In spite of the discounts, it is true for bank accounts for young people that there may be significant yearly differences of 5-10 thousand HUF between different offers.
There are several forms of child-related savings that receive government support, such as baby bonds, which can save up to millions of dollars by the time the child concerned turns 18. You can also start saving for their name.
Out of the many bank accounts available on the market, schemes designed for young people and children offer many discounts, but there may be differences in spending, according to Good Finance’s Children’s Day, which also presents savings for children.
Bank accounts for people under the age of 18
There are bank accounts for people under the age of 18 that are completely free to use , not only initially but for years at no cost.
The credit card attached to the account can also be free for 1-2 years. Cheaper constructions do not cost more than 1-2 thousand HUF a year. However, there are banks where the account is initially free, but the annual cost may increase to $ 5,000 to $ 5,000.
Before opening an account
it is worthwhile to assess what services the account offers free of charge and what operations you have to pay for. The bank account opening, however, is definitely justified because the kids so you can start to consciously manage their finances as soon as possible “offer a separate banks for the 18-26 age group, but are also among those differences:. HUF 1-2 thousand edition of the lowest-cost accounts but there are constructions costing more than 10 thousand HUF.
The specialist said there were several child-related savings
But not everyone knows them. One savings scheme is a 19-year baby bond that can save your baby from birth until they reach adulthood. The interest rate on the baby bond is inflation-linked , with a 3 percentage point premium , bringing the annual rate to 5.4 per cent from February this year. The state subsidy is 10 percent of the parent’s contribution to the baby bond, up to a maximum of HUF 6,000 a year, so a monthly payment of up to HUF 5,000 can accumulate savings of up to millions.
If households fit into the budget, and the family plans in housing consumption – say, buying a home, any renovation or home loan repayments – then you should start building savings contract and the children, which HUF 72 thousand state aid act in case of payment of HUF 20 thousand per month per year. According to Erika, apart from the state subsidy, home saving schemes are also advantageous because they can be chosen from a wide range, they can last from 4 to 10 years, and during this time all households are likely to use for residential purposes.