Banking services for children and teenagers
Going to the bank and opening an account, gaining access to online banking, and getting your first payment card are all significant steps in the lives of children and teenagers.
Part of growing up and becoming an adult is gradually learning to make decisions about money and understanding how finances work. However, this needs to happen in small steps, and it's important to teach children and teenagers about finances just like other major aspects of life.
Children's first experience with banks is often bringing their piggy bank, depositing money into a savings account, and perhaps receiving a small gift to take home.
Children and teenagers can have their own bank accounts and, with parental or guardian consent, gain access to online banking or an app to view their account balances. Parents can request both viewing and transfer access, allowing them to safely monitor their child's finances.
When children reach nine years of age, their banking permissions expand. With parental consent, they can be issued a debit card and gain access to online banking or an app to view their account balances. This is a good way to introduce children and teenagers to banking services so they gain confidence in using these services as they get older.
It's never too early to start saving. For those who want to build long-term savings, it's possible to open a fixed-term account, such as Arion Bank's Future Account, which is designed for savings from an early age and is locked until the age of 18.
The best way to teach children about finances is to show them how bank accounts work and what effect it has on their balance when paying for something with a card.
Our advisors always welcome children and their parents or guardians and can provide advice on opening accounts and saving.
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