Can other people also pay into the Kid’s account?

 Please note that the following answer only applies to clients residing in Germany.‌

Deposits from third parties, such as grandparents or godparents, are now possible. Legal guardians can add the desired saving sponsor in the client area under Profile > Your children. Once activation is complete, the third party is authorised to make transfers from their own bank account to the kids associated account. Only deposits are possible. The  account management remains with the legal guardians.

Please note that Scalable Capital can neither notify the tax office nor provide advice on the taxation of the gift. Please contact a tax advisor if you have any questions.

Both you and the recipient must report gifts to the relevant tax office within three months. Exceptions may apply here.

Larger amounts of money may also be subject to gift tax. The respective tax-free allowances are defined by the Inheritance and Gift Tax Act (ErbStG). They can be used again every ten years: