Looking for a new home for your child's pocket money? Here's what you need to know about the best bank accounts for children including current accounts.
There are two types of spending accounts for children: prepaid cards and children’s current accounts. With a child’s current account, you can set up a standing order instead of withdrawing from an ATM to give your kids their pocket money and you can show them how banking works in real life. They’ll appreciate the trust you place in them and love the feeling of adulthood and independence that having a bank account conveys. A prepaid card is similar but often comes with a monthly fee and you load money on to your child’s account using an app.
Rooster Card Subscription is free for current Natwest Group customers (card for ages 6-17, offer T&C's and other fees may apply).
Rooster Money has a big emphasis on keeping track of pocket money – and the chores that kids do to earn it.
Rooster Money comes in 2 parts. The first is a free app, designed for children as young as 3, to earn stars for small jobs they’ve done or things they’ve achieved. They can then see these stars add up and turn into rewards, such as their weekly pocket money, which parents will need to hand over in cash.
The second part of Rooster Money (which involves a yearly subscription) is a prepaid card with an app for parents and kids. It's for children aged 6-18. Parents can load it with money, and set controls in the app on where that pocket money is spent using the card.
Pros
Great educational value; a slick app with lots of features to personalise the way you teach your children about finance.
Children as young as 4 years old can use it (6 for the card).
Total control over where your children use the card and how much they can spend.
Safe and secure. The card can be frozen from the app.
No fees for using the card (including abroad).
One-month free trial.
Cons
Annual fee to access the full range of features, including the card.
Parents topping up card limited to 3 loads a day/10 a month for free.
Spending abroad on the card is free up to £50 a month, then it’s 3% of the transaction.
No interest paid on the account balance.
UK cash withdrawal fee
£0
Loading fee
3/day or 10/month free, then £0.50
Replacement card fee
Free for the first replacement (per household), £5 thereafter
Revolut under 18 is a child's account which comes with a prepaid debit card for kids to spend the money their parents load onto it. The app offers a way for parents to keep track of their kids' spending and pay pocket money from their own account, while the kids can use it to check their balance. The parental controls mean that instant notifications are generated whenever the debit card is used and parents can control where their kids' money is spent. To open the account, you need to be a Revolut customer, and the tiered access means you can only open 1 Revolut under 18 account with a standard adult account. Revolut currently offers e-money accounts in the UK, which are protected in line with safeguarding regulations and not protected by the Financial Services Compensation Scheme (FSCS)
Pros
A parent can digitally top up their child’s account with spending money.
Instant parental notifications are generated whenever the child makes a purchase with the prepaid debit card.
Parental controls mean rules can be set on where the child’s card can be used.
The child gets their own account and payment card, which helps teach them financial skills.
The dedicated Revolut children's app lets kids check their account balance and transactions.
Cons
The parent has to be a Revolut account holder.
If you have more than one child and want more than one Revolut
There are charges for ATM withdrawals exceeding £40 per month.
Get an exclusive 2 months free and £20 pocket money offer when you sign up with CODE: AFFFDR220.
GoHenry is a prepaid debit card aimed at children aged 6 to 18 and its main strengths are the extensive parental controls and its focus on making financial education fun. There's the child's account, which comes with a Visa prepaid card for kids to make purchases or withdraw cash, and an associated parent account. Parents can set spending limits, get instant notifications, control where the card is used and give their children rewards for completed tasks. There's also an engaging GoHenry app which helps kids track their spending, complete money missions, set savings goals and learn about money with videos and quizzes.
Pros
Full parental control thanks to instant notifications and spending limits
One-month free trial
It can be used by children as young as six
Reward system for completed tasks
Children learn about personal finance in a controlled environment
Relatives can also send money to the children
You can manage up to four child accounts from the same parent account
No fees to spend or withdraw cash abroad - these were scrapped in 2020
This is a children’s current account that is available at high street bank Santander.
For children aged 12 and under, the 123 Mini is just a basic deposit-holding account, which must be opened in a branch by an adult (trustee) and then be managed by that trustee.
But for kids aged above 13, they can apply online to open the account themselves. They’ll get a Santander contactless debit card or a cash card (the latter can be used for ATM withdrawals only). These teenagers can also use Santander’s online and mobile banking services to manage their account. So apart from deciding what money to put in for their kids to spend, there’s not as much in the way of parental controls with this account.
Pros
No monthly fees
The account can be managed online or via app
Decent interest rate on the current account’s balance
Ability to choose between a debit card and a cash card, for additional control
No lower age limits for accounts held in trust, so you can open one even if your child is very young
Cons
For children under 13, the account must be opened in trust and the trustee must have a Santander current account
The BarclayPlus account is for children aged 11–15. It comes with no monthly fees and a choice between a cash card and a debit card. With a debit card you can also use Apple Pay. It pays interest on the money in the account, but the rate is very low, so it might be better to use it as an account for spending rather than saving. The Barclays app has been adapted for children’s accounts, which could be handy. When you turn 16 your account will automatically be changed into a Barclays Young Person's Account. You can apply online or in branch.
Pros
Banking app adapted for children
Account pays interest on credit balances
No monthly maintenance fees
Easy to open via video banking if parent/guardian banks with Barclays
FSCS protection
Choice of cash card or debit card
Cons
Interest is minimal and only paid on balances up to {{ MONEYFACTS.INCREDIT1_RATE1_UPPER }}
Account must be opened in branch if parent/guardian is not a Barclays customer
Your child will need to be at least 11 to apply
No savings features
Minimum age
11 Years
Maximum eligibility age
15 Years
ATM withdrawal limit
£500
Debit network
Visa
Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA)
2.99%
Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA)
Free 24/7 Emergency Cash Service to withdraw up to £300 for online and telephone banking customers or £60 if not.
Designed for kids aged 11–17, Natwest’s Adapt account offers more than its more junior Rooster Money option. It comes with no monthly account fees and a reasonable variable interest rate. It has a debit card, which can be frozen and unfrozen in the app, say if it gets misplaced. 13-year-olds can also add the card to Apple Pay or Google Pay, which is useful for kids who have a habit of misplacing things. Parents are able to set spending limits for kids under 15, but can’t control or access the account remotely. As it’s a current account, you can also set up direct debits and standing orders.
Pros
Pays interest on credit balances
No fee for opening or maintaining the account
Over 16s have access to Paym
Cons
Interest only paid up to a set amount
Those aged 11 to 15 must have a parent or guardian with their own NatWest account to qualify
No specific app for children
Minimum age
11 Years
Maximum eligibility age
17 Years
ATM withdrawal limit
£250
Debit network
Mastercard
Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA)
2.75%
Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA)
Eligible for MySavings account from age 7 as part of MyMoney package.
HSBC’s MyAccount current account comes with one big drawcard to stand out from other children’s bank accounts – its linked MySavings account. This is opened automatically and comes with one of the highest interest rates for kids’ accounts, which can help children learn how lucrative saving can be. You need to be between 11 and 17 to open this account and it comes with no monthly fees. Cash withdrawals are limited to £100 and you can never take out more than you have in the account. The linked debit card can be added to Apple Pay, Google Pay or Samsung Pay. Applications can be made online or in branch.
Pros
No monthly fees
Interest on savings up to £3,000
FSCS protected
Cons
Cash withdrawals limited to £100
Must be at least 11 to apply
Minimum age
11 Years
Maximum eligibility age
17 Years
ATM withdrawal limit
£100
Debit network
Visa
Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA)
2.75%
Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA)
TSB’s under 19s account can be opened by UK residents aged 11–17. It has no monthly fees and pays a decent variable interest rate. It has a contactless debit card, which is fairly standard for children’s bank accounts. This can be added to Apple Pay or Google Pay at 13 years old. If you are age 17 and learning how to drive, one of the biggest benefits of this account is TSB's partnership with AA that provides discounted AA driving lessons and £20 off its Pass Plus course. You can apply for this account in branch or online through a video call.
Pros
No monthly fees
FSCS protected
Interest on savings up to £2500
TSB & AA partnership that provides discounts on driving lessons
Cons
Must be at least 11 to apply
If under 16, a parent or guardian will need to help open the account
Minimum age
11 Years
Maximum eligibility age
Under 16 Years
ATM withdrawal limit
£500
Debit network
Visa
Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA)
2.99%
Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA)
Starling Kite is a debit card designed for kids aged 6 to 16, helping to teach them good financial habits from an early age. You can only order it if you are a parent (or guardian) and already have a current or joint account with digital challenger bank Starling.
The card is free for children to spend on it or make ATM withdrawals with it. It’s also free to top up the prepaid card from the parent’s Starling mobile banking app.
Kite comes with parental controls, such as spending notifications, card freezing and merchant blocks, which are also managed through the app.
Pros
No fees for topping up the card’s prepaid account.
Robust parental controls.
Easy for parents to manage from their existing mobile banking app.
Cons
Parents already need to be a Starling account holder to order and use Kite.
Eligible for a FlexOne Saver account, Flex Regular Saver and Flex Instant Saver.
This account is designed for 11 to 17 year olds to help them manage their money. There are no fees for using the account, including for foreign transactions. Interest will be paid on credit balances up to a set amount and users will have a choice of a cash card or a Visa debit card. Cash cards only allow withdrawals, while debit cards can be used in shops and online as well as at cashpoints. Account holders can have money paid into the account, including their wage if they have a job, and receive text alerts to help them keep track of their account balance. The account can be managed by phone, online, via the app or in branch and can be kept until the account holder turns 23.
Pros
Account is free to open and manage
Fee-free transactions abroad
Interest paid on credit balances
Choice of cash card or Visa debit card
FSCS protection
Cons
Interest only paid on balances up to {{ MONEYFACTS.INCREDIT1_RATE1_UPPER }}
Must be at least 11 to apply
Accounts for 11 and 12 year olds can only be opened over the phone or at certain branches with a tablet
No specific app for children
Minimum age
11 Years
Maximum eligibility age
17 Years
ATM withdrawal limit
£300
Debit network
Visa
Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA)
0%
Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA)
The Halifax Expresscash account is tailored for 11 to 17 year olds and offers a Visa debit card with international contactless capability. The account also pays interest on credit balances up to a set amount and provides tailored security and financial education as part of the online banking experience. Those aged between 11 and 12 can only apply in branch and must be accompanied by a parent or guardian. Those aged between 13 and 15 can apply online but will then need to go to a branch with a parent or guardian to show their ID. Those aged 16 to 17 can apply online and go to a branch unaccompanied to provide proof of ID and address. The account provides access to online and telephone banking and free mobile alerts.
Pros
Account is free to open and manage
Pays interest on credit balances
Tailored security and financial education provided
Withdraw up to £500 a day
Mobile alerts service
FSCS protection
Multiple ways to bank
Cons
Must be at least 11 to apply
Those aged 11 and 12 can only apply in branch
Minimal interest ({{ MONEYFACTS.INCREDIT1_RATE1_AER }} AER) and that's only on balances up to {{ MONEYFACTS.INCREDIT1_RATE1_UPPER }}
No savings features
11- and 12-year-olds cannot open account online
Minimum age
11 Years
Maximum eligibility age
17 Years
ATM withdrawal limit
£500
Debit network
Visa
Currency conversion withdrawal for overseas cash withdrawal in Europe (EEA)
2.99%
Currency conversion withdrawal for overseas cash withdrawal in non-Europe (EEA)
Children’s bank accounts basically work like adults’ bank accounts: they come with a debit card and can be used to make payments and withdraw cash. They can be a useful alternative to cash for pocket money and help you teach your kids how to budget.
Standard children’s current accounts can be opened for kids from 11 to 18 years old. Some banks also offer separate “teen” bank accounts, that can be opened by 16-18-year-olds.
What’s the difference between children’s and adults’ bank accounts?
Your child’s account won’t be especially different from your own, but there may be some extra restrictions to look out for, such as:
Withdrawal limits. Some accounts only allow relatively low daily withdrawals, or may require a parent’s signature to authorise transfers over certain amounts.
No overdraft. You’ll like this: bank accounts for kids don’t offer overdrafts, so there’s no way your child can go into debt.
Age limits. Aside from the age limit to open the account, there may be specific ones to use certain account features, such as the app or Apple Pay.
Benefits and interest. Many current accounts for children come with tailored benefits, such as debit cards with personalised designs or discounts. Some will also pay interest on the account balance, giving a little boost to your child’s money.
Like most adults’ current accounts, current accounts for kids usually have no monthly fees and allow fee-free card payments and ATM withdrawals. However, there’s usually a foreign currency transaction fee for using the card abroad.
Some children’s accounts give you the choice of a cash card or a debit card so you can decide which one your child is ready for. Cash cards can only be used to withdraw money from an ATM, while debit cards can also be used in shops and online.”
Alternatives to children’s bank accounts
Prepaid cards are the main alternative to children’s current accounts. While also offering an account and a (prepaid) debit card to hold money and make payments, there are some substantial differences:
Prepaid cards are digital-only. They’re usually provided by fintech companies, not by traditional banks, and you can do everything online (which can be an advantage or a disadvantage depending on how you prefer to bank).
They usually come with a monthly fee. Unlike current accounts, which are usually free.
Expect a slick app with great features. Your kids will love it and will probably learn how to use it better than you.
They offer much more control. With prepaid cards, parents are able to see how and when kids spend their money and can sometimes set personalised limits.
Kids as young as six can get one. If you want to start their money education from a really early age.
All in all, the deal with prepaid cards is that you have way more options and control, in return for a monthly fee. For this reason, they’re probably more suitable for young kids than for teenagers, whom you can (usually) trust with more independence.
The main prepaid cards for kids are gohenry, nimbl and Osper. Click on the one you’re interested in to read our dedicated review and learn more about what it offers, how it works and how much it costs, or you can learn more about the best debit cards for kids.
Are prepaid cards safe for children?
As a parent you may have some concerns that a prepaid card and digital app may leave your young child vulnerable to financial scams, spending on inappropriate items or activities you may not want to expose them to, such as gambling.
However, cards from providers like gohenry and Rooster Card automatically place blocks on products and services designated as being for ‘over 18s’.
Rooster card blocks vendors classified by a Visa-developed scheme as being in any of the following categories:
Nightlife
Alcohol
Tobacco
Fuel
Gambling
Airlines
Money transfers
While this filtering system isn’t completely fool-proof (for example, it may allow an under-18 to buy alcohol from a vendor classified as a ‘general retailer’, as opposed to an ‘off licence’) it’s certainly sophisticated.
These safeguards should help offer parents reassurance that their children will have the ability to learn about personal finance while staying safe.
How to find the best bank account for your child
Comparing bank accounts is always tricky, and the features you may want to look at when choosing an account for your child aren’t necessarily the same you’d value for your own account. To help you out, here’s our children’s current account comparison checklist:
Current account, prepaid card or savings account? That’s the first thing to figure out. The choice will depend on your child’s age, on what you’re planning to do with the account and on how much control you want to retain. You can learn what you need to know about children’s savings accounts on this page.
Interest rate. It’s a nice incentive to teach your kids why it’s important to save money, so it’s a good idea to look for an account that offers it. Most savings accounts’ rates will beat the rates offered by current accounts, but on the other hand, a current account gives your child more freedom and immediate access to the money.
App. Realistically, by the time your child becomes an adult, most banking operations will be done online. A slick, secure and well-functioning mobile app is an essential feature of any bank account these days.
Eligibility and limits. Make sure your child is old enough to qualify for the account and that you’re aware of any other limitations.
Costs and fees. Don’t forget to read the small print and make sure you know if, when and how much your child will be charged.
Related products. Some children’s current accounts automatically come with a savings account. It’s worth checking it out to see if it makes for a good deal.
Are there any tax implications to opening a children’s bank account?
In most cases, children don’t need to pay taxes on the interest they earn on their savings accounts, because they don’t earn any money. However, taxes will apply if:
They earn more than their personal allowance, say, from a fund in their name. The personal tax allowance for 2024-25 is £12,570.
They earn more than £100 a year in interest from money given by their parents or legal guardians. The thinking behind this is to stop parents using their children as a tax-free extra allowance. This rule does not apply if the money is given by another relative or a friend.
There are several factors you should consider when comparing children’s bank accounts, including:
The minimum age
What happens to the account when your child turns 18
The interest rate
Ongoing account-keeping fees
Withdrawal fees and any other hidden fees
Whether a debit card is provided
Minimum and maximum balance requirements
How to open a children’s bank account
Standard children’s current accounts can be opened for kids from 11 to 18 years old. Specific steps vary by institution, but this is generally how you can open one:
Compare accounts at various banks and building societies until you find the one you that’s right for you and the child.
Gather your financial documents, including your driver’s licence and passport, so they’re readily available when you go to apply.
Apply for the account either in person, online or over the phone. Most children’s bank accounts require you to visit a local a branch to get started, but a handful of institutions let you apply online.
Fund your account by making your initial deposit.
Activate the child’s debit card when it comes in the mail.
Documentation needed to open a children’s bank account
Opening a bank account for your child is easy, but you will need to supply a couple of important pieces of documentation before your kid can start making deposits. What documents you’ll need may vary from bank to bank, but will likely include some combination of:
Your driver’s licence
Your passport details
Your child’s ID document
Your child’s birth certificate
Proof of address
Frequently asked questions
No, bank accounts for kids don’t offer any overdraft facility.
Up to a certain age, which can depend on the bank, a parent or legal guardian will have to open the account. In some cases, they may also need a personal account with the same bank.
Usually, the account automatically turns into a standard adults’ current account.
It depends on the bank. While some banks will let you open an account online, others will require you to visit your nearest branch in person to prove your identity. If you’re able to open an account online, you may be asked to upload photos proving yours and your child’s identity.
Even though a kids bank account is in the child’s name, the parent has full access to the account as a joint owner. This means that they can deposit and withdraw funds as they wish. The only exception is if the bank account is jointly owned by another family member, such as a grandparent or aunt or uncle.
Generally, the child must be under the age of 18 to have a children’s bank account, but this can vary.
Also, different banks offer different ways to open accounts depending on age – for example, the Santander 123 Mini Current Account, must be opened in a branch and managed by an adult for children aged 12 and under, but kids aged 13-17 can apply online to open the account themselves. Meanwhile, the Revolut child account is aimed at children aged from 6 to 17, and needs to be opened by a parent who must already have their own Revolut bank account (for adults).
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To make sure you get accurate and helpful information, this guide has been reviewed by Rachel Wait, a member of Finder's Editorial Review Board.
Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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Comparing bank accounts and highlighting useful features
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