Child's Deposit

A child’s deposit is the best way to save money for your child or grandchild for when they enter university and start their independent life. This works especially well if you collect all your monthly child benefits on the child’s deposit, along with birthday presents from grandparents.

A child’s deposit has several advantages:

  • You can pay in any amount at any time to the child’s deposit whenever you can afford it.
  • Interest paid by the bank on the child’s deposit is compound, so you earn interest on the interest.
  • The maximum term of the deposit is 18 years, so it will have earned a lot of interest by the time it matures.
  • The child’s deposit can be opened by the child’s parent or legal representative.
  • You can pay in any amount at any time to the child’s deposit.
  • The deposit matures on the child’s 18th birthday, so the maximum term of the deposit is 18 years.
  • The currency of the child’s deposit is the euro.

Terms and conditions of the child’s depositPDF.


Child's deposit
The interest rate of the child’s deposit is set by the bank. The current interest rate is 1.2%.
  • The interest is calculated on the daily balance of the deposit.
  • The bank pays interest to the deposit account twice a year on 30 June and 31 December and whenthe deposit matures, so the interest paid to the account will also start earning interest
Child's deposit
Opening a deposit Free
Cash payment into the Child’s Deposit account in branch Free
Payment into the Child’s Deposit account in netbank Free

Nordea Group operates in Estonia as Nordea Bank AB Estonia Branch from 1.04.2014. All the deposits in all types of accounts at Nordea Bank AB Estonia Branch are protected by the Swedish deposit insurance scheme. Deposit insurance covers deposits as well as current accounts.
The deposit insurance system has been created for the purpose of managing banks’ financial risk by ensuring payment of compensation for money held in banks in case the bank is not able to repay deposited money to customers due to insolvency or the bank’s financial supervisory authority cancels the bank’s licence.
The deposit insurance scheme covers deposits of both private and legal persons.

How deposit insurance works

Customers are entitled to compensation if the bank becomes insolvent and is unable to fulfil its obligations or goes bankrupt. Customers are also entitled to compensation if the Swedish financial supervisory authority Finansinspektionen makes a decision by which Nordea Bank AB’s license is cancelled and gives the order for the utilisation of guarantee fund’s assets.

Insurance amount

The maximum compensation amount is 100 000 euro per customer per bank. If the customer’s deposits total less than 100 000 euro, the actual sums are compensated. If an account is opened under two or more peoples' names, each customer is treated individually for these purposes.
Regarding customer accounts where a deposit has been made on behalf of several clients by, for example, a law firm or a securities company to the same account, the general rule is that the underlying owners (i.e. the clients) individually can be compensated up to the maximum amount.

Payments of compensation

Swedish National Debt Office pays compensation within 20 working days from the day the guarantee came into effect, i.e. from the announcement of bankruptcy or Finansinspektionen’s decision.
Further information about the Swedish deposit insurance system may be acquired from the Swedish National Debt Office’s web-page and the Estonian Guarantee Fund’s web-page.

  1. How are customer’s insurance amounts calculated?
    If the customer’s account is covered by the insurance, the customer is entitled to compensation corresponding to the amount deposited plus interest accrued up to and including the time of the bankruptcy decision or the decision by Swedish financial supervisory authority The insurance covers amounts up to 100 000 euro per customer.
  2. In case Nordea Bank AB becomes insolvent, how do customers retrieve their money? Where should customers make a claim to?
    If the deposit guarantee comes into effect, the Swedish National Debt Office will contact all affected customers. Customers do not need to apply for compensation. The maximum amount of compensation is 100,000 euro per person and institution.
  3. If a customer has both a loan and deposits in Nordea Bank AB Estonia Branch, will the loan balance be reduced on the account of deposit guarantee?
    Entitlement to compensation is not offset by any debts customer may have to the bank.
  4. Will the compensation be paid in euro or in Swedish kronor?
    The compensation will be paid in euro.

    However, the guaranteed amounts are determined in SEK using the mid-rate for Euro set by Nasdaq OMX Stockholm on the day when the guarantee came into effect. There is up to a twenty banking days difference between the date the guarantee came into effect and the actual disbursement. This entails currency risk as the EUR/SEK exchange rate may change during that period resulting in the euro amount decreasing or increasing in value. The currency risk is borne by the customer.