- Deposit funds from €1 and earn interest on the balance up to €1,000,000.
- Earn interest at 0.15% APR1 and annual NIR.
- Accrue interest from the first day and receive it every month.
- Deposit funds from as little as €1 in your Open Young Savings Account whenever and as often as you want.
- Withdraw all or some of the money and interest earned at any time without penalties.
- When your children turn 18, they’ll have more options to continue saving.
- Free to open and close the account.
- There are no fees for transfers or to maintain the account either.
- See the applicable fees for using the main services associated with the account in the Pre-Contractual Information.
See Pre-Contractual Information and Fee Information Document for the Open Young Savings Account
What is the Open Young Savings Account?
It is a bank account for children and the perfect way for them to learn to save and obtain financial returns from a young age. You can open the account with €1, earn interest on up to €1.000.000, and decide how much you want to save. You can deposit or withdraw money and the interest earned from an associated current account, at any time and with no fees!
Who is the account holder?
The child. However, you (as their mother, father, guardian or legal representative) have to manage the account (as it is associated with your own account) until they are of legal age. When they turn 18, their Open Young Savings Account will become an Openbank Savings Account. As the Openbank Savings Account has no payment means, we'll start the process to open an Open Current Account for them.
Are there any fees?
It’s free to open, maintain and close this children’s savings account. No costs or fees. You can withdraw the money and interest whenever you want with no fees of any type. What's more, your children will receive all of the interest earned in their Open Young Savings Account each month.
See the applicable fees for using the main services associated with the account in the Pre-Contractual Information.
How can you open the Open Young Savings Account?
It's as simple as clicking here or logging into our app with your mobile or tablet.
The account will be activated when we receive a photocopy of the child's (i) National ID card or NIE and passport, and (ii) the Family Book, court ruling (if applicable) or similar document proving that the legal representative is the child's mother, father or legal guardian (civil registration certificate).
If you're a customer and would prefer to speak to someone, give us a call on (+34) 91 177 33 10. We are also on hand to help at our main branch.
What happens with the Open Young Savings Account when the child reaches the age of 18?
When the child reaches the age of 18, the Open Young Savings Account will automatically become an Openbank Savings Account in the name of the child (who will be the sole account holder), where the balance it has on that date will be transferred. The Openbank Savings Account must be associated with an Open Current Account, and therefore, the child, once aged 18, must open an Open Current Account to be able to bank this way with their Openbank Savings Account. Neither the Openbank Savings Account nor the Open Current Account have opening, maintenance or closing fees. In addition, the Open Current Account has an Open Debit Card free of charge for the main holder. Plus, if you prefer, you can also apply for the Prepaid eCommerce Card free of charge, amongst other products.
Before the child reaches the age of 18, check that we have updated your data by accessing your Customer Area and going to the ‘Personal Details’ section of your profile. When they turn 18, we will contact them to manage the activation of their new Open Current Account. For any queries, call (+34) 91 177 33 10.
Need more information?
We make it simple. Get in touch with our investment specialists on 91 177 33 10 Monday to Friday from 8 a.m. to 8 p.m. and they'll be glad to help.
1 Example of interest with a constant balance of €6,000 held for the first year at 0.15% APR and 0.15% annual NIR: gross annual interest of €9.