A youth bank account is an account aimed at people aged between 14 and 31 (for younger people there are special accounts for children). It is a good first step into the world of banking and finance. While each bank usually offers its own product (and notably the age range is not the same for all of them), these accounts typically have certain benefits in common, such as exemption from fees or having to arrange linked products, no minimum deposit required to open the account, free debit card, associated youth card and multiple promotions, discounts and the like at leisure partners, restaurants, etc. Note that the account holder may be a minor, depending on their age. In such cases, the minor will only be able to view their account while logged in, and it will be their legal representative or guardian who is authorised to carry out transactions: transfers, cash withdrawals at ATMs, requesting cards, etc. In most cases, a payment card will not be available to a minor until they reach the age of 14, or 16 with some banks. In addition, it will be the legal representatives who will have to open the account by presenting their identity card or other proof of identity, as well as the identity DNI of the minor and the family record book (libro de familia).
If the holder is already of legal age, then they can open the account themselves, either in-branch or online. In this case, the youth account will essentially function as a current account for paying in or withdrawing money, direct depositing the salary or making transfers, with the added benefit of paying interest. However, some of these accounts have more in common with a deposit account, meaning some of these operations will be restricted or out-of-bounds.
Once the age limit is reached, this account reverts to a normal current account, or a salary account, if the holder already has regular income and wants to have it paid in by direct debit. In any case, the account holder will need to study the new conditions carefully when this change takes place. They might even want to consider opening a new account that offers different benefits and comes with different requirements, since the holder may no longer be eligible for certain benefits under their youth account.
What to bear in mind when arranging a youth account
As we always say, it is important to analyse our needs and profile in the short and medium term before arranging any new financial product and also compare the market. There are many options to choose from and some products will be far better picks than others.
In this case, it is always a good idea to be aware of any age limit that may apply (in many cases the age limit is 25; in others it is 31; and in others it is 35). We also need to make sure that we are not going to be charged administration or maintenance fees; that they do not insist on us arranging other linked products and if they do, then they need to offer us some benefit for doing so. And in this day and age, it is almost a requirement that they offer us online banking so that we can get things done from our computer or mobile phone.