Child accounts for premium parents

Basdg

I love the bunq family, but i miss some options for my real family.

Why should parents pay a full premium membership for their (newborn) kids?

For taxes it might be very intresting to open a bank account for the child on their own name. However as a parent you should be in full control of their account till their 18th birthday.

bunq should offer free child accounts for premium parents, at least for savings.
kids below 18 dont need the a full bunq account with all the premium features. The parent should be able to limit some features.
it would be Great when kids can ask their parents for expense permission (just like apple is doing with purchases in the app Store with family sharing)

Maybe other great ideas to make the bunq more family friendly?

Petervdv

Bas You seem to want to control and limit the financial possibilities of your children in quite some ways. That of course is your right, but I'm not sure if it fits the bank of the free to offer this.

sellisamat

Bas You can give an or more IBAN from your 25 accounts to your kids. You have the control.
You can give 1 of your cards and/or you can make 5 virtual online cards and connect with your ‘kids’ account. You have the full control!
In which Bank, without bunq can you do that?
My kids have own accounts since 2017 (11 and 17). And no! I don’t want to control everything, I control that, they get the pocket-money every week. After that point, the money is no more mines 😝😝😝

RalphXD

Bas Kudos!! Your idea has become a reality. Sort of.. :) I'm sure you have the +1 kid account by now, please let me know what you think in my thread here.

Arnold-Red-Leopard

I really like the idea of having access to accounts for my kids.

Basdg

Petervdv 🏳️‍🌈 Control and protect financial possibilities yes. I assume bunq dont point to “break free kids". I can imagine your argument for kids > 16yrs, i am happy when the "control and protect" mode is available till their 16th bday.

Mat64

As far as I know there is no bank in the Netherlands that gives parents complete control over the account of their minor child over the age of 12 years.
I do agree whiff you that pre-teens don’t need a full bunq Premium experience. And bunq doesn’t offer something in that direction, as the bunq free account doesn’t fit the need as well.
How ever limiting your teen in using day to day bank account will hurt their education on banking. They need to be able to make mistakes, that is how they learn. Also this could hurt your relationship whiff they in the long run.
Yes, I do think a parent should have limited access to the account of their child but in every fase of life the degree of access should be limited to the level that is acceptable to all (law, bank (bunq), parent’s and child).

In the OP it say’s it could be interesting for taxes, this of course differs from country to country. But this should be the reason to give your child their own bank account.

As far as making bunq more family friendly I don’t agree this should be a focus for bunq.

And for very young children an real savings account is often better.

Petervdv

Tamas 🇪🇺🇦🇹🇭🇺 Do mind that in this construction you are still legal owner of the money, so also for tax purposes. And giving a card to your kids is not allowed by the bunq rules.

Not saying you can't do it, but just pointing out some things / possible issues :).

FlyingHans

Tamas 🇪🇺🇦🇹🇭🇺 But the child does not have its own login to that account number and view and manage their own account and so learn how to deal with money and savings.
If I give one of my 23 accounts numbers and card, she would also need to login to my account to have an overview, but then can also access all my other 22 accounts, make payments and make changes to settings, codes, cards etc. That is not advisable I think.

Just make a €1/month children membership, with 1 card, 3 account options (checking, saving and a third for example). That way they can share their account with me, if parents and child might agree to have some oversight. Or not. And that way the child can manage it’s own account, payments, savings for whatever etc.

And that is arranged by many banks nowadays, for free...

pbruins84

Petervdv 🏳️‍🌈 And giving a card to your kids is not allowed by the bunq rules.

Are you sure this is not allowed?

Bunq even suggests it here (at the bottom): https://together.bunq.com/d/2961-how-do-i-open-an-account-for-my-child

ReinieR-Together

Petervdv 🏳️‍🌈 Lending cards to 3rd parties is not allowed. But since a parent is a legal gardian you're seen as one party.. That's why it's allowed. Keep in mind that the legal guardian will be fully responsible for all expenses when the child is on your account. But it is legal.

In general kids withouth a passport are always added to the passport of the mother/father as well. Because they are seen as one.