Child's Current Account

Open an account for your child easily online

Are you looking to save a nest egg for your child, put away birthday money, or teach an older child about personal finances? Having a personal account is useful for a child in many ways.

A child’s owner-customer membership offers benefits for the whole family. When you open an account, you can also make the child an owner-customer. As an owner-customer, the child will get 0.25% interest on the account. Read more under "Deposit interest rate".

To open the account, you will need

  • the registered name and personal ID of the underage child
  • OP’s user ID
  • the other guardian’s must have online banking user identifiers with OP or any other Finnish bank
  • about 15 minutes of your time.

In what situations is it not possible to open an account online?

Learn more about becoming OP’s customer

How to open an account for a child

  • Fill in the application online.
  • The other guardian is notified of the application. The guardian must accept the account opening agreements by selecting on this page “Go to application” and following the instructions. If you are the child’s only guardian, the account will be opened after you have filled in the application.
  • You will get a message when you can start using the account.

The guardians can use this account independently using their own OP user ID.

Opening an account for a grandchild or godchild 

You can open a Current Account as a present for, say, your grandchild or godchild by contacting our Customer Service. To do this, message us via OP’s digital services or chat, or call us. To make it smoother to open the account, we recommend that the child be a customer of OP already before opening the account. If the child is not OP’s customer, we will ask the guardians for the information necessary to open the account. We will contact the child’s guardians by letter or by message that they can read on OP-mobile or the service. To open an account, you will need the child’s personal ID code and name.

There is no gift tax when gifting no more than 138 euros per month or 4,999 euros every three years. When you give the gift to the child's account, there is no need to file a gift tax return form.

Opening an account for a young person with income

Does your child over the age of 15 want a personal Current Account for their own income? A young person who has turned 15 can open an account for their own income.

A Current Account's interest rate is fixed 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. If the account has more than one account holder, all account holders must be owner-customers at the OP cooperative bank that holds the account. For customers other than owner-customers, the deposit interest rate is fixed 0.00%.

Calculation and payment of deposit interest

The Current Account's deposit interest rate is calculated on the lowest balance of a calendar month. The lowest balance is based on the daily closing balance.

The deposit interest will annually be added to the account's funds on 1 December and it can be withdrawn before mid-December, unless otherwise agreed in the account agreement. You can check the interest payment day from the account agreement. You can find the electronic account agreement in My archive. The paper account agreement has been sent by post or given at the meeting.

Tax treatment

Tax at source is charged on each interest payment. You do not need to report the deposit and earned interest in taxation.

A Current Account is free of charge for those under 26 years. The General Terms and Conditions for Accounts for Private Customers apply to Current Accounts.

Please note that the bank has the right to change the account agreement, its terms and conditions, and the list of service charges and fees. The bank will inform you of changes as specified in the terms and conditions.

Savings on the account are protected with deposit guarantee. The maximum compensation for guaranteed deposits is EUR 100,000 for the deposits made in a single deposit bank. OP Financial Group member banks are considered a single bank from the perspective of the deposit guarantee.

Deposit guarantee protects a depositor's funds on an account if the deposit bank becomes insolvent. If a deposit bank is declared bankrupt or is in permanent default, the Financial Stability Authority pays compensation to the bank’s depositors from the Deposit Guarantee Fund.

The account is provided by OP cooperative bank.