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Savings for children

Would you like to secure your children’s financial situation for when they step out into adult life? We can help you get started!

Smiling family at home

Three simple steps to get started

The first advantage of starting to save for children when they’re still young is that even smaller amounts have plenty of time to grow along with the children for many years.

With regular monthly savings in an account or mutual fund, even small amounts can grow over time. Before you start saving for your children, there are some things you need to bear in mind:

1. Are you saving in the child’s or the parent’s name?

You should think about whether you want to save for the child in your name or in the child’s name. There are advantages and disadvantages to both:

2. How long are you going to save for?

How long the money will stay in place can be crucial to determining which savings option you should choose. Savings for children will usually be long-term savings. If you think 10-20 years ahead, saving in an equity fund can be a sensible form of savings to consider. If you want the money to be easily accessible, savings in an account can be a good option.

Mother and child on the floor

Saving in an account

Saving in an account might be wise if you are planning to use the money soon or you want the money to be easily available.

Growing plants

Saving in mutual funds

As a rule, saving for children will be a long-term savings plan. If you’re thinking 10-20 years into the future, saving in an equity fund might be a sensible option. There are a number of different funds to choose from.

Historical returns are no guarantee of future returns. Future returns will depend, among other things, on market movements, the skill of the Portfolio Manager, the fund’s risk level, as well as administration costs. The return may also be negative as a result of mark-to-market losses.

Learn more about savings for children

Private banker Thomas explains how to save for children.

3. Getting started!

You have now decided which savings method you want to use and whether you’re going to save in your own or your child’s name. How to get started:

Saving in the child’s name:

Mother and child brushing their teeth

Barnas Sparekonto (Children’s savings account)

With Barnas Sparekonto you get a flexible savings account for children aged 0–18 years.

  • Open a Barnas Sparekonto
Girls sitting on a sofa

Boligspar Ekstra

Home savings for children is a good alternative to saving in an account. The account has a total limit of NOK 300 000. You can start saving for children in Boligspar Extra from when the child is 0 years old. From the age of 18, the child will have access to the account.

Gift

Gift a mutual fund

You can choose between 16 funds that can be given as gifts to the child. You can decide whether you want to insert a lump sum or start monthly savings. The minimum amount is NOK 100.

Father and son

Aksjesparekonto for children

With an Aksjesparekonto for children, you can save in shares and mutual funds in the child’s name.

Saving in the parents’ names:

Plants growing

Mutual funds

If you want to save in your name, you can choose which fund you want to buy. Most mutual funds have a minimum amount of NOK 100 and you can choose whether you want to save a fixed amount into the fund you choose every month. If you know which fund you want, go directly to buying a fund under

Man with laptop

Share savings account

Everyone who saves in mutual funds that have more than 80% shares should have a share savings account. Buy, sell or exchange equity funds without triggering tax along the way.

Kickstart your savings with Morsom sparing (fun saving schemes)

Why not save for your children every time you use your card, receive holiday pay or impulse save when you have some spare money?

Picture of someone sitting on the floor with the Spare app on their mobile

Download Spare and buy mutual funds in the app!

In the Spare app, you can easily buy mutual funds and gather all your savings in one place.

Frequently asked questions about savings for children

Children from A to Å

Things you should know and things you didn’t see coming

Historical returns are no guarantee of future returns. Future returns will depend, among other things, on market developments, the skill of the Portfolio Manager, the mutual fund’s risk, and the management costs. Returns may be negative as a result of mark-to-market losses.

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