Can parents withdraw money before the 18th birthday?
Yes, through your client account – but with strings attached. You’re managing someone else’s money and may only use it in your child’s interest: a year abroad, expensive training, a driving licence, their first place of their own. For your child’s day-to-day upkeep – food, clothes, housing, school supplies – you may use the income the account earns; family law even provides for that. The savings themselves shouldn’t be touched for it. Tax law adds a second, stricter rule: spend the income on your child and keep a clear record of what for. If the money regularly ends up in the general household budget, the tax office can count the income as yours again – allowed under family law, costly under tax law. Your own purchases and debts are off limits in any case: the money legally belongs to your child, you must hand it over when they come of age and, if asked, account for how you managed it. So a children’s account is no substitute for your own savings; a regular account is the right place for those. Normal purchases, sales and withdrawals don’t need family-court approval – that’s only required in special cases, such as taking out a loan in your child’s name or giving away part of their assets. For larger amounts, get legal advice first if in doubt.
Frequently asked questions
What are ETFs (index funds)?
In recent years, exchange traded funds (ETFs) have established themselves as an alternative to open-ended, actively managed investment funds. An ETF replicates a given index as precisely as possible and adjusts its composition to match its reference value.
For example, when you buy an MDAX ETF, you get all the stocks in the MDAX in exactly their current composition on the market. If the composition of the MDAX changes, the composition of your ETF changes too.
As a result, the management and administration fees for an ETF are significantly lower. On average they amount to 0.17 percent of the invested sum per year. If a fund manager actively looks after your investment funds, the costs rise to 1.5 to 2.5 percent per year.
What does Global Portfolio mean?
If you opt for our Global Portfolio, you invest across the entire market. From the risk you are willing to take, we derive the composition of your portfolio. More equities mean more risk – but also more return opportunities. More bonds reduce the risk – but also the return opportunities.
The Global Portfolio is generally suitable for building wealth. You can also take it out in a sustainable variant.
How does account opening work?
First, you register via “Open account” on our portal. To do so, you sign up with your email address and a password of your choice.
You then receive a PIN code by email to verify your email address. Once you have entered this PIN code, your personal details, contact details and ID details are recorded.
Finally, you have the choice between identity verification in the quirion app, on your computer, or at a Deutsche Post branch. Your quirion account is then opened for you without delay.
How does online video identity verification work?
quirion has to be certain that you really are the person for whom the account or the securities account is being opened.
For banks, the German Anti-Money Laundering Act requires an identity verification check.
With quirion, you have the choice:
You can verify your identity by VideoIdent, in the quirion app or on your computer.
You can also use the online ID function (eID) of your identity card, or verify your identity with PostIdent at a Deutsche Post branch.
For this you need a valid identity card or your passport plus proof of address (e.g. a phone bill).
The easiest way is to verify your identity with our app.
Once identity verification is complete, we receive your data and can then open your account.
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