Tips for how to look after your child’s money

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.

Saving provides protection for the future and will pay off even with small amounts saved. Saving for a child requires making several choices, and every guardian chooses the method of saving that suits them best.

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.

We offer you many alternatives for saving for a child and will help you find the solution that will suit your particular needs. Read more about saving for your child