Current account and Savings Account for a child
Find out more and open accounts suitable for children.You can now receive OP First Investment
Every baby born in 2025 will receive an investment from us, worth 100 euros, in the OP-World Index fund. After you have opened a Current Account for your child online, you will receive instructions on how to accept OP First Investment.
A Current Account for a child is suitable for daily money management
Transfer funds to a child's Current Account to teach them how to manage money. On the other hand, if you want to save on behalf of an underage person, find out more below about Savings Accounts for a child. However, a child should also have their own Current Account.
A Current Account for a child can be opened online. The child's guardians will have extensive access rights to the account, which they can view when logged into their OP-mobile or op.fi service. Guardians can check transactions and online bank statements, and withdraw money, from the child's account. Please remember that money on a child's account belongs to the child – a guardian does not have the right to use it freely.
A Current Account has a fixed interest rate of 0.25% for an OP cooperative bank owner-customer. Earning interest requires that the account and owner-customer membership are with the same OP cooperative bank. For customers other than owner-customers, the deposit interest rate is 0.00%. Unlike Savings Accounts, OP bonuses do not accumulate on money in a Current Account.
What is the minimum age of a child for whom a Current Account can be opened?
You can open a child's Current Account as soon as the child's name is registered with the Finnish Digital Agency and they have a personal identity code.
In addition, a 15–17-year-old can open their own Current Account, if they deposit their own money there. "Own money" in this sense includes money earned from the young person's own work, pocket money transferred by the parents, or the youngster's social security benefits such as student financial aid. A young person can also apply for a debit card, for independent use of the money on their account.
Opening a Current Account for a Child
To open a Current Account and other banking services for a child, you can apply conveniently online. When applying, you can also enrol the child as an OP cooperative bank owner-customer.
Choose a suitable savings account for your child
Savings Account and Fixed-term High-yield Account are suitable savings accounts for children. These accounts offer higher interest rates on the child's savings than a Current Account. In addition, OP bonuses will accrue on the savings if the child is an OP cooperative bank owner-customer.
The Savings Account is suitable for flexible and easy saving on behalf of children. Interest accrues on the basis of three interest steps: the interest rate rises with each step as you save more money in the account. The more money you save, the higher the rate the child may get on their savings. You can save as much as you want on a Savings Account, at your own speed.
Money on a Savings Account can also be withdrawn without withdrawal limits or fees. However, please remember that money on a child's account belongs to the child – a guardian does not have the right to use it freely. Account access rights can be added for the child's guardians, enabling them to check account transactions and online bank statements, and to make withdrawals.
The Fixed-term High-yield Account is suitable for short-term saving for up to one year. You can choose a deposit period suitable for you of between one month and one year. The account has a fixed deposit interest rate, which will stay the same for the deposit period you choose: you will be shown the interest rate before opening the account. When the deposit period ends, the savings and accrued interest will be paid into your child's account chosen by you.
Please note that funds cannot be deposited into, or withdrawn from, the account during the deposit period. Account access rights can be added for the child's guardians, enabling them to check account transactions and online bank statements.
What is the minimum age of a child for whom a Savings Account can be opened?
You can open a Savings Account and Fixed-term High-yield Account for a child who has a Current Account and is a customer of an OP cooperative bank.
You can open a Current Account and customer relationship for your child conveniently, by filling in an online application. While applying, you can also enrol the child as an OP cooperative bank owner-customer.
Opening an account for savings for a child
Open a Savings Account or Fixed-term High-yield Account by booking an online or branch appointment with an OP cooperative bank. Only one guardian needs to attend the appointment. The attending guardian will need valid power of attorney from the child's other guardians, which can be granted via the op.fi service.
- Log in and go to powers of attorney
- Book an appointment with an OP cooperative bank
- Read more about Savings Account
- Read more about Fixed-term High-yield Account
Opening an account and transferring money as a gift
Would you like to open an account, for example for a grandchild or godchild? Through gradual saving, a large sum can accumulate for a child by the time they reach adulthood. You can open an account into which you can transfer funds as a gift.
How to open an account as a gift
You can open an account as a gift by booking an online or branch appointment with an OP cooperative bank. The account opening process will be smoother if the child is already an OP cooperative bank's customer. To open an account, you'll need the child’s personal identity code and name.
If the child isn't an OP cooperative bank's customer, we'll ask the guardians for the information necessary to open the account. We'll contact the child's guardians by letter, or with a message they can read on OP-mobile or the op.fi service.
Must a child pay gift tax on savings or money gifts?
You don't have to pay gift tax on money you deposit in your child's account or transfer as a gift, if you give less than €5,000 in three years. In other words, one person can give the child up to €4,999 worth of gifts within a three-year period, without tax. If this amount is exceeded, the child must pay gift tax on the gifts received.
Can security limits be set for a child's account?
Yes, we recommend the setting of suitable security limits on all accounts, because they protect deposited funds. With account security limits, you set an upper limit for single withdrawals, or for the total amount of daily withdrawals and transfers.
For Current Accounts, it's worth setting security limits that do not disrupt normal use of banking services. Savings Accounts' security limits can be tighter if the money is not intended for daily use.
You can set or adjust security limits on a child's account by contacting your OP cooperative bank, for example by sending a message through our website or apps, or by calling. If a child has more than one guardian, the accompanying guardian will need valid power of attorney from the other guardians, which can be granted via the op.fi service.
Accounts are provided by OP cooperative banks.