Who owns the money in a children’s account?
Your child. The account is in their name, and the money legally belongs to them from the very first payment – every payment is a gift. Until they come of age, their legal guardians manage it as part of the parents’ duty to look after their child’s assets: as someone else’s money, kept separate from your own – but the account holder is your child. That also protects it: if you divorce, the account counts in neither your starting nor your final assets when gains are divided, and if a creditor comes after you, your child can defend what is theirs. Two limits are still worth knowing. Unusually large gifts that go beyond what is appropriate for your child are added back to your final assets when gains are divided on divorce – unless they were made at least ten years before the marriage ended (in a divorce, before the petition was served), or your spouse agreed to them. And in personal insolvency, the administrator can challenge payments made in the last four years as gifts and claw them back; the same four-year window applies to creditors outside insolvency. Only customary small occasional gifts are exempt – a regular savings plan doesn’t count as one. In practice, administrators rarely reclaim small monthly payments; the real risk is large lump sums paid in financially difficult times.
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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