Savings products for your children

We discuss the features and functions of children's savings products

From the moment you become a parent, you have a new concern: will you have enough money to cover your children's needs? Not only is it important to consider what your baby needs today, but also their future needs. As your children grow up, you will have to cover different expenses, such as foreign language courses, studying abroad, and university fees. You may have even thought about saving on your children's behalf so they have a small financial cushion when they grow up. Whatever the reason, there are a range of instruments to help you save.

Savings accounts for children

Children's accounts are an easy and secure way to save for your children's future.

At BBVA, we offer the Miniblue Account. This free account is the ideal option to put away birthday money, gifts, etc.

To open this account, visit your nearest BBVA branch. Please remember to take the following information:

  • For children aged 14 years and above: ID card (both sides). For children under the age of 14 years without an ID card: tax identification number (this can be requested from the Spanish Public Tax Administration).
  • Family Book, Official Birth Certificate, or any other document proving the parent is the child's legal guardian. Please note that the account representatives must be one or both of the child's parents.

Mutual funds

Investment funds let you invest some of your money while generating a return. What's more, you can withdraw your money at a later date when you need to make a payment, such as tuition fees. In this case, the product must be taken out in the name of the parents and not the child.

As the goal is to invest money and generate interest to cover future expenses, it is advisable to choose investment funds with equities or long-term annuities. BBVA has an extensive catalog of investment funds that are very easy to open.

Buy shares

Another option for saving for your children's future is an automatic subscription to shares. If you choose this option, you commit to making regular deposits of an amount of money, typically, over a long time. The bank uses this money to buy shares traded on the stock market. Customers can choose where they want to invest (e.g., Telefónica, Iberdrola, BBVA, etc.).

Trading on the stock market can yield positive results in the long term. Therefore, this can be a good option for saving for your child's education, trips abroad, or tuition fees.

Start a savings plan

A savings plan is a financial product designed to accumulate money over a long period of time.

  • You can make regular or one-off contributions which, in turn, generate interest.
  • When opening a savings plan, you can name your children as beneficiaries. Alternatively, you can name yourself as the beneficiary and eventually withdraw and deposit the money into your children's accounts.
  • Savings plans are designed to be used during your retirement. However, you can choose to withdraw your money at any time. This is the key difference between savings plans and pension plans. It is also the reason why savings plans are the perfect savings option for your children.
  • The taxation of savings plans offers greater benefits than that of other savings products.