In order to open an account for their child and order a payment card, parents no longer have to go to a Swedbank branch, but can also do it remotely. Swedbank’s data show that parents increasingly choose to issue a payment card for their children when they start school. More than 80% of children between the ages of six and 13 use a bank card regularly. The amount that parents most often transfer to their children in this age group is around 50 euros per month.
As noted Renars Rusis, head of Swedbank’s Private Person Administration: “A payment card from the first years of school allows a child to learn the same payment habits that most every parent practices on a daily basis. In addition, it is an opportunity for parents to track their children’s spending and transfer money if the need suddenly arises. Our data shows that children with the card most often pay for food, transport and sports lessons. In general, we see that more and more parents appreciate the opportunity to help manage their children’s finances and teach money matters in this way.”
As the age of the children increases, so do the amounts for settlement
Swedbank’s data shows that initially parents transfer up to 50 euros per month to the child’s account on average, often 10 euros per week, or an amount intended for a specific purchase, for example, to pay for extracurricular activities. During the teenage years, when children are already becoming more independent, the available payment amount in the account also increases – approximately 80 euros per month. On the other hand, at the age of teenagers, especially during high school, when some young people may have created the opportunity to earn money themselves, helping their parents or working a paid job, the average amount available for spending is 180 euros per month. It is significant that in all age groups, among children and young people, the largest spending items are unchanged – food, meals outside the home in a cafe and transport expenses.
How to open an account for a child without going to a branch?
Taking into account the growing interest of parents in opening an account for their child, Swedbank now offers the possibility to do so remotely. To open an account for a child, the child must be a first-time bank customer and must be between the ages of six and 15. The parent must be a Swedbank customer with access to the internet bank and have access to secure authentication options: Smart-ID QES or e-ID with electronic signature. For parents, in the section “Become a customer” must fill out the application “Open an account for your child”. During the application process, it will be necessary to upload the child’s passport or ID card issued in Latvia, as well as photos of the birth certificate issued in Latvia.
Next, the bank employee will check the application, which will take a few working days, and the parent receives an e-mail and SMS about opening the account. It is also possible to apply remotely for a Swedbank ISIC card, which will also serve as a child’s pupil or student card, as well as a Swedbank payment card. On the other hand, young people from the age of 16 have the opportunity to open an account by themselves without the involvement of their parents. More information in the internet banking section “Become a customer”.
Payment card security principles that are important for both parents and children to know:
Always remember where your payment card is. When paying with a card, do not allow the service person to take it out of sight, as there is a possibility that the card data could be stolen.
If the card is lost, immediately block it in the Swedbank mobile app or in the internet bank. The card can be unblocked or the replacement of the card can be applied for within 10 days from the moment the card is blocked.
When making a purchase, it is not recommended to send the card number by post or to disclose it by phone, as the card data can be used dishonestly for fraudulent transactions, but if there are no other options, then special care should be taken.
Be careful when using ATMs of other banks! Different ATMs return the card before or after dispensing money. Before leaving the ATM, make sure you have taken both your bank card and the money issued.
The card may only be used by the person whose name and surname appear on the card. Do not allow anyone, even your loved ones, to use your card!
Always check the amount of the transaction to be confirmed with the card!
Regularly check the card transactions performed in your internet bank or in the Swedbank app. If any transaction seems suspicious, please contact your bank.