At what age can you open a bank deposit and manage money?

Elena Pazina

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Many banks offer a service such as a children's deposit, on which, upon reaching the age of the child, parents can save a decent amount. Under certain conditions, the child himself can put money into the deposit. We found out at what age you can open a deposit in a bank, at what age a child can do this himself, who can use the funds and withdraw accrued interest.

Grounds for opening an account for a minor child

At Sberbank you can open both a deposit and a regular current account for a child. Bank employees will offer individual options, depending on the life situation in which the child will use the banking product. If a minor needs to receive regular transfers (when studying away from parents, receiving alimony, benefits, etc.), then it is more convenient to open a current account. A deposit is more suitable for accumulating and accruing interest.

Minor citizens are divided into three categories, according to the civil code of the Russian Federation:

1. Competent minors under the age of 14, transactions on whose behalf can only be concluded by parents or guardians (Article 28, paragraph 1).
2. Partially capable minors aged 14 to 18 years, who can make transactions independently, but with written confirmation from their parents or guardians (Article 26, paragraph 1).
3. Competent minors over the age of 18. Full legal capacity can also occur at the age of 16 by decision of the court or guardianship authorities, if the child officially works under an employment contract or conducts business with the consent of parents or guardians.

It is these categories that determine the grounds on which Sberbank decides whether it is possible to open an account for a minor child:

1. Until the age of 14, only parents (guardians) or close relatives can open a savings book, deposit or current account for a child. The bank will need to provide the child’s birth certificate, passport and Taxpayer Identification Number (SNILS) of the applicant.
2. After turning 14 years old, a child can open a savings book, deposit or current account independently with the written consent of one of the parents (guardians). Both the child’s passport and the passport of the parent who signed the consent are provided to the bank.

Features of a deposit issued to a person under 18 (16) years of age

When the above person, or her guardian, decides to terminate the deposit agreement, the following actions must be taken:

• If this process will be carried out at a time when the person for whom the account is opened has not reached the age of 14, it is necessary to present: the passport and INN of the guardian, the birth certificate of the future owner of the deposit, a savings book issued in the name of the child, written permission of the representative guardianship or trusteeship authority (this situation is discussed before concluding a deposit agreement).
• After checking the provided papers, if the result is positive, the bank will cancel the agreement and pay the due amount of money.

Procedure for registering an account for a minor child

When evaluating the offers of different banks and financial organizations, it is worth paying attention to how old you can open a deposit or current account for a child. As a rule, you can draw up an agreement from the birth of the child, and such services will differ only in interest rates.

The procedure for drawing up an agreement to open an account or deposit in a bank is practically no different from the standard one. The applicant is required to provide Sberbank employees with his passport, TIN (or SNILS), the child’s birth certificate or passport, or written consent from the parents. If all documents are in order, an agreement is drawn up and signed.

To receive passive income, you can also open an account for your child for savings. The amount of interest will depend on the period of use of the deposit. The highest rates are charged on deposits with a maturity of 5 years or more, which can be replenished, but negotiable transactions on them are prohibited.

The previously popular deposit options “Until the age of majority” are no longer in demand and are gradually being removed from Sberbank’s offer line.

Procedure for opening a deposit for a person under 18 years of age

When opening an account for such a person, in order to accumulate finances, it is imperative to choose the right bank and savings program. In this regard, most banks are making a proposal to increase the rate on deposits opened for a minor for a long period (for example, 1-5 years). As you know, these deposits can be replenished, the down payment is minimal, but expense transactions on these accounts are not provided. And so, we can say that “deposits until the child reaches the age of majority” are not popular these days.

Features of using a minor child's account

After signing the agreement, parents (guardians) become full users of the account. A contribution for a minor child does not require any special participation other than replenishment. Negotiable transactions on the account are carried out only by the parents; sometimes the approval of the guardianship authorities may be required. Upon reaching 18 years of age, a child can perform all operations independently.

Being between the ages of 14 and 18, a child can freely withdraw from the account funds transferred to him or herself, and funds transferred by third parties only with the written consent of the parents (sometimes the guardianship authorities).

Sometimes it becomes necessary to terminate the agreement with the bank and close the account or deposit. In this case, certain rules apply regarding minor children:

• For children under 14 years of age – to present to the bank you will need a passport of the parent or guardian, the child’s birth certificate, a passbook in the child’s name and an agreement. In some cases, the bank may require the consent of the trusteeship and guardianship authorities. If the documents are in order, the contract will be terminated and the due amount of money will be paid to the applicant.
• For children aged 14 to 16 years , the parents and the child themselves have the right to terminate the contract. The difference is that the child will also need the written consent of the parents to terminate the agreement. After termination of the contract, all accumulated funds will be paid to him.
• When a child reaches 18 years of age, it is enough to present a passport, savings book and agreement to the bank. Even if the deposit was made when the child did not have a passport, he has the right to close accounts opened in his name using the received passport independently.

The Civil Code of the Russian Federation does not clearly describe the rules according to which parents or guardians are required to notify the guardianship or guardianship authorities of their decision to close the account of a minor child. However, banks often do not want to take responsibility for approving such a decision: parents may be considered unreliable, deprived of parental rights, or shirk parental responsibilities.

Therefore, on the basis of the Family Code of the Russian Federation and the Law on Guardianship, Sberbank puts forward a requirement to its clients that when closing the account of a minor child, it is necessary to notify and obtain the consent of the guardianship authorities.

Upon reaching 14 years of age, the child has the right to independently close the account and receive the accumulated money

“Replenish” deposit from 14 years old

For clients aged 14-18 years, the “Replenish” and “Replenish Online” deposits are recommended. To open any of these deposits you will need 1,000 rubles. According to the agreement, the depositor and third parties have the right to deposit any additional amounts at a convenient time. The bank offers this product as an opportunity to save for adulthood. The conditions for placing a deposit are presented in the table.

The deposit allows you to accumulate a significant amount until the child comes of age. For example, if you open a deposit from the moment of birth for a minimum amount of 1,000 rubles, and replenish it monthly with a similar amount, then by the time you reach adulthood, the account will have approximately 278,442 rubles.

Higher interest is charged when concluding a contract for 2 years. Next, the deposit is automatically extended with the interest rate set at the current moment. The terms of the agreement provide for the capitalization of interest. From the age of 14, a child has the right to cancel capitalization and transfer income to a bank card.

If the deposit is closed early, interest capitalization is reset to zero and income is recalculated.

When you open a “Replenish Online” deposit through your personal account, the profitability of the deposit increases:

After receiving a passport, the teenager gains the right to partially manage the deposit. He can deposit money and transfer interest to a bank card, canceling their capitalization. The owner is allowed to freely withdraw his own funds:

• personal contributions;
• salary;
• cash prizes and bonuses for participation in competitions and olympiads;
• unemployment benefit;
• scholarship.

You cannot withdraw third-party funds without the permission of the guardianship and trusteeship authority. Such means include the following:

• alimony;
• pensions and benefits;
• contributions from third parties;
• insurance and inheritance payments.

Legal representatives have the opportunity to limit the rights of a minor to use the deposit. To do this, it is necessary to prove to the guardianship authorities that their ward may spend funds unreasonably (for example, on alcohol, drugs).

Other types of deposits

In addition to the “Replenish” deposit, other types of deposits are available in your personal account. General tariffs for these programs are presented in the table.

The presented deposits are not very popular among clients aged 14-18. The “Save” deposit does not allow you to add funds, so your savings will increase only due to a small percentage. To open an “Manage” account you will need an amount of at least 30,000 rubles. Managing the deposit will be complicated by limited opportunities for a minor: a ban on withdrawing funds from third-party sources without the permission of the guardianship authorities. The “Catch the Profit” deposit provides for a minimum contribution of 50,000 rubles and is a temporary promotion.

Standard form of deposit agreement

Conditions for placing deposits in Sberbank PJSC

Opening an account in precious metals for a minor child

Unallocated metal accounts (UMA), which store bullions of precious metals (gold, silver, platinum or palladium), are becoming increasingly popular among parents seeking to open a deposit for a child under 14 years of age. The profitability of such accounts depends on the price of metals on the market.

The procedure for opening such an account for a child is similar to the procedure for opening a standard deposit. If it is necessary to close an account or partially withdraw funds from it, for children under the age of 14 years, the consent of the guardianship authorities is required. Upon reaching 14 years of age, all you need is a passport and written parental consent. This is a standard rule for most Russian banks, including Sberbank. Some financial institutions require notification of guardianship authorities before reaching 18 (sometimes 16) years of age. It is better to clarify such requirements before signing the contract.

Unallocated metal accounts are attractive from the point of view of minor fluctuations in price rates, which gives relative stability to their safety. Opening them is only beneficial in the long term. And close market fluctuations at the right moment, when the price of the metal reaches its peak.

Opening an account or deposit in the name of a minor child is not a complicated procedure. Sberbank offers its clients a variety of conditions for servicing and using such accounts. By correctly calculating the time and amount of investment, you can provide your child with significant assistance in entering adulthood.

Making a deposit in precious metals

The process of opening and terminating impersonal metal accounts for accumulating funds for children under 18 years of age is no different from the actions when opening a regular deposit. The same rules apply to a person under 14 years of age.

But if the depositor has reached 14 years of age, in order to cancel the agreement, the bank will require the presentation of an application from the person in whose name the current account was registered and parental consent. This also applies to persons aged 14 to 18 years. This rule applies to most banks, including Sberbank.

Some financial institutions may request permission from the guardianship and trusteeship authorities even when the child is already 14 years old, but not yet 18. It is better to clarify this point with the employees before concluding an agreement with the bank.

According to experts, placing such savings is quite profitable. But it is beneficial only if the investor is sure that the invested funds will remain in the bank for at least 5 years.

And if market conditions change for the worse, the period will need to be increased.

This method of investing is an excellent method to make start-up capital for your children. The main thing is to withdraw funds when the metal reaches the peak of its value.

Why does a child need a card?

One of the criteria for a person’s financial literacy is mutually beneficial cooperation with banks. Getting a bank card at an early age means getting an excellent opportunity to get to know banking services better. Having a plastic carrier for children has the following advantages:

• the opportunity to learn how to use a modern means of payment;
• increased level of security;
• you can quickly get the required amount of money;
• the ability to independently plan available funds;
• all expenses are controlled by parents, they receive SMS notifications about them;
• children learn to accumulate savings.

Why do you need an account?

First of all, you need to decide what is meant by the concept of “bank account”. In any modern bank you can open several types of accounts:

• settlement – ​​for receiving funds and making non-cash payments;
• credit – to receive borrowed funds from the bank;
• accumulative or savings - for storing money and receiving interest;
• current or card – for receiving money, cashing it out, making non-cash payments.

Current accounts are usually required by individuals conducting business activities. With their help, of course, you can carry out operations such as repaying loans or paying utility bills. But this is unlikely to be convenient for most citizens, especially teenagers.

Credit accounts can only be opened by persons who have reached the age of 18, and in some banks even 21 years of age. Before reaching adulthood, it is not possible to get a loan even from microfinance organizations, not to mention banking organizations.

But the last two types of accounts are quite accessible even to those who have not reached the age of majority. True, their use will occur with some restrictions . Let's tell you more about them.

How to open a bank deposit

All deposits of "People's Bank" are processed subject to the availability of appropriate documents, depending on the selected package.

To open an account you must present:

• ID card (passport);
• an identification number;
• a document that confirms the client’s social status (for the priority group).

If an account is opened by third parties in the name of another person (an adult or a minor), it is necessary to provide a power of attorney certified by a notary from the depositor or his legal representatives.

Types of Sberbank cards for children and youth

Sberbank produces a fairly wide range of payment instruments for children and youth. They are divided by age categories, which form the conditions of service. For example, a debit card is issued to persons of any acceptable age category, and a credit card is issued only to those who have reached the age of majority and provided that the holder is an employed citizen.

Children's 7+

7 years is the minimum age from which you can operate a plastic payment card. The issuance of a financial resource is possible only if it is registered in the name of a parent, which gives the latter the opportunity to fully control the existing charges and payments made by the child.

This happens through regular SMS reports, a kind of statement that the bank sends to the parent’s mobile phone. An SMS is sent after each transaction made using an additional card. Also, from this age you can use Internet banking as part of information notices.

Youth 14+

Sberbank’s special program, which is aimed at providing financial services to young people, issues payment cards for persons over 14 years of age. Upon reaching this age, a payment instrument is issued for a teenager in two ways:

1. On your own passport in the presence of your parent. This option involves setting a limit on transactions. However, this type of card has minimal adult supervision.
2. Linked to the parent's bank account. A convenient way to create a card for a teenager, if we consider this issue in relation to parents. The fact is that this link provides the parent with full access to reports on financial transactions made by the child. An adult also has full authority to manage the card's capabilities. This means that he can set a specific amount that is the maximum to be written off in a certain period of time (for example, daily or monthly). Therefore, you should not be afraid that a child receiving money from a joint account may spend all his savings.