When your child turns 18, parental authority ends. That means you’re no longer allowed to manage their account they’ll take over from here. As soon as that happens, their account disappears from your overview in the app and in My ING. This applies to the Youth Account and any linked Orange Savings Account, as well as the Child Savings Account if they have one. Still want to keep an eye on things? Your child can give you access by authorizing you.
"}},{"componentType":"sectionTitle","title":"Child Savings Account will be closed"},{"componentType":"paragraph","richBody":{"value":"Have you been saving for your child with a Child Savings Account? On their 18th birthday, we’ll transfer the saved amount to their Orange Savings Account. We’ll create a separate savings goal within that account, so the money stays in your child’s name. From that moment, they’ll have access to the savings. The Child Savings Account will be closed.
"}},{"componentType":"accordion","accordionList":[{"title":"Does your child not own a Orange Savings Account yet?","richBody":{"value":"If your child has a Youth Account, they’ll automatically get an Orange Savings Account too. If they’ve got a Youth Account but no savings account yet, we’ll open one for them.
"}},{"title":"Does your child not have a Youth Account?","richBody":{"value":"We recommend opening one before their 18th birthday. You can do this quickly and easily via the app or My ING. On their 18th birthday, the Youth Account will automatically become a Student Account.
Not planning to do anything? Then on their 18th birthday, we’ll transfer the savings to the current account linked to the Child Savings Account. That amount will be added to the account holder’s total assets. If you transfer the money to your child later, you might have to pay gift tax.
"}},{"title":"Does your child have a current account with another bank?","richBody":{"value":"Then it’s best to transfer the savings to that account yourself before they turn 18.
"}},{"title":"Don’t want your child to access the savings from age 18?","richBody":{"value":"You can close the Child Savings Account before their 18th birthday via the ING App or My ING. We’ll then transfer the money to the current account linked to the Child Savings Account. That amount will be added to the account holder’s total assets. If you transfer the money to your child later, you might have to pay gift tax.
"}},{"title":"Are grandparents contributing automatically to the Child Savings Account?","richBody":{"value":"Don’t forget to stop the automatic transfers in time.
"}},{"title":"Is there a BEM clause on the Child Savings Account?","richBody":{"value":"Then we’ll always transfer the blocked funds to your child.
"}}]},{"componentType":"sectionTitle","title":"Youth Account becomes Student Account"},{"componentType":"paragraph","richBody":{"value":"Does your child have a Youth Account? On their 18th birthday, we’ll automatically switch it to a free Student Account. To do that, we’ll need to verify their identity which they can do easily via the app. If they haven’t done this yet, you’ll both get a notification in the app.
When the account switches to a Student Account, your child keeps their account number, debit card and PIN. Not going to university? Then we’ll switch the account to an Orange Package within six months after their 19th birthday.
"}},{"componentType":"sectionTitle","title":"Card limits will change"},{"componentType":"paragraph","richBody":{"value":"Once your child turns 18, their card limits will automatically update to the adult standard. If they turn 18 in December, the new limits will apply from November. This goes for both spending and cash withdrawals with their debit card.
"}}]}}}