Share savings account for children

Long-term savings for children

When saving for a child, you need to decide whether to save in your own name or the child’s name. There are both advantages and disadvantages to saving in the child’s name. If you have already decided to open a share savings account for children in the child’s name, call us on 915 04800 and we’ll help you. Remember that both guardians must be DNB customers before this can be set up.

Advantages of having the share savings account in the child’s name:

• The savings are secured for the child in the event of divorce or death
• Saving in the child’s name ensures the child gets the savings as planned
• Fun and educational for children to follow their own savings

Advantages of having the share savings account in the guardian’s name:

• Greater insight into and access to the funds
• Easier to make changes to the savings
• Avoids the Public Guardian’s Office getting control of the money
• If the value of the child’s assets is too high, the child may miss out on the right to bursaries and loans from the Norwegian State Educational Loan Fund