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

There is no age limit to getting a bank account, a Nordea Debit 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. 

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.

Accessing third-party services with e-identification (strong electronic identification)

E-identification, in other words, strong electronic identification, is part of the online banking agreement you make with Nordea. You use e-identification to log in to third-party services, such as My Studyinfo or MyKanta, with your Nordea access codes. 

The guardian (or if there are two guardians, both guardians together) will need to assess whether a child is ready to use Nordea access codes independently.  Children usually start using services requiring e-identification (strong electronic identification) independently when they are about 12 years old.

The guardian must give their consent before we can set up e-identification for a minor. If a child has two guardians, they are both required to give their consent. Setting up e-identification always requires a visit to our branch. We recommend that both the guardian and the child visit the branch together. If the child has two guardians, the guardian who comes to the branch must have a power of attorney from the other guardian. Alternatively, the guardians may give their consent in advance through Nordea Customer Service if the child visits the branch alone.

You will need to present a valid passport or identity card before we can set up e-identification for you.

Should I save money for my child?

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

Cashless payments for children

Our daily banking services for children allow your little ones to bank easily and securely.

Read more about banking for children

Saving for your child

By saving even a small sum regularly you can build a nest egg for your child’s future.

Read more about saving for your children