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Everything you need to know about the KidsFuture Savings Account

What is the KidsFuture Savings Account?

The KidsFuture Savings Account (KinderToekomst Spaarrekening) is a savings account for your child or grandchild that enables you to save money for them. In addition to the base rate, the child also gets bonus interest over the amount that is in the account through 30 December.

Terms and Conditions

Who is it for?

  • Children under the age of 11.

  • A KidsFuture Savings Account (KinderToekomst Spaarrekening) can only be opened by the child's legal guardians, which are usually the parents. Grandparents, other family members and friends can submit a request to open an account, but they must have written permission from one of the child's legal guardians.

  • You can only open one account per child.

Interest

  • 0.10%

    The child gets the base rate every year.

  • 0.35%

    The child gets bonus interest in addition to the base rate if you leave the money in the account through 30 December.

  • Your child does not get any interest if the savings exceed €1,000,000. If you save more than that, read about ABN AMRO MeesPierson.

  • Would you like to be informed by email when the interest rate changes? Log in to Internet Banking and sign up for the Interest Rate Email Service.

When is interest paid?

The interest is credited to the child's account every year on 31 December and shown in the list of debits and credits with the date of the second working day in January.

Withdrawing money

  • Money is withdrawn by transferring the amount from the savings account to an ABN AMRO current account in the child's name. You can do this in Internet Banking or by calling 0900 - 81 70 (explanation of the rates).

  • You can withdraw as much money as you like. There is no fee associated with transferring money. Note: The child will not receive interest on the amount that you withdraw.

Deposit guarantee scheme

This savings account is covered by the deposit guarantee scheme. This scheme protects  you if ABN AMRO Bank is no longer able to meet its obligations. Information about the deposit guarantee scheme and any exclusions from cover that may be relevant to you can be found on the Depositor Information Template. For more information and the Depositor Information Template, go to abnamro.nl/guarantee-scheme.

Open a savings account

  • Grandparents, other family members and friends can apply to open an account, but they must have written permission from one of the child's legal guardians, which are usually the parents.

  • When you open a KidsFuture Savings Account (KinderToekomst Spaarrekening), you will be asked to provide the child's Citizen Service Number (Burger Service Nummer (BSN)). You will find this number on the child's health insurance policy or card, or on the letter explaining the Citizen Service Number that you will have received from your council.

Internet Banking

An application to open the account automatically includes Internet Banking (Internet Bankieren) for your child, making it easy for you to manage your child's savings account.

Your child turns 18

  • ABN AMRO will close the KidsFuture Savings Account (KinderToekomst Spaarrekening) in the month of January in the year after your child times 18. The savings, including the base rate and bonus interest, will be transferred to another ABN AMRO savings account in your child's name.

  • If your child does not have another ABN AMRO savings account, we will open one for him or her. You will receive a letter with more information as the date approaches.

  • If your child wants to earn the bonus interest in the year he or she turns 18, your child must leave the savings in the account through 30 December. Note: When your child turns 18, only he or she will have access to the money.

Closing the savings account

You can close the KidsFuture Savings Account (KinderToekomst Spaarrekening) at any time. There is no fee associated with closing an account.

Note : The savings will not earn any bonus interest if you close the KidsFuture Savings Account (KinderToekomst Spaarrekening) yourself.

Example calculation

See an example calculation.

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