A way to introduce young people to finance
29/07/2025
Although non-emancipated minors do not have legal capacity, they can carry out banking operations, such as opening an accountAbre en ventana nueva, through their legal representatives (usually their parents), who must be present at the time of opening the account.
Opening an account in the name of a son, a daughter, or even grandchildren, is common and can be a good tool to teach young people the value of money and the importance of saving. Having an account allows them to become familiar with the management of their finances from an early age and acquire financial skills that will be useful to them as they grow.
Some entities offer current, and savings accounts specifically aimed at minors, at no cost or with reduced commissions.
In addition, some of these accounts contemplate, from a certain age, the use of debit or prepaid cards, which allows them to make small purchases and withdraw money from ATMs always under the supervision of their parents or guardians.
These accounts can also include online banking features, making it easier for young people to track expenses and account balance, which helps them develop a sense of independence and responsibility with their money that is also safely stored.
Important: Although the owner of the funds deposited is the minor, representatives can make income, withdrawals and other operations on the account. When the minor reaches the age of majority, he will be able to operate on his own with total normality.
“Disclaimer: Please note that this is a translation of the original in Spanish that has been obtained using eTranslation (the machine translation tool provided by the European Commission), with the intention of giving you a basic idea of the content in English until a human translation becomes available. The Banco de España accepts no liability whatsoever in connection with this translation.”
