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Posts Tagged ‘children’

The importance of financial education for children is indisputable, we all know people who have been ruined by not knowing minimally managing household finances. It is therefore normal that we have interest and want to avoid that fate for our children.

Although minors because individuals can hire any financial product (with permission from a parent or legal guardian), virtually all financial institutions in Spain offers products designed for the young.

The first thing we must bear in mind is that although youth products, these are real products that have the same implications as an adult, including tax issues. Another recommendation is that although it is not compulsory until age 14, it is recommended that you obtain a TIN (Tax Identification Number) to children before opening an account, and that this would not have to do it as fast as if to meet fourteen were needed. There are even organizations that manage this process, but can also be done by requesting the DNI.

The first product is the checking or savings accounts, the most common. These accounts whose remuneration is not very high, but children often have specific advantages associated with gifts and commission rate zero maintenance. Such accounts are usually open on special dates, such as in births (to be saving something and bring a certain amount each time) or for example in the celebration of First Communion (to more productive use of the large amount of money that some children). Also possible that before the divorce, the parents decide to put all the savings common to name children.

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