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.

Parents and guardians can create bank accounts for children in their care in their own app and monitor all movements and transactions of their minors there.

The child has to have electronic ID or the Auðkenni app in order to get access to Landsbankinn’s app.

To apply for a card and bank account online, you need electronic ID. You can always make an appointment at a local branch to get electronic ID.

It’s possible to confirm guardianship of minors under 18 years of age on mitt.audkenni.is if an underage customer wants to activate their electronic ID without a guardian present.

If the minor owns a current account, the guardian or customer who is 13 years or older can get a debit card by contacting the Customer Service Centre or making an appointment. Plus cards or pre-paid cards are also available for persons 16 years of age and older.

We recommend getting Landsbankinn’s app to monitor the balance of the card.

When the child reaches 13, they can apply independently for a bank account, payment card and access to the app. Parents and guardians can still monitor the young person’s finances in their apps and receive notifications to electronic documents if the minor opens an account or applies for a card.

Electronic ID is personal identification used in electronic transactions. They are a simple and secure way of logging in to online banking and are used to sign documents electronically online. Electronic signatures have the same legal value as handwritten signatures.

Electronic signatures are stored in the SIM cards of mobiles and are easy to use as you only need a mobile and a PIN you choose when activating the ID.

Yes, minors can get electronic ID.

You can visit a Landsbankinn branch or other Auðkenni registration centre. Remember to bring personal identification (a passport, Icelandic ID card (“nafnskírteini”) or a driver’s license). If parents or guardians are unable to join the minor at one of our branches to set up electronic ID, they can sign the application electronically on Auðkenni’s website.