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What are the best savings accounts for children?

The financial education From an early age it will always be a great option and although we do not doubt that it is a good idea to have piggy banks at home, the possibility of growing your money sounds very interesting and allows children to learn about saving.

For this reason, almost everyone banking institutions in Mexico they offer savings accounts for children which enables infants and you to set real savings goals and learn to have better financial education that helps to create good habits from an early age.

Now, in terms of best savings accounts for kidswe want to share with you three options which will definitely meet your needs: HSBC, BBVA, Aztec Bankespecially since they are easy to open and offer several options and the little ones will love the process of going to the bank to open their own account, an experience they will no doubt have.

The best savings accounts for children

HSBC Minor Flexible. This is by far the best savings account for children, because you can open it from one peso and it also offers you a yield that ranges from 0.50 percent to one percent, but in order for it to give you such an interest rate, you need to have a minimum average return of 10,000. pesos.

Other benefits that this savings account offers for children are that you have the money available through a debit card and you can check your balance and withdraw up to seven thousand pesos a day free of charge, either at an ATM or at a window, either. it charges you an account management fee, it does not ask you for an average position and it does not charge you a pension or membership.

What are the best savings accounts for children PICTURE: FREEPIK

Link Card to BBVA. This is another favorite savings account for kids, where you can also open it with a peso. It does not charge you an opening fee or a management fee or the minimum balance required.

In addition, your children can choose the design they like best and electronic financial transactions are very simple. The only thing is that it does not offer an annual rate of return, but you can even open it online, to avoid going to the bank.

Guardadito Kids by Banco Azteca. When it comes to how much savings for kids are, this is a favorite as you can open an account with pesos and branches are everywhere, but you are charged for the plastic, its annual return is 0.10 percent and you have to maintain a minimum of 10 pesos so that you are not charged a fee.

The inconvenience of Guardadito Kids is that the bank charges various fees, such as checking the balance, printing out financial movements and others.

Requirements for withdrawing a collection account for children

Three of the aforementioned banking institutions are requesting the following requirements for opening a savings account for children:

  • Birth certificate of a child
  • If the minor is a foreigner, an apostolic birth certificate
  • Voter ID, father, mother or guardian
  • Proof of address not older than three months
  • opening amount

As you can see, it is very easy to open a savings account for children and the possibilities are endless, depending on the branch closest to you, but what we recommend is that before you hire an account, check which bank it is. It offers a higher return and charges you a lower fee for movements.

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Also, ask about expenses such as collecting pensions, renewing a card, maintaining a minimum balance, and choosing a savings account for children that suits your family’s needs.

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