Parents and grandparents welcome! Opening a bank account for your children is an excellent way of teaching them about financial management from an early age. This guide will help you choose the best bank for your children in Switzerland.
Discover the best accounts for hands-on financial education!
Why open a bank account for your children/grandchildren?
🪲 Little beetle wants to learn…
Opening a bank account for your children or grandchildren is important for their financial future. It helps them understand the value of money, learn to save, and manage their expenses responsibly. By supervising their transactions via mobile apps, you can guide them through their first financial experiences. This prepares your children to become economically responsible adults and protects their savings against loss or theft through control features.
Criteria for choosing a bank account for children
To choose, it is essential to consider several important criteria:
💸 Bank charges: opt for a bank that offers accounts with low or no charges. It’s not worth it otherwise.
📊 Interest rates for savings accounts: compare the interest rates offered by different banks.
🎓 Educational virtues: look for banks that offer suitable tools for teaching children about money management.
🔒 Security of funds and transactions: choose a bank that offers robust security measures and real guarantees.
📱 Accessibility and ease of management: opt for a bank with a user-friendly, ergonomic mobile application.
Comparison of the best Swiss banks for children
Neon
Neon is a digital neo-bank for young people aged 16 and over. It stands out for its no-fee accounts, which are particularly attractive to young users.
- Minimum age: 16
- Offers and services: Free debit card, low-cost foreign currency transfers, intuitive mobile app.
- Advantages: No fees for most services, free withdrawals abroad.
- Disadvantages: No free cash deposits, no joint accounts.
To learn more, check out the review and full test of Neon.
Yuh
Yuh, 100% owned by Swissquote, is available from age 18 and offers multi-currency accounts. It provides educational tools for financial management.
- Minimum age: 18
- Offers and services: Bank card with free weekly withdrawal, 1% interest rate on CHF balances, educational tools.
- Advantages: Good interest rate on accounts, application rich in educational features.
- Disadvantages: Fees for certain international transactions.
To learn more, check out the review and full test of Yuh.
Zak
Zak, the first Swiss neo-bank, is available for children aged 12 and over. It features a prepaid Visa card and integrated budgeting and savings functions.
- Minimum age: 12
- Offers and services: Free withdrawals at Cler Bank ATMs only, 1% interest rate on balances, mobile app with budget and savings functions.
- Benefits: Easy-to-use application, built-in budgeting features.
- Disadvantages: Withdrawal fees outside the Cler bank network.
To learn more, check out the review and full test of Zak.
CSX
CSX, a digital platform launched by Credit Suisse, is aimed at young people aged 16 and over. It offers modern banking services via an intuitive mobile application.
- Minimum age: 16
- Offers and services: convenient debit card for young people, mobile app for managing finances, savings accounts with competitive interest rates.
- Benefits: User-friendly interface, comprehensive and secure services.
- Disadvantages: Some services may have associated fees.
To learn more, check out the review and full test of CSX.
Revolut
Revolut offers junior accounts for children aged 7 and over, enabling parents to manage their children’s finances via a mobile app.
- Minimum age: 7 years
- Offers and services: Revolut Junior debit card, educational money management tools, comprehensive parental monitoring.
- Benefits: Feature-rich application, robust educational tools, easy parental management.
- Disadvantages: Revolut does not offer exactly the same deposit security guarantees as a traditional Swiss bank. Some advanced features may require a paid subscription.
To learn more, check out the review and full test of Revolut.
Quick comparison of Swiss bank accounts for children
| Bank | minimum age | monthly fee | interest rate | functionalities conducive to financial education | safety | links |
|---|---|---|---|---|---|---|
| Neon | 16 years old | no | variable | limited | high | test Neon |
| Yuh | 18 years old | no | 1% on CHF | complete | high | test Yuh |
| Zak | 15 years | no | 1% on CHF | good | high | test Zak |
| CSX | 12 years | no | competitive | moderate | high | test CSX |
| Revolut | 6 years | no | variable | robust | average | test Revolut |
Features for financial education
Mobile app educational tools help children understand money management through spending trackers and savings goals. Here’s an overview of the educational features offered by each bank:
- Neon: Offers an intuitive mobile application for managing finances for young people aged 16 and over, with limited educational features.
- Yuh: Offers comprehensive, fun educational tools for tracking spending, budgeting and setting savings goals, suitable for young people aged 18 and over.
- Zak: Offers an intuitive mobile application with budgeting and saving features, enabling children aged 12 and over to set goals and track their progress.
- CSX: A user-friendly interface to help young people aged 16 and over track their spending and learn the basics of financial management.
- Revolut: Designed for children aged 7 and over, Revolut Junior offers robust educational tools and comprehensive parental monitoring, enabling parents to set spending limits and savings targets.
Bank account security for children
The security of funds and transactions is essential to ensure the peace of mind of parents and grandparents. All banks
offer fund protection up to CHF 100,000, with options to freeze cards in the event of loss or theft. Neon, Yuh and Revolut are particularly appreciated for their rigorous security measures.
Testimonials and feedback from children’s users
User testimonials and feedback are essential for assessing the effectiveness of neo-banks. Here is an overview of the opinions gathered on the various banks presented:
Neon
“Top service. I’ve been using Neon for a year and closed my other accounts. The card works perfectly abroad and the fees are minimal.” – Tom Luna
App Store (Rating: 4.7/5)
“Very easy to use application. Charges are virtually non-existent and customer service is excellent.” – Patricia M.
Google Play Store (Rating: 4.6/5)
Yuh
“Very good app for tracking my expenses and investments. Easy to use and very educational.” – Bettina A.
App Store (Rating: 4.5/5)
“Very pleased with Yuh. The budgeting and savings tools are excellent, and the interface is very user-friendly.” – Oliver P.
Google Play Store (Rating: 4.5/5)
Zak
“Excellent app for budget management and savings. Real-time notifications are very useful for tracking transactions.” – Matthias B.
App Store (Rating: 4.6/5)
“Very practical application for managing pocket money and savings. The notification system is particularly useful.” – Lucas R.
Google Play Store (Rating: 4.6/5)
CSX
“User-friendly interface and easy to use. Ideal for young people new to managing their finances.” – Pierre G.
App Store (Rating: 4.3/5)
“Very good service. The app is easy to navigate and offers all the necessary functionality.” – Martin D.
Google Play Store (Rating: 4.4/5)
Revolut
“Perfect for kids. The educational tools and parental monitoring are excellent.” – Anna K.
App Store (Rating: 4.7/5)
“Great app for families. The parental tracking tools and educational features are perfect for my kids.” – Sophia L.
Google Play Store (Rating: 4.7/5)
Practical guide: opening a children’s bank account in Switzerland
Steps to opening a children’s bank account
- Choose the right bank: select a bank that is compatible with your child’s age and that meets his or her aspirations.
- Prepare the necessary documents, you will need :
👉 The child’s identity document (passport or valid identity card).
👉 Recent proof of address.
👉 ID of parent or guardian.
- Open the account via the app: download the app for your chosen neobank and follow the steps to open the account.
- Involve your child: explain each step so he or she understands the process.
Our practical advice for parents and grandparents
- Compare offers: look at fees, interest rates, and educational features to choose the best option.
- Use educational tools: take advantage of mobile applications and educational features to teach your children about financial management.
- Supervise transactions: use parental control options to monitor and help manage your child’s budget.
- Encourage savings: motivate your child to save part of his pocket money or gifts to instill good financial habits.
