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ING child account

A combined savings and payment account for children under 12.

The ING Child Account is a way for parents to help kids get a head start on their finances. The account offers a way for children to manage their pocket money, save and also spend with their own debit card. As a parent, you are able to supervise the account.

This review will take you through the features and fees of the ING Child Account to help you decide if this is the right account for your child.

How does the ING Child Account work?

The ING Child Account is a bank account for children up to the age of 12 in the Netherlands. The account lets kids receive money, such as pocket money, and get a handle on their finances from a young age. The account comes with a personalised debit card and allows you to keep an eye on their account through the ING app.

What features come with an ING Child Account?

  • Flexibility. The account acts as a combined savings and checking account. Once your child turns 12, ING will automatically convert the to an ING Youth Account.
  • Easy access for parents. Parents can easily access the account through the My ING app.
  • Customisable limits for your child’s safety. Your child can never overdraw on their account. Parents can also adjust debit card payment limits, debit card withdrawal limits and bank transfer limits. You can also opt to receive messages when your child spends a large amount.
  • Low fees. There is no account management fee and you’ll be able to deposit funds without cost 12 times a year. After this, you will have to pay €6 per deposit.
  • Mobile banking. The ING Mobile Banking App is available for children aged eight and above. This allows your children to keep an eye on their balances, set savings goals or make payments.
  • My Debit Card. This personalised debit card can be designed by your child. Parents who are interested in providing their child with a debit card must apply for this feature.

What fees apply?

Take note of the following fees before signing up for an account:

  • Monthly fee: €0
  • Debit card fee: €0
  • Cost of foreign transfers: €6
  • Cost of replacement a debit card: €4.50 per card
  • Deposits: Free up to 12 deposits per year, after which is it €6 per deposit.

Other fees may apply depending on how you use your account and what additional features you opt for.

Pros and cons

Pros

  • An easy-to-use account for your child to save
  • Personalised debit card
  • Easy transition into a Youth Account
Cons

  • No interest earnt on savings
  • Limit of 12 free deposits a year

How do I sign up for an ING Child Account?

Parents can apply for an account on behalf of their children. Keep in mind that as a parent, you must first hold an ING Payment Account and Mijn ING.

To sign up, visit the ING app and under products, select the child account. Follow the instructions to sign up. This will involve providing details such as your name, your child’s name, proof of identity and proof of residency.

Within five business days, you will receive a confirmation letter, a welcome gift and a debit card if you have opted for one. Following this, you can set up push notifications and customise controls.

Frequently asked questions

Bottom Line

The ING Child Account is a great way for parents to help their kids receive money and manage it. It comes with a range of security features and customisable limits to help your child’s money stay safe and secure. If you want to give your child more financial responsibility, you can also opt for a debit card and enable mobile banking features. Considering these benefits, the ING Child Account is definitely worth considering.

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