Financial decisions are an important part of everyone’s lives regardless of age. We’ve compiled an overview (in Icelandic) of rules that apply to management of the finances of minors.
For ages 13-15
Grow financial literacy
Youngsters in the age group 13 to 15 years old can apply for a payment card, open a bank account and get access to the app. Parents and other guardians are able to maintain an overview in their own app accounts.
Service for 13-15 year olds
Electronic ID
To access the app, you need electronic ID.
Payment cards for our youngest customers
You can get your own card, register it to your phone or watch and use it to make contactless payment.
Plúskort
Prepaid credit card for those aged 13 and older. This is a digital card only and as such useful as an additional card, such as for online shopping. It collects Aukakrónur and carries now transaction or annual fees.
Pre-paid
For customers aged 13 years and older
Aukakrónur
2 Aukakrónur for every ISK 1,000
No physical card, only digital
No annual fee
No transaction fees
Vasapeningar
Prepaid card for young people ages 9 to 18. Parents or guardians create the card in the app, where they have a full overview. A guardian is the card owner and the young person is the card holder. More information
Pre-paid
No transaction fees
Annual fee
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The card comes with a free cinema ticket
Debit card
Debit cards can be linked to a phone or other contactless payment method.
No annual fee for 9-24 YO
No transaction fees for 9-18 YO
What account best suits kids aged 13-15 years?
You can deposit your savings to a Framtíðargrunnur savings account that is restricted until you reach 18 or start saving in the app to get the highest interest rate we offer on non-fixed term accounts.
Framtíðargrunnur savings account
The account bears the highest interest rates offered among general deposit programmes at each time and is an attractive choice for your long-term savings.
Smart savings
It’s easy to set savings goals in the app and even share them with others, such as family.
What else do we offer for 13-15 year olds?
Other savings accounts or funds may be an option. You can apply for bank accounts in the app but need to contact us to purchase in funds. We’ll help you and your parents or guardians to set this up.
Summer job
Many of us starting working at around this age and this means that it’s time to open a wage account. Customers 13 years and older can open their own wage accounts in the app. A wage account can be either a debit card account or savings account, depending on what suits each person.
Electronic ID
To access the app, you need to have electronic ID or the Auðkenni app.
If you haven’t got electronic ID, make an appointment to visit any of our branches and we’ll help you activate the ID. Your parents or guardians need to sign the application. If they’re unable to come with you, they can sign the application electronically on Auðkenni’s website.
When you visit us to activate electronic ID, you need to bring valid personal identification such as a passport.
Recreation grants
We help Klassi members to participate in various activities. Each year, we award recreation grants that can be used to pay for all kinds of activities. Recipients of the grants in recent years have been sponsored to participate in various sports, art studies and more.
The deadline to apply expired on 20 September 2023.
We add to your gift
Kids who are of confirmation age who deposit ISK 30,000 or more to a Framtíðargrunnur savings account or a mutual fund receive an ISK 6,000 contribution from Landsbankinn.
But that’s not all! If you invest a higher amount, you get a 5% contribution on the amount exceeding ISK 30,000. Our contribution cannot exceed ISK 16,000 for either option, meaning that the savings amount is ISK 230,000.
If you take advantage of both savings options, our contribution may be as high as ISK 32,000!
FAQ
Join our group of satisfied customers
Applying for access to online banking and the app, creating an account and getting a debit card is a matter of minutes.