Belgian law does not set any age limit required to have a current account. However, it does demand that the child be sufficiently aware about money matters.
That being said, the banks can determine themselves the age from which a minor should be capable of managing their bank account.
At ING, for example, a child can manage their own current account from the age of 8. So once your child is deemed to be sufficiently mature to understand the basic principles of money management, you are free to open a current account for them.
However, barring exceptions, a minor cannot open a current account by themselves; the application must be made and signed by the child’s parent(s) or guardian.
"}},{"componentType":"highlight","title":"Good to know","richBody":{"value":"At ING we often use the term ‘sight deposit account’ to refer to the current account. It’s a simple semantic variation because it’s actually the same thing!
"}},{"componentType":"sectionTitle","title":"What can you do when your child is not yet old enough to have a current account?"},{"componentType":"paragraph","richBody":{"value":"A child who does not yet know anything about money and does not need to spend money themselves can nonetheless have a savings account in their own name. You can open a savings account for your child right from birth.
"}},{"componentType":"sectionTitle","title":"How can you know if your child is ready to have a current account?"},{"componentType":"paragraph","richBody":{"value":"A child’s age does not always reflect their maturity. So even if a child is of age to have their own current account, it is a good idea to make sure the conditions are right beforehand.
A few questions you should ask to know if your child is old enough to have a current account:
With this information you will be better positioned to set the rules for using this account, rules that will be specific to you and your child.
Finally, note that banks already impose a series of fairly strict rules concerning current accounts for minors, such as a daily spending limit (which varies depending on the bank) or an absolute ban on having an overdraft. (You can check out ING’s basic limits at www.ing.be/limits)
"}},{"componentType":"sectionTitle","title":"Who is the holder of your child’s current account?"},{"componentType":"paragraph","richBody":{"value":"Your child is the holder of their own current account, even while they are still a minor. However, up to the age of 18, the child’s parents/guardians are entitled to manage this account.
Good to know! If your child is old enough to have a student job, i.e. 16, then a current account in their name could be used to lodge their wages.
"}},{"componentType":"sectionTitle","title":"Who can withdraw money from your child’s current account"},{"componentType":"paragraph","richBody":{"value":"If your child has a bank card, they can withdraw cash in euros from their account. (You can check out ING’s basic limits at www.ing.be/limits)
In addition, parents can withdraw money from their child’s current account and even, barring exceptions, from their savings account, if it is in the child’s interest.
Note that guardians must respect the powers assigned to them by the justice system.
"}}]},"legalZone":{"flexComponents":[{"componentType":"sectionTitle","title":"Legal information"},{"componentType":"paragraph","title":"Concerning the ING Go To 18 Account","richBody":{"value":"The ING Go To 18 Account is a current account reserved exclusively for young persons under the age of 18. Subject to acceptance by ING and to mutual agreement, the opening of an ING go to 18 Account is carried out with authorisation by the minor’s legal representative. No charges are levied for maintaining the account or cash withdrawals in euro from cash dispensers in the SEPA-zone.
The ING Go To 18 Account is automatically converted to an ING Do Basic Pack on the day your child turns 18.
Terms and conditions of the ING Go To 18 Account (regulations, rates, the Fee Information Document and additional information) are available at all ING branches, at www.ing.be or by phone on 02 464 60 04.
Fee is subject to change by prior notification.
"}},{"componentType":"paragraph","richBody":{"value":"ING Belgium NV/SA – Bank/Lender – Marnixlaan/Avenue Marnix 24, B-1000 Brussels – RLP Brussels – VAT: BE 0403.200.393 – www.ing.be – Insurance broker, registered with the FSMA under the number 0403.200.393 – More information about ING Belgium NV/SA.
"}}]}}}