Children and young people
Envision the future, whether your goals are big or small, short-term or long-term.
Products and services
Welcome to Íslandsbanki
You will need an electronic ID or other valid ID to open an account. This includes passports, identity cards or driver's licenses. PLEASE NOTE that a digital driver's license is NOT accepted as a valid ID.
Anyone 12 years or older can open an account themselves.
Using electronic ID
You can open an account using an electronic ID from the age of 12.
When you buy a product, we automatically create access to online banking and the app if you don't already have it. We want to make it easy for you to manage your account online.
Anyone over the age of 13 can make contactless payments.
Anyone over the age of 12 can open an account themselves.
Without electronic ID
Just bring a valid ID to one of our branches, and we will assist you.
If you are 12 years or older, you don't need to bring a legal guardian.
Our branch advisers are here to help.
Legal guardian opening an account
Any legal guardian can open an account for a child in their care by sending an inquiry, visiting a branch, calling the Contact Centre or contacting us via online chat.
The child and guardian must bring a valid ID if they visit a branch.
Activating a card for children under the age of 18
A legal guardian or the child can activate a card intended for someone under 18.
There are several ways to activate a card for children under 18:
- Use the child´s app or online banking option to activate the card and access the PIN.
- Chat with us online and confirm your identity using an electronic ID.
- Call us and confirm your identity using an electronic ID.
- Visit us at one of our branches and bring a valid ID.
- Send us an authenticated request through the Bank's website. Send request
Electronic ID
Individuals under the age of 18 can receive an electronic ID with the consent of their guardian.
Individuals under 18 can receive an electronic ID in two ways:
- The applicant can come to the branch accompanied by a guardian. You must bring a passport or identity card.
- Legal guardians of persons under 18 can agree to Auðkenni´s terms online. The child must bring a valid ID.
Apply for an electronic ID for an individual under 18 (on the Auðkenni website)
Timeline
- This option is ideal for individuals who are interested in long-term savings for children and young people. It is an ideal gift from grandparents, aunts, uncles, siblings and friends.
- Children can receive a copy of the book Little People, Big Dreams by depositing into a Future Plan or other account at the nearest branch.
- Everyone of confirmation age depositing 30,000 or more into a Future Plan Account or Fund will receive an ISK 6,000 contribution from us. Every child who has reached the age of confirmation is eligible for a confirmation contribution, one for depositing into the Future Plant and one for depositing into a fund, a total of ISK 12,000.
- We encourage parents or guardians to work with their children to set both short-term and long-term savings goals.
- Start saving for the things that matter to you by setting money aside each month. Be prepared for those unexpected costs. Open a savings account and worry less about the future.
- Regular savings are an effective way to save money - a set amount is automatically transferred to another account, helping you build a reserve without even noticing.
- Anyone 16 years or older, in full-time or summertime employment, can apply for a Private Pension Plan.
- The guardian(s) must sign a private savings agreement.
- You can use your Private Pension Plan to help you buy your first property later on.
0 yrs
Savings in funds
Using multiple savings options is a great idea. It can help you increase your returns and distribute risk. You can look at the options here.
Future Plan
2 yrs
George and friends
George is a children's app that teaches numbers, letters, and time-telling.
9 yrs
First card
Parents and guardians can apply for a card for their children starting from the age of 9. Debit cards for 9-23 year olds have no annual or transaction fees.
Electronic ID
Individuals under the age of 18 can receive an electronic ID with the consent of their guardian.
Apply for an electronic ID for an individual under 18 (on the Auðkenni website)
Online bank and App
The online bank and bank app are accessible to children from the age of 9
13 yrs
Fríða
At the age of 13, children become eligible for Íslandsbanki's Friða benefits program, which offers discounts on various products and services.
App and contactless payments
Anyone over the age of 13 can make contactless payment.
14 yrs
Confirmation
First job
16 yrs