At what age do people in your region/country usually get their first bank account?

35 comments

1. it’s usually sometime in high school (15-18yo). i got mine at 17

2. Around baptism age. They can get a card at 13 and access to change or add accounts at 15. But of course, all of this depends on the financial savviness of the parents.

3. As far as I know, 14 – is a minimal age, I got mine at 14 to pay for WOW.

   But most banks have “kids” card that tied to a parent’s account that parent control and can give allowance and manage limits. No idea what is the minimum age for those.

4. Banks really push setting up an account for your baby as soon as they are born. And for many people that is just what they do.

   Otherwise somewhere between 0 and 14 (14 use to be the age where you could have a cash card/debit card, this has now changed).

   Having a current account and a savings account is relatively common. About a 1/3 of low income families don’t have a saving account however

   Basic bank accounts (saving and current) are free

5. I would say most people get their first account in the last couple of years of primary school, so around 14. And they are usually free for students.

   After that they are usually something like €5 per month, but you get certain benefits with it, that used to be a separate charge, like ebanking, a certain amount of free transfers, etc.

   And I’m not sure if multiple accounts are common. I guess having a separate savings account is, but that’s it. I think most banks won’t even allow you to have more than one account, unless you’re a company.

6. I got one as a toddler back in the 80s when my grandpa was too old to drive, sold his old Datsun and split the money with his only grandkid. I think I got a few thousand marks that my parents invested for me.

   Now we have a 6 week old son who among other things got 200€ from his great grandma for Christmas, so we’re going to open an account for him and start investing a bit for him as well. I’m pretty sure he’ll need a name to start an account, though, so we’ll have to wait until the paperwork is processed by the state first.

   All in all, based on my personal experience kids around me over the decades seem to get accounts when they need one, so when they have some money of their own. Our family is probably quicker than most, but plenty of kids have an account before they’re 10.

   I think it’s good to start early, so the kids can start to learn about handling money in an age appropriate way as they grow. Also it’s a good idea to start investing a bit early for them since children have a long time to grow their investments, if the family can afford it. It’s nice to have a little money saved up by the time they’re starting their independent life one day.

7. As a child I had savings books (for whatever reason from 3 different banks) to put in the piggy bank money. At age 12 I got a “update” proper account with bank card (no over drafting of course) at the house bank. Usually accounts are free till 18, if you’re doing an apprenticeship or are a student you often can get a couple of more years for free. At my bank there is a “young” people account I had till 32 or 33 for 3€/month including a debit credit card. Then I officially was too old and had to switch to the normal accounts that range between 5-7€/month.

8. That’s very individual, I got mine when I started at University(19).

   I’d assume nowadays it’s probably earlier, but back when I was at High School literally no one I knew had bank account.

   As student it was free, but as I grew older, also fees grew( 0.20 €, 0.50 €, 1 €, 2 € and nowadays 5.90 €/month).

9. Pretty common for a savings account or some kind of asset that matures at 18 at birth. In terms of a regular current account I (27 y/o) had one at 13 to pay for MMOs but it wasn’t hugely common at the time. They’re more common for children now (most banks let them open at around 7ish).

   They’ll often have preferable rates to adult accounts and will only be available to children. You can add controls to them like daily limits, no gambling and no porn etc.

10. Around the age of 13 I believe, maybe a year +/-. I got mine at 12. You usually just have a regular account and a debit card connected to it. Usually the account is free for everyone under 18.

11. Birth, as we are allowed to save up to €5.500 per year for a child, tax free.

    This is seen as a tax free donation from parent to child
    if they have a bank account.

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13. I made to my youngest daughter regular bank account with debit card when she went to school, e.g. got 7 years old. She also has app where she can check account balance and make transactions. She is now 10 and has actually made some transactions to older sister and friends. I have on my own account set up regular automated transactions to pay pocket money to my children accounts on each Friday.

    For students all services are free of charge.

    I think bank account you may have as soon as you have id document, e.g. weeks after birth. I don’t know about debit card or internet banking agreement ages. By 7 all those were available, I’m guessing that those are also available from birth. All changes in bank contracts must be made by parent until child is 16 years old. On the child 18th birthday all parent rights related to child account are revoked.

14. Saving books as kids, then most people usually get some form of bank account or prepaid card at around 16-18 years old.

15. Nothing speaks more of adulthood than being summoned for anti-laundering checks (yes, we have them too, despite what you may think)

16. Minimum age to get own bank account in Bulgaria is 14, kids basically need one if they get a scholarship for good grades. It’s free of charge until 18.

    My bank charges 5 euro/month for account maintenance. It’s rather expensive, but I’m content with the service. I’ve had accounts in other banks and I’ve closed most of them because I became pretty unhappy with their service. I’ve opened new accounts when I took out mortgages, because a certain bank at the time had the best interest rate. Some employers say they only work with a particular bank and they try to force the employees to open an account in that bank – it often works.

17. According to a succesful hustler:
    5-10 years before being born.

18. 0 for savings account, 12+ for current account. I think it’s 12 euros a year in fees for the current account with bank card.

19. My children have had their own current accounts since 12.

    Money in trust given by relatives was held in separate accounts till they are 21.

20. I was 8 or 9 when my parents opened one for me. Although I know people whose parents didn’t open one for them until they were 16-17. Those people then opened one when they were 18.

21. In Ireland the banks all seem to hold art competitions for children at school, probably aged around 10. And I think part of the terms and conditions of entering is opening a bank account. I recently rediscovered after about 15 years that I had an account with one of the banks with about 5 euro in it.

22. I had a Visa “cashcard” from when I was about 11-12 when I started high school. It’s like a child / teen bank account. That’s not including savings accounts my parents opened when I was a kid which I didn’t have access to and still don’t at 27. It’s my wedding fund… 😂

23. I got mine only when I got into university, around 17/18, the bank card they gave me was also my university card (opening an account is optional but it’s free for a while). My parents didn’t open an account for me but maybe that’s because we were middle-low class. I don’t know how it is nowadays but some of my friends had savings accounts while growing up.

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25. Saving account from birth, I got my first paying account (debit) at age 12 when I went to high school. I know kids who get their paying account younger these days.

26. Whenever some relative first thinks of giving them money – can be birth, or never, if all your family are poor. Typically the more wealthy you are, the more likely your parents or grandparents open some kind of trust fund or other investment vehicle for you, while I think most families will open a bank account for their children in the first few years as a means of saving for the future/teaching them about money. Our local banks, like most German banks, offers kids and students free banking, so it’s normal to open a second account in your child’s name. Then when they leave home, our experience has been that they might keep it out of convenience, but are more likely these days to shop around, especially if they move away.

27. There’s been a bankaccount in my name literally since I was born, but I was only given access to it at 18. I first bank account I had access to was at around 13 or 14, don’t remember exactly but it was around then.

28. Some time in their teenage years, with some stuff coming later, some time between 18 and earning their own money (ability to overdraw, credit card).

29. I got mine at 13 when I had my first job:) it’s under my control but my Mum was ‘responsible’ until I turned 18. Completely free. After I turned 18 it changed into a student account which is also free, although I don’t know how long for. I have a second one which I pay for, like €1,29 per month.

30. I think most people get their first account as kids, often near going to school or starting a hobby (so when they might have to buy some own food outside), like 7-8 years old. You can open one to a kid from age 6 at my bank.

    I am not sure how common having several accounts is, but it is not unusual. Either at different banks (some years ago the services they offered varied more) or for different purposes. (And actually a credit card automatically makes a new credit account, and pension funds do that, too, but these are usually not counted as real accounts by people, though theoretically they have their own account number)

    I personally have 4 accounts,1 at SEB bank that I have not used in ages, 3 at Swedbank: one everyday account, one for “emergency backup money” that serves no other purpose than just being visually nice to have it as a separate one and it’s also not connected to any cards so I cannot accidentally spend it, and then a special investments account, that is good for legal and tax purposes, as I can re-invest the interests money without having to pay taxes each time.

    Additionally, 3 accounts are generated for me that we don’t usually count as accounts: my credit card, my state pension fund, my voluntary pension fund. (Our pension system has 3 components, having these two funds in addition to the basic state-provided one).

    Opening an account is free.

31. IIRC, a minor can’t open a bank account by himself, but their parents can in his/her name.

    While there’s no legal minimum age, banks usually allow a minor to have an account when they’re 14 years old. They’re called the “young accounts” which don’t have any fee, that can be used until you’re 21-30, depending on the bank’s conditions.

32. I got my first bank account at 18 when I moved to university. It’s free of charge until you’re 30yo. Before that I used pre-paid cards.

33. I don’t know what age I was, but I have had a bank account for as long as I can remember.

    I have two kids, and I set up accounts for them within 1 month after they were born. They both have a special savings account that they cannot touch until they are 18 years old (the money is invested, so it gives a decent return).
    They also both have a normal account. From the age of 7, kids can have access to their account through a special kid-friendly app, so they can keep track of their own savings and allowance and so on. Everything is free of charge for the kids in the bank, except a handling fee on their investments). The bank even give them small presents when it’s their birthday.

    I got a debit card when I was 13, not sure what the age requirements are now.

34. Back when I was a kid, the minimum age was 13, I believe, and that’s when I got my first card.
    Nowadays, thanks to fintechs like Revolut, you can get it as early as 7 y.o.

    And yeah, it’s very common to have several accounts. I have six myself.

35. I (30M) got my first bank account at the age of 18. But my sister (29F) still has no account. She shares it with our mom.

    My bank account is free of charge. I pay for having a paying card 7 PLN (it’s more or less 2 USD) a month if I don’t use the card to pay at least 300 PLN (less than 100 USD) a month.

    Note almost no one uses credit cards here, only debit cards. Its because it’s against the law to get points for using credit cards in here. Which I think is a way to get Americans to use credit cards.