Which banks offer accounts for children and how are they processed?
All bank accounts offered by banks must be opened by an adult, in this case the father, mother or guardian of the minor. The person responsible for the operations carried out is the adult, who must supervise the movements made in the accounts of minors.
In all cases, the parent is asked to open the account and additional plastics are provided for the minor. The banks also offer an experience for children on the mobile app and the website.
These accounts have no commission for opening or management. The minimum amount with which they can be opened varies from one peso to 500. Some of these accounts are:
HSBC Minor Flex Account
BBVA Mexico Link Card
Junior Santander Account
Scotia KIDS from Scotiabank
Savings accounts for children in Afores
The National Commission of the Retirement Savings System (Consar) also offers Afore Children. This is a service in which parents who are registered with an administrator can pay money into an account that will be available to the minor.
The requirements are to be registered in an Afore (for parents or guardians), present an official identification and birth certificate of the minor. The minor cannot be registered in two Afores.
The savings made by relatives can be from one peso and direct debit to a debit card, deposits can also be made in correspondents such as Circle K, 7-Eleven stores, Banco del Bienestar and Telecomm from 50 pesos.
Save for your children on insurance
Parents can also find educational insurance a long-term savings tool. Terms range from one to 15 years.
The relevance of these products lies in the fact that, according to a study by the Inter-American Development Bank (IDB), in Mexico, more than 628,000 children between the ages of 6 and 17 dropped out of school due to lack of resources and lack of conditions for their learning.
GNP Professional Insurance. It is contracted by parents or guardians, even during pregnancy, it has different savings terms that range from one to 10 years. In addition, this insurance offers additional coverage such as disability, accidental death, among others.
BBVA educational savings. The plan is to finance the education of children and the term goes from 4 to 18 years. The sums insured are for up to 3 million pesos and it offers benefits for the minor in the event that the parent or guardian dies.
There are also companies like Mapfre that offer school accident insurance. The insurance covers the education of the minor in the event that the father dies or suffers an illness that prevents him from continuing to work. In addition, if the minor has to go on an exchange or on an excursion, the insurance can cover the accidents that could happen to him.