You ask, we answer! The editorial team of Euro am Sonntag answers reader questions on legal, financial and insurance topics. By Simone Gröneweg, Euro on Sunday
A few years ago I created a savings account for my son. Now I would like to withdraw money from it. Is that possible?
€ URO ON SUNDAY: The savings book for the next generation was a classic in earlier years. Parents and grandparents have often set up savings accounts in the name of their underage children and grandchildren and made regular deposits there. The question that arises again and again is whether one can stand out from it. The Federal Court of Justice (BGH) has already dealt with this topic.
He decided that in this case parents might even have to pay compensation. That depends on the individual circumstances. For example, it could speak in favor of compensation if monetary gifts were paid in by relatives and not just money from the parents (judgment of July 17, 2019; Az. XII ZB 425/18).
The situation is different if, for example, grandparents set up a savings account for their grandchildren. “If a close relative creates a savings account in the name of a child without relinquishing the savings account, it can usually be concluded from this behavior that the donor wants to reserve the right to dispose of the savings until his / her death” , emphasized the BGH in an earlier judgment (January 18, 2005; Az. X ZR 264/02). “As long as the grandparents keep the savings account, they can also dispose of the money,” explains lawyer Andreas Schiller. Unless otherwise expressly stated.
You have to know: if you own the savings account, you normally deprive the saver of the opportunity to dispose of the savings. The bank is only obliged to provide payment if the savings account is handed over.