Skip to main content

At what age can a minor open their first current account?

Current account for minors in ProCredit Bank

You would like your children to understand the value of money? You’ve decided on a monthly allowance that your teenager/student (up to the age of 26) will be handling on their own. A ‘cash’ or ‘piggy bank’ solution has proven to be insufficient. You’re thinking about opening a current account, and you’re asking yourself - How old does someone need to be to open a current account? 

A minor under the age of 14 can still open an account at ProCredit Bank. This means that minors can open an account in the presence of a parent, who would automatically become an authorised person on the account.  

Advantages of opening an account for a minor

Today, we say, “children are born with mobile phones in their hands”, and your teenager will have no problem using mBanking and eBanking applications. However, it’s a good idea for them to learn how the following functions, as early as possible: the banking system, online payments, payment transactions, how to use an ATM, and all that applies to managing a current account.    This way, teenagers learn how better to handle their funds as early as their secondary school years, and to understand how expenses work. 

If your child has a current account, you will no longer end up in a situation where you are running from one end of the city to the other before work when you forget to leave them money for snacks or a school trip. Everything is easier, with just two or three clicks you can transfer money to your child’s account so they have it when they need it most.

How do I open an account for my child?

With us, it’s easy! There are certain categories of accounts for minors. Continue reading to find the right account for your child at this stage.


Minors under 14 years of age

You don’t need to wait for your child to turn 16 to open an account for them. At ProCredit Bank, you can open an account for your child, even if they are under the age of 14. It’s true, you, as their parent will be authorised to their account and the card issued with the account will be in your name, until your child turns 16. All you need to do is to submit an application online, or to schedule an appointment to open the account through our Online Centre. Documentation signing will take place in one of our branches, and you will receive a Dina debit card with the account. If you wish, you can order a contactless Mastercard payment card, which will cost you a one-off fee of RSD 1,200.00 with this package. 

You need to provide the following documentation:

  • Your read personal ID card - read or copied 
  • Your child’s birth certificate


Minors between 14 to 16 years of age

For minors between the ages of 14 to 16, the rules are a bit different. The child may have an account in their name, but they must have parental consent. The account opening process is the same as it is for minors under the age of 14, and this group also has the option of ordering a Mastercard payment card in addition to the Dina debit card the receive with the account, at a one-off fee of RSD 1,200.00. 

You need to provide the following documentation:

  • Parental consent or a copy of a parent’s personal ID card
  • Your child’s birth certificate


Minors between 16 to 18 years of age

Children 16 years of age and over are considered young adults, and they can open their own account by scheduling an appointment via our Online Centre and signing takes place at one of our branches. They will receive both Dina and Mastercard debit cards with this account, as well as a savings account. One more pair of running shoes, the latest mobile phone, video games, clothes or makeup - your teenager can save up to buy these things for themselves. 

You need to provide the following documentation:

  • Parental consent 
  • Child’s personal ID card

ProCredit Bank does not charge maintenance fees on accounts for minors or students, up to the age of 26. What’s more, a good thing in all this is that you, as their parent, have full control over the account and can clearly see what your child is spending their money on and how much they are spending.  However, the goal is to teach your child to monitor and control their transactions, as this is the best way to teach them how to handle their finances, while at the same time educating and preparing them for life after they leave home.

Of course, there is a certain amount of responsibility that goes with owning a current account and by opening one for them, you are, to a certain extent, preparing your teenager for the adult world.  You, as the parent, are there to explain to your children the importance of safeguarding their PIN code, but also what to do if they lose their card.

Free Student Account - for students up to the age of 26

If your children are slightly older, they can then open a basic, or Student Account on their own via video identification. With the assistance of a current account, students can receive the wages they earn through youth cooperatives, register for exams on their own, or save. 

This lesson, which is of an economic-financial nature, is best learnt in practice. This is why it is best to provide your child with the opportunity to manage their funds independently, whether they be student earnings or an allowance that you provide. In this way, your child will learn how to handle the funds they have available to them and will learn the value of money and the cost of things, as well as developing the habit of saving.

Možda te zanima i