Can a minor have a bank account or a savings product?

Verified 18 April 2024 - Directorate for Legal and Administrative Information (Prime Minister)

Yes, your minor child may have a bank account, a savings book or certain other savings products. However, their use is limited and changes with age.

From birth of your child, you can request the opening, in his or her name, of a bank account, a booklet A, a housing savings plan, a bank savings book or a life insurance.

This opening can be done without the child's consent.

The management rules differ according to the type of bank product.

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Bank Account

Your child will not be able to use the account until the age of 12 years.

You are responsible for funds and transactions on your child's account.

You can use the money deposited into your child's account yourself. The use of these funds shall be limited to expenditure which is of direct concern to the child (education, maintenance).

Booklet A

Your child will not be able to use the booklet until the age of 12 years.

You are responsible for the funds and movements on your child's booklet.

You can use the money deposited on your child's booklet yourself. The use of these funds shall be limited to expenditure which is of direct concern to the child (education, maintenance).

Bank Savings Book

Your child will not be able to use the booklet until the age of 18 years.

You are responsible for the funds and movements on your child's booklet.

You can use the money deposited on your child's booklet yourself. The use of these funds shall be limited to expenditure which is of direct concern to the child (education, maintenance).

Housing Savings Plan (PEL)

You are responsible for managing your child's ELP.

Your child will not be able to use PEL until he/she is 18 years.

Life insurance

You are responsible for managing life insurance from your child to 18 years old.

From 12 years, your child may, with your consent, request the opening of a young booklet.

They can also deposit or withdraw money in their bank account or booklet. However, the amount and frequency of withdrawals may be limited. Your signature is required for withdrawal operations.

In any case, you are responsible for the funds and transactions on your child's accounts.

You can use the money deposited in your child's account or booklet yourself. The use of these funds shall be limited to expenditure which is of direct concern to the child (education, maintenance).

Warning  

You cannot withdraw money from your child's booklet yourself.

You are responsible for your minor child's debts.

From 16 years, your child can, in most banks and with your permission, open a bank account. It can also benefit from a credit card and a checkbook associated with the account.

Please note

if your child is salaried worker or beneficiary of a scholarship, he can, under conditions, open a bank account without your permission. For more information, ask your bank advisor.

He can freely deposit or withdraw money in this account.

They can also withdraw the amounts shown on their booklet A or booklet for young people on their own, unless you or their guardian object.

In any case, you are responsible for the funds and transactions on your child's accounts.

You can use the money deposited in your child's account or booklet yourself. The use of these funds shall be limited to expenditure which is of direct concern to the child (education, maintenance).

Warning  

You cannot withdraw money from your child's booklet yourself.

You have to be accountable to your child for the use you make of that money.

Your child can take legal action against you to obtain the return of his capital. He can do so within 5 years, from the age of 18.

Who shall I contact

FYI  

You are responsible for your minor child's debts.

Who can help me?

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