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Your child is turning 18

There are some changes ahead

Nearly 18 years old

More about the Student Package
More about the Student Package
  • Jongerengroeirekening will be converted to a free Student Package
  • Easy and cheap insurance
  • Pay securely online with QR code

Congratulations

Finally 18! An age that most children are looking forward to. It is not just any old birthday. From the age of 18, your child is financially liable according to the law – this means that there are some things that need to be arranged. Read about the most important changes in financial matters that you need to handle, so that your child is well prepared for this new chapter in their life. 

We will take care of this for your child

  • Jongerengroeirekening and Ajaxrekening converted to a Student Package
    If your child has one of these accounts, we will convert it into a free Student Package at the start of the first month following your child’s 18th birthday. During the first year, this package is also free of charge for people who are not studying.

     If your child has both accounts, the Jongerengroeirekening will be converted to the free Student Package. The Ajaxrekening will be automatically converted to a personal account and a charge of €1.94 per month will apply. If you wish to prevent the Ajaxrekening being converted to a personal account, simply close it.
  • KinderToekomst and KinderBonus Sparen savings accounts will be closed
    If your child has a KinderToekomst savings account, we will close the account in the January after your child turns 18. We will transfer the savings, including the basic and bonus interest, to another ABN AMRO savings account in your child’s name.

    If your child has a KinderBonus Sparen savings account, in the month following your child’s 18th birthday, we will transfer the savings, including the basic and bonus interest, to another ABN AMRO savings account in your child’s name.

    If your child does not yet have a savings account, we will open one for them. The FAQs below contain a description of how this works.
  • Tips & tricks for students
    We provide students with useful tips on saving money, studying abroad and financing their studies. Take a look at our tips for students.

Your child needs to do the following

  • Request a DigiD 
    This will enable them, among other things, to take out health insurance and file a tax return. Go to Digid.nl to request a DigiD. 
  • Get insured
    Whether your child is moving out or not, it is wise to take out good insurance. Do the insurance check to find out about the most common insurance policies for (prospective) students. 
  • Fill a tax return
    Every year, your child must file their own tax return. This must always be done before 1 May. If your child files a tax return in March, they are notified of the outcome before 1 July. 
  • Provide proof of identity at an ABN AMRO branch
    Once your child has turned 18, we require their signature and proof of their identity. If we do not yet have this, you will automatically be informed. Once your child has turned 18, they can visit an ABN AMRO branch on their own. 
  • Important: identification requirements and coronavirus measures
    Due to measures relating to coronavirus, your daughter or son only needs to visit a branch to provide proof of identity once the measures in place have been lifted. Do not worry, your son or daughter can continue to bank online. If your son or daughter does not yet have access to Internet Banking or Mobile Banking, or wishes to provide someone with an authorisation or take out another product, we do need proof of their identity. This can be arranged during an appointment at one of our bank branches. Simply call our appointments line: +31 (0)88 – 22 62 63 5.
Almost 18 years old!

Jongerengroeirekening will be converted to a Student Package

The Student Package is a free current account with a debit card. Even if your child is not going to university, or is not going right away, they may use it for a year free of charge. The account number and PIN remain the same as those for the Jongerengroeirekening – only the debit card is replaced.

Almost 18 years old!

Taking out their own insurance

If your child is starting at university and moving into student accommodation, it is a good idea to take out a student insurance policy. This provides insurance for household contents, personal liability and any accidents. 

Find out more about the student insurance Do the insurance check

Filing the first tax return

Turning 18 means you also need to file your own tax returns. That can be a little challenging the first time around, but you can help your child with this. A DigiD is needed in order to file a tax return. 

Frequently asked questions by parents and young people

Can I still access my child’s account?

No, you can no longer access your child’s account as you could in the case of the Jongerengroeirekening. Your child is now 18 and is responsible for their own finances. As a parent, you are, however, responsible for your child’s maintenance until they turn 21. This means that you are obliged to provide your child with financial support until they reach that age. 

If you would still like to be able to view your child’s account, ask your child if they are willing to authorise this. We can arrange this in a few simple steps.

Find out more about authorisations
What happens to the Ajaxrekening?

If your child also has an Ajaxrekening in addition to a Jongerengroeirekening, it is automatically converted to a personal account. A charge of €1.94 per month will apply. If you wish to prevent your child paying for this account, transfer the money in the Ajaxrekening to the Jongerengroeirekening and close the current account.

Close the Ajaxrekening (current account)
What happens to the savings products?

If your child has a KinderToekomst savings account: 

We will close the account in the January after your child turns 18. We will transfer the savings, including the basic and bonus interest, to another ABN AMRO savings account in your child’s name. If your child does not have any other ABN AMRO savings account, we will open one for them. When the time comes, we will send you a letter about this with more information.

If your child has a KinderBonus Sparen savings account:

We will calculate the last bonus interest based on the savings balance on the last day of the month in which your child turns 18.

We will close the KinderBonus Sparen account in the first week of the month following your child’s 18th birthday. When we do this, the balance will temporarily not be visible. Within 3 working days, we will transfer the savings, including the bonus interest, to another ABN AMRO savings account in your child’s name. If your child does not have any other ABN AMRO savings account, we will open one for them. 

Example: your child is turning 18 on 9 January. We will transfer the money in the first week of February. Important: your child will only receive this last bonus interest if the savings remain in the account until the end of the month in which they turn 18.

As a parent, am I still able to manage my child’s savings after their 18th birthday?

No. In the case of the KinderToekomst savings account and/or the KinderBonus Sparen account, the money that you have saved is a gift from you to your child. You manage these savings accounts until your child turns 18. From the moment your child turns 18, they may independently control their savings in these accounts and others in their name. As your child will then be an adult and can make their own decisions, we will automatically block your access to your child’s accounts.

If you would still like to be able to view your child’s account, ask your child if they are willing to authorise this. We can arrange this in a few simple steps.

Be aware of gift tax
You may have saved a considerable amount for your child.Once they have turned 18, they can use it as they see fit. If this worries you and you would prefer your child not to receive these savings, be aware that if you choose to transfer the savings to your own (savings) account, the tax authorities will regard this as a gift to you from your child. Depending on your specific situation and the amount in question, you may have to pay gift tax on it. If you wish to know whether this applies to your situation, check the amount below which gifts are exempt from tax for the year in question. The tax authorities or a notary can provide you with more information about this.

Does my child have to take out their own health insurance?

Yes, from the moment your child turns 18, child benefit and the child-related budget come to an end. As a result, you have less disposable income. Other benefits that you receive may also change, for example, if your child starts working and continues living at home. The Dutch National Institute for Family Finance Information (Nibud) has a personal budget advice service that will provide you with a quick overview of your future income and expenses.

Do child benefit and the child-related budget come to an end?

Yes, from the moment your child turns 18, child benefit and the child-related budget come to an end. As a result, you have less disposable income. Other benefits that you receive may also change, for example, if your child starts working and continues living at home. The Dutch National Institute for Family Finance Information (Nibud) has a personal budget advice service that will provide you with a quick overview of your future income and expenses.

What happens if my child cannot handle their finances on their own

If your child cannot handle their finances well on their own, or they need some help, there are various ways to help your child handle their current account. Your child can provide you with an authorisation, or you can choose to have your son’s or daughter’s finances put under administration. Find out more about the options available.

Frequently asked questions by parents and young people

Can I still access my child’s account?
What happens to the Ajaxrekening?
What happens to the savings products?
As a parent, am I still able to manage my child’s savings after their 18th birthday?
Does my child have to take out their own health insurance?
Do child benefit and the child-related budget come to an end?
What happens if my child cannot handle their finances on their own

Can I still access my child’s account?

No, you can no longer access your child’s account as you could in the case of the Jongerengroeirekening. Your child is now 18 and is responsible for their own finances. As a parent, you are, however, responsible for your child’s maintenance until they turn 21. This means that you are obliged to provide your child with financial support until they reach that age. 

If you would still like to be able to view your child’s account, ask your child if they are willing to authorise this. We can arrange this in a few simple steps.

Find out more about authorisations

What happens to the Ajaxrekening?

If your child also has an Ajaxrekening in addition to a Jongerengroeirekening, it is automatically converted to a personal account. A charge of €1.94 per month will apply. If you wish to prevent your child paying for this account, transfer the money in the Ajaxrekening to the Jongerengroeirekening and close the current account.

Close the Ajaxrekening (current account)

What happens to the savings products?

If your child has a KinderToekomst savings account: 

We will close the account in the January after your child turns 18. We will transfer the savings, including the basic and bonus interest, to another ABN AMRO savings account in your child’s name. If your child does not have any other ABN AMRO savings account, we will open one for them. When the time comes, we will send you a letter about this with more information.

If your child has a KinderBonus Sparen savings account:

We will calculate the last bonus interest based on the savings balance on the last day of the month in which your child turns 18.

We will close the KinderBonus Sparen account in the first week of the month following your child’s 18th birthday. When we do this, the balance will temporarily not be visible. Within 3 working days, we will transfer the savings, including the bonus interest, to another ABN AMRO savings account in your child’s name. If your child does not have any other ABN AMRO savings account, we will open one for them. 

Example: your child is turning 18 on 9 January. We will transfer the money in the first week of February. Important: your child will only receive this last bonus interest if the savings remain in the account until the end of the month in which they turn 18.

As a parent, am I still able to manage my child’s savings after their 18th birthday?

No. In the case of the KinderToekomst savings account and/or the KinderBonus Sparen account, the money that you have saved is a gift from you to your child. You manage these savings accounts until your child turns 18. From the moment your child turns 18, they may independently control their savings in these accounts and others in their name. As your child will then be an adult and can make their own decisions, we will automatically block your access to your child’s accounts.

If you would still like to be able to view your child’s account, ask your child if they are willing to authorise this. We can arrange this in a few simple steps.

Be aware of gift tax
You may have saved a considerable amount for your child.Once they have turned 18, they can use it as they see fit. If this worries you and you would prefer your child not to receive these savings, be aware that if you choose to transfer the savings to your own (savings) account, the tax authorities will regard this as a gift to you from your child. Depending on your specific situation and the amount in question, you may have to pay gift tax on it. If you wish to know whether this applies to your situation, check the amount below which gifts are exempt from tax for the year in question. The tax authorities or a notary can provide you with more information about this.

Does my child have to take out their own health insurance?

Yes, from the moment your child turns 18, child benefit and the child-related budget come to an end. As a result, you have less disposable income. Other benefits that you receive may also change, for example, if your child starts working and continues living at home. The Dutch National Institute for Family Finance Information (Nibud) has a personal budget advice service that will provide you with a quick overview of your future income and expenses.

Do child benefit and the child-related budget come to an end?

Yes, from the moment your child turns 18, child benefit and the child-related budget come to an end. As a result, you have less disposable income. Other benefits that you receive may also change, for example, if your child starts working and continues living at home. The Dutch National Institute for Family Finance Information (Nibud) has a personal budget advice service that will provide you with a quick overview of your future income and expenses.

What happens if my child cannot handle their finances on their own

If your child cannot handle their finances well on their own, or they need some help, there are various ways to help your child handle their current account. Your child can provide you with an authorisation, or you can choose to have your son’s or daughter’s finances put under administration. Find out more about the options available.