Tips for how to look after your child’s money

There are big differences between parents as to when they set up the first banking services for their child. It is possible to open an account or start saving in funds even for a baby. When parents open an account for their child who is under 1 year old, we will give the child a baby gift. If the parents also start saving for their child, we will give them an additional gift, says Nordea’s expert Anne Oksala.

As your child grows, you can open other banking services for them as needed. Your child can get a Nordea debit card from the age of 6, but the guardians decide when is the right time based on their child’s development and needs.

A debit card is meant for personal use only, so the child must be able to keep it safe and use it independently. Children usually need a debit card only when they begin spending more time in hobbies and want to buy a snack after school, for example. Some parents get a debit card for their child when they go to primary school, and some parents do it later.

See our banking services for children of different ages

How can a child pay with their own card?

A child’s debit card is always attached to the child’s personal current account. This means that the purchases or cash withdrawals the child makes with their card are debited to their account. Using the debit card helps the child to learn financial skills as they see how much different products cost in stores and how much they can spend, says Anne.

If the parents wish, they can see the child’s current account in their Nordea Mobile and Netbank. They can then see how much money the child has in their account and transfer spending money to the child’s account as needed.

When the guardians order a Nordea Debit card for the child, they can set security limits for the card. They can for example allow the card to work only in Finland. When the child gets their own Nordea access codes later, they can edit the card settings in Nordea Mobile and Netbank. If a teenager travels for a holiday or takes a language course in a foreign country, they can edit the usage area in Nordea Netbank and Nordea Mobile.

Read more about debit cards for children

For what purposes does a minor need Nordea access codes?

With Nordea access codes, the child can use Nordea Mobile and Netbank, where they can see the banking services that have been opened for them. In Nordea Mobile and Netbank the child can easily check the balance of their account and their card’s PIN.

The guardians can set certain restrictions in Nordea Mobile and Netbank for the child. They can for example define what accounts the child can see in Nordea Mobile and Netbank and whether they can make payments from their accounts. Parents are often surprised to hear that the child can see the fund and equity investments made for them in Nordea Mobile and Netbank. However, a minor can’t place any buy or sell orders. The child will gain access to the funds and investments only after they turn 18, says Mervi Korhonen, Service Advisor at Nordea.

Your child can continue using the same access codes after they turn 18.

When you get Nordea access codes for your child before they turn 18, they can continue banking seamlessly. They can also open new services in Nordea Mobile and Netbank as needed. If they begin studying, for example, they can apply for a student loan or start ASP saving.

Read more about access codes for your child

Read more about banking services for 18-year-olds

How can a minor use strong identification to log in to various online services?

Many authorities and the health care system require strong electronic identification for logging in to their online services. These services include MyKanta, Kela and MyTax. The child can log in to various services provided by third parties, if e-identification, which is a form of strong electronic identification, has been added separately to the child’s access codes.

It may be a surprise to the parents that e-identification must be activated separately. Your child will need the e-identification, for example, when they want to book a time for the theory test for a driving license for a moped at Ajovarma. Strong identification is needed also if the child wants to accept an offer of admission at My Studyinfo, says Mervi.

The child will need the e-identification also when they wish to confirm payments online or through an app.

When a child buys a multi-journey-ticket through HSL’s mobile app and confirms the payment with online banking credentials, they must have e-identification.

E-identification must always be activated at one of our branches. The child must visit the branch and have a valid passport or ID card with them. We will need the guardians’ consent for the e-identification, too.

So the parents should anticipate when their child will need to use online public services that require e-identification. They should get access codes and set up e-identification well in advance so that the child can easily log in to MyKanta, for example, Mervi points out.

Read more about activating e-identification for your child

Read more about banking services for minors aged 15 or older

Is it safe for children to use banking services independently?

When a child starts using banking services, they come with certain responsibility. The child must be mature enough to keep their online banking credentials safe and to use banking services securely.

Online banking credentials are in a way ID documents in a digital environment, so only the child can use them. Not even parents are allowed to use their child’s access codes to log in to any services. It is important to tell your child that they must not share their access codes with anyone else, says Annukka Multanen, a fraud expert at Nordea.

The child also has to keep their card safe and keep their PIN to themself.

You should advise your child to memorise their PIN. The child should always make sure that no one can see their PIN when they pay with their card or withdraw cash from ATMs. If the child’s card is lost, they can block the card in Nordea Mobile or Netbank. They can also call our card blocking service to block their card, Annukka adds.

We recommend that you discuss secure banking with your child when they start using banking services. This helps the child to learn the basics of spending and to know how to stay safe online right from the start.

Read our tips for safe banking