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What are the particularities of a young booklet?

by adminon May 20, 2019May 20, 2019

In the face of uncertainty about economic stability, parents and young people are looking for investments that provide greater security and returns. Conscious of the concern of their potential customers, banks and financial institutions have set up a range of savings devices. This helps to protect against inflation and sees itself as an opportunity to build a significant personal contribution. Especially for young people, saving provides an opportunity to achieve more ambitious goals.

Having a savings account from an early age allows a child to learn how to manage their money. Subscription to this type of savings also has the advantage of free. Managing, transferring and closing the account will not cost you anything. In addition, savings products for children are flexible. You are free to set their amount and duration.

Definition and principle of the device

Definition and principle of the device

How to invest my money? This is a question that parents and young people looking for economic insurance are asking themselves. To meet their security and profitability needs, financial institutions design favorable products such as the youth booklet. This is a savings offer for 12-15 year olds.

Each bank is free to set the interest rate of their young booklet. However, the law requires that it must not be less than 0.75%. Generally, this savings product has a higher rate than other formulas such as Livret A. With regard to the ceiling, the latter is set at 1 600 euros, an amount not considering the accumulated interest. In other words, the account may contain a sum exceeding 1,600 euros. Be aware however that the deposit is no longer possible if the ceiling is exceeded. You will not be able to make a payment until the balance goes below the maximum limit after a withdrawal.

What availability for the beneficiary?

What availability for the beneficiary?

The youth booklet is a savings account that allows you to make a smart investment. Offering its holder the opportunity to build up a considerable personal contribution, it allows you to undertake with confidence a future investment and no longer wonder how my money.

Beneficiary of the booklet can make withdrawals by cash or by credit card

Beneficiary of the booklet can make withdrawals by cash or by credit card

A minor may, at the age of 12, subscribe to a young booklet without the intervention of a legal representative. However, he is obliged to communicate the details of his parents. With regard to deposits, these can be made by check. In addition, the beneficiary of the booklet can make withdrawals by cash or by credit card from the age of 12 years. However, parental authorization is required until the age of 16. From this age, the account holder is free to withdraw money unless opposed by their legal representative. Apart from this, it should be emphasized that some banks set each transaction at a minimum of 10 euros.

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