Banking for under-18s: 7 options with Pix and card

Are there banks for minors under 18? Read the text and discover the best alternatives for your children!

Why open a bank account for minors under 18?

Children inevitably come into contact with money from an early age, and there's nothing wrong with that. This contact is essential for learning how to handle it from a young age.

Nowadays, it's very common for children to think that credit cards are an endless source of money.

At least, that's how my daughter thought until a few months ago. Whenever I wanted to buy something and I said I didn't have any money, she would immediately recommend using my card.

In fact, she transferred that belief to Pix, and when I say I don't have money, she simply tells me to pay with Pix.

She already has an account on one bank for minors under 18 years oldActually, there were two, since both offered different benefits at the time I applied.

The debit card helped me show her the importance of money, managing it, and increasing her understanding that money is not an inexhaustible resource.

Furthermore, her account serves to save money and acquire the items she desires. At her age, she is not yet able to manage these resources on her own, but in addition to guidance, I try to give her as much autonomy as possible.

I always guide her to make the best choice, I always explain the pros and cons and how to save money, but I leave her free to choose what she wants.

She doesn't always make the best choice, and that has consequences, so I take the opportunity to guide her even further and show her how wrong decisions can affect our finances.

With an account, you can also invest in your child's future or simply let the balance accrue interest.

The debit card helps you spend consciously and avoid carrying cash, which is safer for several reasons.

With an account and card, parents can discover their child's true "financial self" and work on it.

It is very important that parents know how to use these tools correctly to teach their children how to manage money and that, in fact, they bring benefits to their financial lives when they are adults.

Which banks accept minors under 18?

Banks have been accepting clients under 18 for some time now; however, nowadays the services are more comprehensive and advantageous, and our children gain more autonomy.

If you are looking for a bank for minors under 18 years oldIn this topic you will find some alternatives and also discover how each of them works.

1. Inter Kids

Inter has one of the best digital accounts for children and teenagers. Besides being comprehensive, it's completely free.

To request this account, you need to be a current account holder with the bank; however, you can use the same app without needing to download a separate one.

One of the great advantages of this bank is its investment platform; in addition to teaching your child financial literacy, you can foster a positive relationship with money by teaching them how to invest.

You can invest in your child's future by putting money into fixed-income investments or an investment fund every month.

Depending on his age, you can let him invest on his own, but always with guidance.

In addition to seeing your money grow, some investment funds allow you to earn cashback on management and performance fees.

That's great, isn't it?

Apart from that, Inter has a free debit card that can be used as a prepaid (credit) card.

The card is issued under the Mastercard brand, so your child still has access to the benefits that this brand offers.

Your child can receive and also transfer money to anyone using Pix.

The account can be opened for minors of any age, as long as they have a CPF (Brazilian individual taxpayer registration number) and RG (Brazilian national identity card).

When opening the account, you will also be asked for the guardian's document; if it is not the father or mother, you will need to send a photo of some document that proves guardianship.

To open an account, click on “Switch account” in your Inter app, enter your child's CPF (Brazilian tax identification number), and follow the step-by-step instructions to open your child's account.

This digital account is perfect for people aged 9 and up, as it gives them more autonomy.

2. Next Joy

Nex Joy is the digital account for minors from Next bank. It's also free and offers many advantages to its customers.

To request an account, parents need to be Next customers; the account is requested through the parent's app.

However, access is through another app, namely Next Joy. In this app, your child has access to an incredible learning path that teaches financial literacy in a playful and fun way.

In addition, they have other advantages that the digital account offers, for example, "Mimos," which are usually discounts at game stores, educational institutions, school supplies, etc.

This digital account is ideal for children under 8 years old, as parents have more control over the app.

You can activate Scheduled Allowance and also create missions for your child.

With Pix, he has more autonomy to make his transfers, and in addition, he also has a Visa debit card to bring more convenience and security to his daily life.

The account at bank for minors under 18 years of Next It can be created for children of any age, as long as they have a CPF (Brazilian taxpayer identification number).

Access your app and click on the “Next Joy” tab and open an account for your child. If you have more than one child, the process is the same.

However, you can access each of your children's accounts through the same app; simply switch users each time you need to access them.

3. Iti

This digital account can be requested by people aged 14 and older, therefore it only covers teenagers and young adults.

With this account, in addition to learning financial literacy from adolescence onwards, your children can also see their balance earn 100% of the CDI rate.

Certainly, it's a great tool to help young people save, economize, and manage their finances.

With the "Goals" feature, they can also create financial objectives to achieve and save to reach them.

Below are some of the services offered by Iti for minors:

Pix;
Debit card;
Discounts from partners;
Mobile phone top-up;
Bill payments;
Streaming subscriptions.

Those interested in applying for this account simply need to provide their CPF (Brazilian tax identification number) on the website or download the app. Account opening takes seconds and requires no proof of income or address.

4. How to open a Nubank account for someone under 18?

Nubank is also on the list of bank for minors under 18 years old, because it accepts young people between the ages of 12 and 17.

The account must be opened through the parent's Nubank app. The parent will need to provide the child's information, and it is essential that the child has a national identity card (RG) and taxpayer identification number (CPF).

One of the main advantages of this digital account for minors is that, in addition to Pix (Brazil's instant payment system) and a debit card, customers can activate "Street Mode," a security mechanism that makes the app more protected in case of theft or loss of the device.

Furthermore, young customers can still plan and save money in the "Little Boxes" (or similar savings accounts). In this feature, the money earns 100% of the CDI (Brazilian interbank deposit rate), more than a savings account. In addition, it also has FGC (Brazilian Deposit Insurance Fund) protection.

If you're not yet a Nubank customer, open your account. Then, click on the message "Now your minor children can have a Nubank account".

Enter your child's information, read and accept the account agreement. Finally, enter your 4-digit password and complete the request.

Your child will receive an email invitation to download the app and continue opening the account. If they don't already have an email address, create one before opening the account.

When he completes opening the account, he will be the newest Nubank customer and will also have access to the services and benefits offered to you, with the exception of some credit products and solutions.

Discover how to open a Nubank account. ➔

5. C6 Yellow

C6 Bank is also not far behind when it comes to... Digital account for minors under 18 years of age.

In addition to being free, it offers investment options, Pix (Brazil's instant payment system), and a debit card, which comes in beautiful color options. It's up to your child to choose the one they identify with most.

The Acqua card is made with biodegradable materials, and your child can choose how their name will be printed on the card.

You can use his nickname, the one he likes to be called by friends or family, as long as it doesn't violate any bank rules.

With the digital account, your child can choose to invest in three different ways:

By objectives;
Starting from R10;
Daily liquidity CDB.

Parents can still track their children's transactions through the C6 Bank app and receive an SMS every time their child makes a purchase.

The account must be opened by the account holder in the app for their digital account; look for “C6 Yellow”.

6. Mercado Pago

The Mercado digital account can be opened by parents for children aged 13 and older.

Among the services and advantages it offers, we can highlight, for example:

Debit card with no annual fee;
Withdrawals and transfers;
Payment via QR code;
Sharing expenses through contacts;
In-store and physical shopping;
Subscriptions in apps and websites;
Mobile phone and bus pass top-up.

To open an account, the applicant needs to provide the email address of the parent or guardian registered with Mercado Libre or Mercado Pago, as the parent or guardian must approve the account opening.

See below how to open an account for your child.

7. BB Cash

Banco do Brasil has a digital account, 100%, exclusively for people aged 13 to 17.

In the account, the children of BB clients have access to a card, Pix, investments, and much more! Opening an account starts in the parent/guardian's BB app.

Through this app, the responsible party will indicate who the account will be for; then, the child must download their own BB app and proceed with opening the account.

Once all steps are completed, the person in charge needs to approve the opening through their app.

Finally, your son will have an account on a Bank for minors under 18 years of age. BB Cash, from Banco do Brasil.

If your child is under 13 years old, you can open an account for them in person at BB branches.

Accounts opened in person do not require the person responsible to be a Banco do Brasil account holder.

Conclusion

An account with a debit card, Pix (Brazil's instant payment system), and other features are great tools for teaching young people how to save, economize, use money correctly, manage their finances, and create financial goals, for example.

However, younger children need guidance from their parents; parents are fundamental in introducing financial education into their children's lives through these tools.

Explore each alternative mentioned in this text and choose the most interesting option with your child.

Discover also how to make a Pix, the most commonly used payment method by Brazilians.

Life and Finance

Nara

Writer and aspiring Virtual Assistant. Passionate about the Digital Financial Market and its various aspects. Certified by Rock Content and HubSpot. ANBIMA student.

January 6, 2023