By opening one for them, you are, to a certain extent, preparing your teenager for the adult world. You, as the parent, are there to explain to your child the importance of safeguarding their PIN code, what to do if they lose their card and how to stay safe online.
 

Account for young adults between the ages of 18 and 26 

If your child is slightly older, they have the option of opening a Basic Account for themselves, which is essentially an Account for Young Adults. They can do this via video identification, without having to visit the bank. With the assistance of a current account, young adults still in school can receive any wages they earn through youth cooperatives, register for exams on their own, or save their money. 

This lesson, which is of an economic-financial nature, is best learnt in practice. This is why it is best to provide your child with the opportunity to manage their funds independently, whether they be student earnings or an allowance that you provide. In this way, your child will learn how to handle the funds they have available to them and will learn the value of money and the cost of things, as well as developing the habit of saving.