Your child has independently opened an account with PostFinance

When it comes to children’s assets, Swiss law distinguishes between non-freely disposable and freely disposable child assets. Non-freely disposable child assets include money the child receives for saving purposes, such as inheritance or gifts. The parents have the authority to manage these non-freely disposable child assets. Freely disposable child assets refer to money the child earns themselves (e.g. apprenticeship salary) or receives as pocket money. The account your child has opened independently is suitable for freely disposable child assets, such as an apprenticeship salary or pocket money.

With the free SmartYoung banking package, PostFinance offers young people a simple and secure solution for starting on the path to financial independence. The banking package includes the following services:

• Youth savings account with an attractive interest rate of 0.80%, ideal for saving
• Youth account with an interest rate of 0.25%, for daily use
• PostFinance Card with adjustable limits, accepted worldwide
• Free prepaid card (PostFinance Mastercard Value) – available from 12 years of age
• Free credit card (Mastercard or Visa Classic) – available from 18 years of age
• The PostFinance App and e-finance for a financial overview, anywhere and at any time
• PostFinance TWINT, for quick and easy payments in daily life

From the age of 12, it is possible for young people to open an account with PostFinance online − directly via the PostFinance App or the website postfinance.ch.

Having access to their own account helps children learn how to handle money, encourages them to understand more about finances and gives them the opportunity to save independently.

If your child has opened an account independently, PostFinance will inform you upon request in one of our PostFinance branches that your child has an account with us, when it was opened and what the IBAN is. Due to bank client confidentiality, we are not able to give you any further information. If your child grants you power of attorney for the account, you will of course receive further information. 

For children from 0 to 11 years of age, the parent can open an account anytime either online via the PostFinance website or at a counter (in a Swiss Post or PostFinance branch). If a parent is already with PostFinance and has access to e-finance, the account can be opened easily and directly via the portal.

For children aged 12 to 17, the account can be opened by a legal guardian directly at a counter (in a Swiss Post or PostFinance branch).

When a child opens an account independently, the account and access to e-finance are in their own name. This gives your child control over their finances. If the child wishes, they can grant their parents power of attorney for the account and therefore decide whether the account should be visible in their parents’ e-finance. If they want to do this later, the account can be connected to their parents’ e-finance by telephone, provided the child has given authorization to do so. 

The SmartYoung banking package is free of charge. However, fees may arise for certain services. The following points should be noted:

• The paper option, at 5 francs per month, is charged only if explicitly requested when opening the account or if requested at a later point by the child.
• PostFinance does not charge any fees for cash withdrawals with the PostFinance Card. However, third-party fees are possible and are not reimbursed by PostFinance.
• You will incur small fees for cash withdrawals and purchases in foreign currencies.
• Ten withdrawals (transfers, transactions or purchases) per year up to a maximum of 100,000 francs are provided free of charge without withdrawal notice. After that, you will incur fees.
• You will find more information on fees The link will open in a new window here.

In the SmartYoung banking package, youth account limits are set at 0. An overdraft limit is therefore not possible. In exceptional circumstances, a negative balance may occur if certain PostFinance services are used that are not included free of charge in the banking package. For example:

• Transfers in foreign currencies and/or fees (from third parties) for cash withdrawals abroad. These fees are charged independently from the account balance and can draw the balance into negative. They mostly consist of percentage fees based on transactions, such as transfers abroad, and not regular fixed costs.
• Banking relationship with paper statements (paper option):
  Paper statements are charged at 5 francs per month, even if there is not enough credit on the account. The paper option must be actively selected and can be deselected at any time.

The free prepaid card can be used only if preloaded credit is available, which means that the maximum issue amount is clearly set. However, fees may be incurred for transactions abroad or cash withdrawals both in Switzerland and abroad. PostFinance TWINT also enables payments and transactions directly from the account. 

For security reasons, minors can only open free additional accounts to better organize their finances.

If your child has forgotten their password for e-finance, they can request a new one. To do so, follow these steps:

1. Open the login page for e-finance.
2. Click on "Forgotten password”.
3. Follow the instructions on the screen.

Please note that, for security reasons, only the account holder can carry out these steps. As a parent, you cannot reset the password for your child.

Cards can be blocked or unblocked independently and free of charge in the app and in e-finance. New cards can be ordered for a fee.

Cards that have been withheld by an ATM either in Switzerland or abroad will be destroyed and cannot be reclaimed. Please block the withheld card immediately and order a replacement card.

The cost for a replacement card from PostFinance is 25 francs if ordered via e-finance or the PostFinance App. If the card is ordered via the hotline or a customer advisor, however, the price is 40 francs. This amount will be debited directly from the customer’s account. Please note that this fee is also incurred if the card is lost or has been stolen.

Your child can find the interest statement required for taxes in e-finance. 

Your child should follow these steps in the event of fraud:

1. Block all affected cards immediately. This can be done via the e-finance portal or the PostFinance App. Alternatively, the card can also be blocked by telephone (see point 2).
2. Report a fraud incident to PostFinance by telephone: 
   PostFinance Card, from Switzerland The link will open in a new window 0800 88 88 77, from abroad The link will open in a new window +41 848 88 88 77
   PostFinance credit cards and prepaid cards, from Switzerland The link will open in a new window 058 448 14 00, from abroad The link will open in a new window +41 58 448 14 00
3. In the event of suspected phishing or other online fraud attempts, a report should also be made to the reporting office for Internet fraud.