Children mainly spend on snacks and online games with their own bank cards

In 2019, Erste Bank relaunched the Cseperedő bank account for the youngest customers, children aged 6-14. The parents have so far opened about 2,500 of the accounts offered with zero HUF monthly fees. Due to the coronavirus epidemic, the number of applications decreased slightly in 2020, but in 2021, three times as many new accounts were opened as compared to the year before. The cash flow (total value of deposits and withdrawals) related to the Cseperedő account exceeded HUF 551 million in 2021, said Zita Gémes, head of retail account products at Erste Bank.

You can also apply for a bank card for the Cseperedő account from the age of 7, currently 40 percent of accounts include plastics. Almost a fifth of the children with a card used their plastic to withdraw money from ATMs, and the same proportion – mostly with parental support – to deposit money at ATMs. Last year, every second card was used for purchases, on average twice a month, for an average value of HUF 2,000 each time. Based on the data of bank card purchases, children mainly spend on food and digital goods. Cseperedő cards were used most often, in 22 percent of cases, in grocery stores and supermarkets. Online games and related digital goods and services are in second place with 11 percent, while restaurant spending is in third place with 10 percent. In the top ten, with a 3-5 percent share of card purchases, there are, among others, fast restaurants, bakeries, department stores and cosmetic stores. In summer, however, children play somewhat more and shop less: between June and August, the proportion of grocery store/supermarket purchases drops to 20 percent, while that of online games and related digital products increases to 15 percent.