May 16, 2019. The BCRA has issued Communication A6700 to allow financial institutions to offer savings accounts to teens aged 13 to 17 years, without the need to be accompanied by their legal representatives to open the account. The minor will be the account holder, and no authorized users may be added to the account.
The account will be denominated in pesos. No fees will be charged for opening or maintaining the account, for using ATMs of the same financial institution or for online banking.
A debit card will be associated with the account to allow teens to buy, transfer money, withdraw cash from an ATM or a teller, or at a point of sale, or carry out other everyday transactions.
Time deposits can be made from that account, whether in pesos, in units of purchasing power (UVAs) adjusted by the reference stabilization coefficient (CER), or in housing units (UVIs) adjusted by the construction cost index (ICC), thus making a long-term saving instrument available to teenagers.
Money can be credited to the account by using electronic channels or depositing cash, for up to an amount equal to the minimum wage per calendar month. Such limit may be increased if expressly authorized by the minor's legal representative.
This regulation fosters financial inclusion and education among teenagers, encouraging the use of bank services and electronic means of payment—such as debit cards, transfers, QR codes and mobile apps—and providing minors with a service that makes their everyday transactions simpler.