The Dutch like to save money. The savings of the Dutch are currently at a record high. In recent years we have seen the savings interest disappear, but now there are banks again that offer a small savings interest. Do you want to put your children’s savings away properly? Read our tips on a savings account for children.
Deposit or not?
If you want to save money, you can opt for a savings account or a deposit. A deposit is safer, but you get less interest for it. You can withdraw your money at any time from a savings account, but with a deposit you often have to request this one month in advance.
What is a good interest rate?
If you open a savings account, take a good look at the interest. The interest can change per month, so always check the current interest. A good interest rate is currently between 1% and 2%. Keep in mind that your money can lose value due to inflation. Comparing the savings interest rate of different banks is definitely recommended.
For children it is important that you choose a savings account with a high interest rate and a low minimum deposit. In addition, it is useful if the savings account has no costs. This way they can get the most out of their savings. Also take a look at any bonus schemes for interest, for example after 5, 10 and 15 years.
What is a good savings account for children?
Rabobank has a savings account specially designed for children. This savings account is free and you can start with it when your child is 4 years old or older. The advantage of this savings account is that your child receives monthly interest. The interest is not very high, but it is higher than on a normal savings account. You can also deposit money into this savings account whenever you want.
When your child turns 18, he or she will receive the money. He or she does not have to withdraw the money, but your child can do what he wants with it. It is therefore a good savings account if you want to arrange for your child to receive money from the age of 18.
Rabobank also has a savings account where your child receives interest on the money he or she saves. However, this interest is not as high as with the other savings account. It is a good savings account if your child wants to get a little interest, but does not put in too much money.
Another good savings account for children is the SNS kids account. Children receive monthly interest on this savings account. The interest is lower than on the Rabobank account, but you can start when your child is 3 years or older. The advantage of this savings account is that your child can withdraw money whenever he or she wants.
Children also receive a savings card on the SNS kids account. With this savings card they can withdraw money and deposit it into the savings account.
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