Child's Current Account

Yes, you probably can. In the cases below, you can fill in the child's application: 

• You have another Finnish bank's user identifies.
• The other parent has another Finnish bank's user identifiers. 
• If you apply for a card for a child or young person, they must have an ID card or passport issued by a Finnish authority. 
• If you apply for a card for a child or young person, they must have a phone in personal use, the number of which can be verified when you fill in the application. 
  • If the child has no personal phone number or the phone is a watch phone, visit a branch to apply for the card. Read more detailed instructions› link
• The child or young person must be a Finnish citizen or dual citizen when the second nationality is in a Nordic country, in addition to Finland.
• The name or personal ID code of the child's or young person's parent is not on a sanctions list.

• Let’s join forces to help children and young people to manage their finances. A healthy credit history and finances will be critically important to their future.  
• Please note that the child or young person’s user ID will enable them to view all accounts to which they have access rights.  
• If a parent or parents have access rights to a child’s or young person's account, they can view the account on OP-mobile or the op.fi service with their user ID. The parent can also make credit transfers into the child’s or young person's account and monitor account transactions.  
• Please note that the child or young person can't use the op.fi service with their user ID. With their user ID, they have access to the OP Accessible online service. 
• We recommend that both parents grant power of attorney for managing a child's or young person's banking affairs. Power of attorney will be needed later, for example, to change the card's spending/withdrawal limits via Customer Service. Power of attorney can be granted through the op.fi service. Please contact OP’s Customer Service if one of the parents does not have an OP user ID. You can also use another bank’s user ID for signing power of attorney. Link: Log in and go to Powers of attorney 
• A parent can change the spending and withdrawal limits of their child’s or young persons' card by logging into the chat service, by message on OP-mobile or at op.fi, by calling OP Customer Service or by visiting a branch. Please note that this can only be done if you have a power of attorney from the other parent. You can also send the same messages on OP-mobile or the op.fi-service. In the message, you should indicate the card's details to be changed and the cardholder's information, as well as the desired change. 
• Parents can also jointly set transaction limits on their child’s account to restrict its use. If necessary, they can request changes by sending the same messages on OP-mobile or at op.fi, with a power of attorney, or by visiting a branch. 
• The best way to manage a child's or young person’s account and spending is to keep only a reasonable amount of money on the child's or young person’s account.  
  
  
   

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.

Becoming an owner-customer and member contribution

Your current customer relationship and any user ID in your use affects you becoming an owner-customer.

• If you are an OP cooperative bank’s customer and have OP’s user ID, you can become an owner-customer by logging into the op.fi service. Become an owner-customer
• If you are an OP cooperative bank’s customer but you do not have OP’s user ID, start by booking an appointment Book an appointment
• If you are not an OP cooperative bank’s customer but you have another bank’s user identifiers and are interested in becoming an OP cooperative bank’s customer, become our customer online Become our customer easily online

Membership cooperative contribution

When joining us, you will pay an ordinary cooperative contribution as a one-time contribution, no other payments exist. In most banks, the amount of the membership cooperative contribution is 100 euros. You can find the amount of the membership cooperative contribution on the owner-customer application and in your OP cooperative bank.

If ever you decide to stop being an owner-customer, your membership contribution will be refunded to you in full. The cooperative contribution will be refunded after one year has lapsed from the end of the financial year during which the owner-customer membership was terminated.

However, OP cooperative banks have the right to refuse to refund the contributions according to the bank's rules. You can check the rules of the OP cooperative bank on the bank's op.fi page or in the head office.

Who can become an owner-customer?

Any person, entity or foundation using OP Financial Group’s services, irrespective of their nationality, can become an owner-customer.

Child as an owner-customer

A child can become an owner-customer. All guardians of the child sign together their underage child’s application for an owner-customer membership. By doing so, the parents also give their consent that their child will begin to earn OP bonuses.

If the membership contribution is paid using proceeds of the child’s own work, the child can him/herself sign the membership application and pay the membership contribution.

Owner-customer terminates the membership

The owner-customer has, at any time, the right to terminate their owner-customer membership by informing their OP cooperative bank of this in writing. The owner-customer membership termination date is the date on which the OP cooperative bank has received the termination notice.

Death of owner-customer

An owner-customer membership will terminate on the death of the owner-customer. In the distribution or partition of the deceased person’s estate, the death estate can transfer the deceased person’s owner-customer membership, generally either to widow/widower or heir.