2. January 2020
Clients of LHV, who are also parents, can now conveniently open accounts for their minor children via the Internet Bank without having to visit a bank office.
Even though private persons have been able to register themselves electronically as a client of LHV Pank for some time, they still had to visit a bank office in order to open an account for a minor child. This is no longer the case, as LHV is offering parents the opportunity to open an account electronically for their minor child.
According to Kadri Kiisel, Head of LHV Retail Banking, the solution is one that has been eagerly awaited by clients. ‘For the customer, conducting the matter electronically means speed and convenience, and we are now able to say that this also applies to opening a Child Account. For a child, their own personal account definitely means greater independence: starting from the age of seven, it is possible to order a bank card for your child, and your child will be able to use the Mobile Bank to view their account balance and use the "Ask for Money" option. At the same time, a Child Account gives the parent an overview of their child's financial affairs until he or she reaches the age of majority,’ said Kadri Kiisel.
A Child Account can be opened for a child who is under 18 years of age by a parent who is a client of LHV Pank and an Estonian citizen or resident. In order to open an account, you will need your child's valid ID-card, passport or residence permit card (to perform e-identification).
How to open an account for you child?:
• Log-in to your LHV Internet Bank using an ID-card, Mobile-ID, or Smart-ID
• Navigate to "Info & Settings" → "Agreements" and select the option to sign a contract under "Child Account"
• Sign a Child Account Agreement
• At the top of the screen, change the user role next to your name in order to start using your child's account
In addition to facilitating the process of opening a Child Account, LHV has improved the ability to invest for the benefit of your child's future. To start investing with a Child Account, the child’s parent must conclude an investment services agreement in the name of the child, which can now also be done quickly in the Internet Bank.
See also: lhv.ee/en/child-account
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs 430 people. LHV’s banking services are used by nearly 198,000 clients, and pension funds managed by LHV have nearly 177,000 active clients.All news