Young Swiss in financial fever: How to get off to a successful start!

Young Swiss in financial fever: How to get off to a successful start!

In Switzerland, young people usually open their first bank account between the ages of 12 and 15, which is an important step towards financial independence. When they start their vocational training, they receive their first salary, and financial flexibility becomes increasingly important, as the training company or vocational school is often located in another city. Young people are expected to take personal responsibility, which motivates them to learn the basics of money management early on. This promotes healthy purchasing behavior and a responsible attitude towards money.

Raiffeisen has responded to these needs and offers special banking packages for schoolchildren, apprentices, students and young professionals. The YoungMember private account enables fee-free account management and gives access to preferential interest rates and a free Visa debit card. From the age of 14, young people can use the prepaid Mastercard YoungMemberPlus, which does not allow overdrafts. In addition, children aged 12 and over can use the Raiffeisen TWINT payment app, which makes cashless payments easier. From the age of 18 you have the opportunity to apply for a free credit card from Mastercard or Visa, which includes numerous additional services, including travel insurance.

Diverse offers for young customers

Another appealing feature for YoungMemberPlus customers are the discounts on leisure activities. These include, among other things, a 50% discount on half-fare tickets, concert and event tickets, discounted ski day tickets and museum passes. Raiffeisen also offers an advice center and the digital learning platform evulpo to promote young people's financial knowledge. E-banking also comes with a free financial assistant that helps organize personal financial transactions. Expenses and income are automatically categorized and it is possible to create and monitor individual savings goals and budgets.

In total, over 300,000 young adults are already benefiting from the advantages of the YoungMemberPlus account. The account is opened by making a personal appointment at the Raiffeisenbank, whereby an official ID is required. As a small thank you, all new customers receive an opening gift. It is important to note that offers may vary depending on the bank.

Free checking accounts for children and young people

In general, checking accounts for children and young people are usually free. Stiftung Warentest offers a comprehensive comparison of children's accounts, which shows that almost all banks offer checking accounts for this target group. Another advantage is that account management and cards are often offered at no additional cost. Banks generally do not impose any additional conditions, such as regular receipt of payments, for maintaining these accounts.

A crucial criterion for choosing the right account is the availability of ATMs from which money can be withdrawn free of charge. Stiftung Warentest compared 167 youth checking accounts from 120 banks, and an interactive decision-making tool can be helpful in the selection. The table can be filtered according to various criteria to find the right account. Information about prepaid or standard credit cards is also available.

It should also be noted that children can often only open an account if they are accompanied by both parents in the branch. Furthermore, children's accounts are generally only available on a credit basis, while overdrafts are only available from the age of majority. Prepaid cards are also commonly available and offer a way to limit spending.

Free withdrawals of money abroad are also attractive for young people traveling. It is important that there is an ATM near where you live so that you can easily access your funds. The age limit for free youth checking accounts varies, and if young people want to continue to have an account after reaching the age limit, fees may apply.

Linth24 reports about the advantages and possibilities of youth accounts, while test.de provides comprehensive information about free checking accounts for children and young people.