Official confirmation from Banco Sabadell: they won't have it so easy to withdraw their money

Banco Sabadell has provided important clarifications about opening bank accounts for minors. It's a topic that concerns many families looking to instill the habit of saving in their children. If you have children and would like to open an account at Banco Sabadell for them, it's important to know the conditions you must meet.

It should be noted that when it comes to opening an account, a minor can't do it on their own. This means that the child's parents or legal guardians must be present to carry out the process. The adults responsible for the minor need to act as the account holders in their place.

Spanish regulations require that only those over 18 years old can be account holders. Or those who are at least 16 years old and are emancipated.

To open an account at Banco Sabadell for a minor, certain essential documents must be presented. This includes the minor's ID, the ID of one of the parents or guardians, and the family book. With these documents in hand, the entity can proceed with opening the account.

Banco Sabadell comments on money withdrawal

Once the account is opened, minors will be able to make money deposits into the account, but they won't be able to make withdrawals or reimbursements independently. Any such transaction must be ordered and authorized by the parents or legal guardians.

This means they won't be able to access the money without the supervision and consent of a responsible adult. Additionally, minors also won't be able to contract financial products, such as credit cards or loans. These types of decisions must be made by an adult.

What is the minimum age to open an account at Banco Sabadell?

Although Banco Sabadell doesn't set an exact minimum age to open an account for a minor, it does recommend doing so from an early age. According to the entity, opening an account for a minor helps improve their financial education. It also promotes awareness about saving and prepares the child to manage their finances responsibly.

This educational approach is part of the effort to train new generations with a solid financial culture. Something that will undoubtedly be useful when they reach adulthood and can manage their money independently.