Best bank account for a child

Hi Moneyguru,

What is the best bank account to get for a child?

Greetings,

Most children do not make regular banking transactions, so apaying for a private account is not normally a necessary move.

The majority of parents looking to open an account for their children are normally looking for an interest-bearing savings solution. A free savings account, like the gift accounts offered by many Swiss banks which are managed by an adult until a child comes of age, are a good solution.

You can compare the interest rates of gift savings accounts using the moneyland.ch savings account comparison. Simply selecting your child's year of birth automatically limits results to gift savings accounts for children.

Investment accounts based on funds can also be opened on behalf of children. Important: The fees for this type of account are usually high. While the returns are higher than those of a savings account, the risk of loss is also high. Investment-minded parents could also consider low-cost ETF investments.

Best regards from Moneyguru

More on this topic:
Savings account comparison
Gift savings accounts for children explained