Your child’s finances
Find the best way to help your child to take their first steps in the money world and invest into their future.
Child Account
Open a free account for your child to let them start managing money matters wisely from an early age.
Mobile app
Download an LHV mobile app – a dashboard that shows your child only the essential information about their account.
Child Account
Open an account quickly and easily using the internet bank or mobile app
Opening and using the account is free of charge
Use the LHV mobile app to keep an eye on your child’s spending and change bank card limits conveniently
As a parent, you will have an overview of your child’s finances until they turn 18
Steps for opening an account
The Child Account can be opened for up to 17 (incl.) years old child by a parent or guardian with the corresponding right of representation. The child’s ID card, passport or residence permit card issued in Estonia is required for opening an account. If the child under 6 years of age and does not have a valid document, parent's document is required. If you are not an LHV customer, you can start opening a child account from the homepage.
If you are an LHV customer, log in to the mobile app or internet bank with your username and Smart-ID, mobile ID or ID card.
Go to “Information and settings” → “Agreements” in the menu or click on the "+" icon in the mobile app and choose the option to conclude a "Child account" agreement.
Conclude the Child Account Agreement.
Change the user role next to your name in the top left corner to start using LHV’s services via the Child Account.
Account access
When the Child Account is opened, only the parent will initially have the right to conclude transactions on the account. From age 6 and up, the parent may grant the child the right to make online payments via the internet bank or mobile app. If you wish to change the limits or rights or to grant the other parent access to the account, please fill out the application on the internet bank in the child’s role, under “Information and settings” → “Accounts and limits”.
To provide the child with a quick and easy view of the account balance via the internet bank or mobile app, the parent can add a login password to the Child Account. To add a password, go to “Information and settings” → “Password management” → “Login password” in the child’s role. Adding a password will allow the child to access the account with his/her personal username and password, granting a limited right of viewing the account balance.
Youth Card
A bank card may be ordered for the child from age 6 and up via the internet bank or mobile app. The card will be sent by post, and will be free of charge for the child until he/she turns 26. We also offer a Youth Card for youngsters, along with a cool contactless payment option and various benefits.
- Free bank card
- Enjoy discounts
- Pay with card and you can win 100 € pocket money and 100 € investing money.
- Your purchases are insured
- Pick your colour
You can order the Youth Card if you are 25 years old or younger.
First steps in investing
We have made investing in your child’s future very easy: simply open a Growth Account for your child.
- In a Growth Account, your money does not sit idle; instead, it is automatically invested in your chosen funds.
- A single euro is all you need to start investing in your Growth Account. You can grow your portfolio either by micro-investing and/or by making both regular and single payments to your account.
- The Growth Account is free of admin fees until the child is 26 years old.
Give your child the best possible start to their independent life by helping them to save up the down payment on a home loan for their first home with the Growth Account.
- By transferring, say, 60 euros a month to a savings account for 10 years, you would save up 7,200 euros. However, if you invest that amount via the Growth Account and the average yield is 8%, it would grow to more than 11,000 euros in that time and could easily be used for the down payment on your child’s first home.
- When concluding a home loan agreement at LHV, no service fee is applied on the sales of assets on the Growth Account.
How can I start investing for my child?
In order to start investing on a child’s account, a parent or custodian has to conclude an investment service agreement in the name of the child:
In the internet bank, select the ‘Information and settings’ section in the role of the child.
In that section, click on ‘Agreements’ and then ‘Investment services’.
Conclude an investment service agreement.
If you wish, you can gift your child securities with an awesome LHV securities gift card.
- If you are planning to purchase Baltic securities for your child, then a free Baltic securities account also needs to be opened for him/her.
- If you would like to invest in US stocks, then a W-8 form will also need to be filled in on behalf of the child.
- An easy way to start investing is the Growth Account, where you can invest from as little as one euro if you want.
You can sign all the necessary additional agreements in the ‘Information and Settings’ → ‘Contracts’ section of LHV Internet Bank.
Remember:
- a child’s parents may buy and sell securities on their child’s account only using funds they themselves have transferred to the child’s account. Thus, only the parents can transfer funds to the child’s Growth Account
- funds received from sale of securities must stay in child’s ownership, meaning they may not be withdrawn from child’s bank account without permission from a court
- certain less complex securities (such as shares, bonds, funds) may be given as a gift to the child by persons other than the parents. Remember that in such a case, the parent may sell the securities only after receiving permission from a court. The same applies to inheritance of assets
Download the LHV mobile app for your child
The app has all the views your child really needs to make their first independent steps in the world of money:
view their account balance and bank statements
check their account and bank card limits
use the “Request money” function
track the status of their securities
