Term: Until the account holder reaches the age of 18.
Currency: BGN, EUR, USD
Minimum balance: 250 currency units
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What it is: Child saving account is opened for holders that are children or underage persons.
Opening can be initiated by:
- legal representatives of the child: parents (together or separately) or guardians;
- other persons.
The following documents are needed:
- birth certificate of the child;
- specimen of the signatures of the persons, representing the child (legal representatives or guardians);
- Copies of identity documents: of the persons representing the child, of the child (if he has completed 14 years of age); of the persons initiating the opening of the account (if the initiator is not a parent or guardian).
Interest accrual: At the end of each calendar year and on closing, and the interest is capitalized to the Child saving account.
Depositing money: At any time.
Operations: Actions to operate with the funds in the Child saving account can be undertaken only after presenting an original of permission from the regional court in the place of residence, as follows:
- for a child under 14 years of age-by the legal representative (parent or guardian)
- for a child aged 14-18 - together with a parent or guardian.
Permission from the Regional court is not required in case of:
- bank transfer from an account of a child under 14 years of age to a bank account (with BACB or another bank) of the same child - the order may be made and signed by any of the parents;
- bank transfer from an account of a child aged 14 - 18 to a bank account (with BACB or another bank) of the same child – the order may be made and signed by the child together with any one of the parents;
- if the child has completed 16 years and has married, he/she may dispose with the funds in the account (without permission from a parent or guardian) after presenting a marriage certificate.
At maturity: The bank automatically accrues the interest on the account at maturity (when the child completes 18 years of age) and the account is transformed into a saving account complying with the conditions according to the current Interest rate Bulletin of the Bank at the date of maturity.
Termination: When the Child saving account is terminated before maturity (before the child completes 18 years of age) the bank accrues interest on the account for the respective year (the year in which it is terminated) with the interest rate valid for current accounts in the currency of the Child saving account and for the real days in the year.
Charges: No fees are due for opening and closing a Child Saving account.
Where and how to open: at the counters of BACB.