Tips for how to look after your child’s money

When will my child be old enough to use banking services? And how can they start using digital services or log in to third-party services with e-identification? Read our tips for how to look after your child’s money.

When will my child be old enough to use banking services?

There is no age limit to getting a bank account, a Nordea Electron card or online banking codes. As the guardians of a minor, you will decide when your child is capable of using banking services independently. You are always responsible for your child’s banking.

The card linked to your child’s account and the Netbank agreement concluded for them are always intended for your child’s personal use. You can apply for these services when your child has been issued a passport or an identity card.

Your child’s accounts and funds can also be added to your Netbank and mobile bank so that you can track their account transactions. If you don’t want your child to have personal access codes, you can give them a Netbank viewing right so that they can check their account balance and transactions online without being able to make payments, use e-identification or sign up for digital services.

What about digital services?

You can open mobile banking services for your child when you feel they are old enough to use them. With a smartphone, the code app and the mobile bank app, your child can easily view their account balance and make payments. You as the guardians will decide which accounts your child can view in Netbank and mobile bank and which accounts they can use to make payments.

This makes it easy for you to manage your child’s account from your own Netbank and mobile bank and make sure your child has a suitable amount of money in their bank account. The guardians decide together whether they can make payments from their child’s account in their own Netbank and mobile bank.

Many guardians transfer small amounts of money to their child’s account. Your child can view their account balance in mobile bank. The Siirto app allows your child to request money from you when buying groceries for the family, for example.

You should also note that your child can also see any fund and equity investments made in their name in their Netbank and mobile bank. However, as a minor, they cannot place any buy or sell orders independently.

Logging in to third-party services using e-identification

E-identification is a service used to log in to a third-party service, such as My Studyinfo or My Kanta Pages, with your online banking codes. If you are a minor, opening the e-identification service always requires a visit to a branch with your passport or identity card.

As a minor, you can start using the e-identification service with your guardians’ consent, which they can give by contacting Nordea Customer Service with their identity authenticated. After this, you can activate the e-identification service in branch. Another option is to visit a branch with your guardian and bring a power of attorney from the other guardian with you.

Should I save money for my child?

Your child will gain control of their accounts and investments once they have turned 18. You should always take into account any tax consequences resulting from a loved one, such as a parent, grandparent or godparent, gifting money to your child.

Another way to save money for your child is to put aside money which you can later use to pay for your child’s driving licence or their exchange year abroad, for example. Paying for your child’s living expenses has no tax consequences.

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