Everyone can think that Share a bank account with a child, It is a practical and also logical decision as parents turn years and perhaps, their children must take care of their payments or any unforeseen event. On the other hand, you can also give the case that we share the account with our children when they are still lower, or young, in order to better control their economic movements. However, either for one reason or another, we may be a surprise to discover that Hacienda watches this type of accounts And let’s not understand why.
Taking into account that Share a bank account with a child It is not something new, in fact there is always existing and more today, with a technology that facilitates access to increasingly varied financial tools, we may be surprised by surprise to discover that Treasury puts the focus on these accountsfixing above all in how it is constituted and especially, Who appears as a holder. And also how that account operates, since for example, the fact that from this one passes money to another account in which only the child appears as a holder, can make the Tax Agency believe that it is a undercover donation, and in the event that it is not declared in the right way, it can lead to a sanction. Therefore, cIt is necessary to understand how the system works And what alternative is safer if we want to help our children without unnecessary tax risks or if we want to be in a shared account, and operate with it, without any problem.
Sharing a bank account with your child can be a problem with the Treasury
The fact that sharing an account is or not a problem between parents and children, has to do with the difference between being or authorized In that account. Something that a priori may seem irrelevant, but From the fiscal point of view it is crucial. Understanding it is easy, when there is the case that parents and children share a bank account as co -owners, it is legally considered that both owners of the money in the account, even if everything comes from the salary or savings of the parents.
Instead, If we have our child as authorizedimplies that We are holders of the accountand Our son can tap That money in case we cannot do it For any circumstance. As an authorized person, the accounts may operate even if the money does not belong to him, but he cannot do what he wants. Will have to justify any movement and always with our authorization.
From here, we have to understand that in the first case of all, by sharing an account in which father and son are co -owners, If this generates interest, the Treasury could understand that the child must also pay for a part of those yieldswhich makes no sense if he has not contributed any money. But that’s not all: If it is detected that there are regular parents of the parent to an account where the child also appears as a cotitular, the Tax Agency could consider that it is a donation. And if it has not been correctly declared in the Inheritance and Donations Tax, we would be talking about an infraction with possible sanctions.
What can we do not fall into a problem with the Treasury?
For all this, The most recommended that the son appears as the only holder of the account and that the parents are simply authorized. This nuance, which for practical purposes does not change the daily operation, does make a key difference for the Treasury. Something we can do also when our child is less. In this way, he can have money with certain limits, but the origin and control of the funds will be clearer, avoiding misunderstandings with the treasury.
Bank accounts with minors
If we focus on the fact that we share the bank account with minor children, it is better to do what we have just explained since Minors can have their own bank account. Of course, to open it you will need the consent of your parents or legal guardians. The child or adolescent must have an in force, and from there, he may have an account specifically designed for minorswith conditions adapted to their age and legal capacities.
These types of accounts usually have advantages for both parents and children. On the one hand, they allow minors to begin to become aware of money and savings, but without having total freedom. On the other, the parents can easily control all movements, establish spending limits, and receive real -time notifications. This provides security and, in addition, fits perfectly to what Hacienda expects when money remains really from adults.
It is also a good way of introduce children in the financial world progressively and controlled, without giving up legality. For this reason, banking entities increasingly offer more facilities in this regard, aware of the importance of financial education from an early age.
In addition, as with any other type of account, the offer is varied. Entities like CaixaBank, OpenBank or BBVA They have both accounts and specific apps for these profiles. For example, CaixaBanknow offers a space called Kids & Teens Where adults can control their children’s expenses, assign weekly pay, review movements and even create shared savings goals to educate financial responsibility. OpenBank has the Open Young app, that gives autonomy to the minor but always under the supervision of the titular adult.
In case DE BBVA, highlights the Aqua Debit card, designed for young people between 12 and 17 years. He has no commissions abroad, and parents can manage it from their own app. These services not only provide peace of mind, but also allow the child to begin to relate to their money in a responsible way, always with the support of adults and with total clarity before the Treasury.
Even Bizum adapts to minors
Finally, we can not only find a solution to share a bank account with our child, especially being less. Another of the great novelties in the child financial world is the Bizum for minors. Although its operation varies according to the bank, in all cases it is a simplified version of the popular payment tool. This service It allows to send and receive money immediately, but with restrictions designed to protect the child and offer tranquility to parents.
Being linked to accounts specifically designed for young people, Bizum for minors inherits their limitations. This implies, for example, amount limits or number of operations per month. Parental authorization to activate the service is also usually required. Despite this, it is an excellent tool to teach the youngest to manage their money responsibly, either to receive the pay, to pay a small expense or to save.
Of course, it should be remembered that any economic movement between parents and children (even through Bizum) must Be well justified In case of inspection. If the amount is high or recurring, Finance could consider it a donation and demand its corresponding taxation. The key is to always act with transparency And, when it comes to teaching children, doing so from the appropriate legal framework.
