Practice early: If children are to learn how to deal with money, it can make sense to introduce them to them at an early age. This is possible with neobanks, as Finanztest reports.
Working towards a savings goal, receiving rewards from parents for small household chores: With children's accounts and the app that often goes with them, children can learn how to handle money in a playful way. The magazine "Finanztest" took a closer look at two offers.
What the apps of the neobanks Revolut and Bling have in common: With both, parents have many options to control the expenses of their offspring. According to the testers, they can limit unwanted purchases - for example for alcohol or gambling. In addition, the legal guardians receive a notification of sales.
How much the children are allowed to spend can be determined in advance. In addition, only payment with a prepaid credit card is permitted for both accounts. The card must be loaded by the parents. Transfers to external checking accounts are not possible, and debts are also excluded.
With provider Bling, the account for each child costs 2.99 euros per month. At Revolut, the current account for the first child is free of charge, from the second at least 2.99 euros are due, from the third 13.99 euros per month. The child must be at least six years old for the Revolut account and seven years old for the Bling account.
Due to the limited payment functions, the testers see classic providers ahead of the neobanks in this respect. In terms of handling and the fun factor, however, the neobanks score points with their apps. These are clearly laid out and enable easy control.
Depending on the requirements, a classic, free youth account at a bank or savings bank can have its advantages, or the children's accounts of neobanks. The testers recommend not parking large sums of money in current accounts. On the one hand, because there are better interest rates for day and time deposit accounts. On the other hand, because bankruptcies of the neobanks cannot be ruled out.
Speaking of bankruptcies: Because Bling works with the French Société Générale, the French deposit insurance system takes effect in the event of bankruptcy. This protection covers credits of up to 100,000 euros.
Deposits at Revolut Bank are subject to Lithuanian deposit insurance, according to "Finanztest". This does not meet the strict criteria of the testers because there is no guarantee that all customers will be compensated quickly in accordance with EU law in the event of bankruptcy.
