When and why should I open an account for my child?
An own bank account gives your child the foundation for learning financial skills and for saving.
For your child, you can choose a PerkAccount for saving and a Current Account for handling daily banking.
- A PerkAccount is a good choice as a first account for a child because it’s suitable for regular saving. You can open a PerkAccount for your child online as soon as they have a Finnish personal identity number. It allows you to start saving for your child’s future from the time they are toddler.
- We recommend opening a Current Account once your child is ready to spend money and use a debit card independently. A debit card allows your child to start practicing their financial skills. You can obtain a Nordea Debit card for your child from the age of 6, and you can open a Current Account for your child at the same time.
PerkAccounts and current accounts are both free of charge for children.
The guardians’ role
The guardians of a minor can open banking services for the child. The guardians can be either the child’s parents or another person who has been appointed as the guardian. If the child has two guardians, they must both agree to open an account for the child. A single parent with sole custody can open banking services for a child on their own. Other close relatives may also gift money to your child or open an account for them with the consent of the guardian(s).