Yes, a separate Overnight account can be opened for the Scalable Capital kids account. This allows children's savings to benefit from attractive interest rates on instantly available liquidity.
Here is an overview of the key conditions:
Interest Rate: Kids accounts currently receive 2.50% interest p.a.* on the entire balance in the overnight deposit account.
No Limit: The interest rate applies without an upper limit on the deposit amount.
Compound Interest: Interest is calculated daily and paid out monthly directly into the child's overnight deposit account.
Flexibility: Deposits and withdrawals are possible at any time. Deposits can be made directly from the parents' account to the child's overnight deposit account.
*2.50% interest p.a. on unlimited Overnight savings. With PRIME+ up to 5 x €100,000 statutory deposit guarantee through the distribution of all cash across up to 5 banks plus additional deposit guarantee through banks with voluntary deposit guarantee. Without PRIME+ distributed across banks with €100,000 statutory deposit guarantee per bank, or money market funds where European investor protection rules (UCITS) apply, also each possible as sole safekeeping method. Interest and distribution are variable, for instance based on market interest rates, capacities, and conditions.