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With cash becoming somewhat old-fashioned, the idea of providing kids with their own debit cards isn’t as weird as it would have sounded 20 years ago.
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.
If you’re considering this step, this guide is for you. We’ve gathered some useful information on how bank accounts for kids work, who they’re suitable for and how to compare them (you’re welcome!). If you are looking to open a savings account for your child then you can learn more about savings accounts for children here.
123 Mini Current Account
£0
Monthly fee
£0
Card delivery fee
Under 18
Age range
Monthly fee | £0 |
---|---|
Card delivery fee | £0 |
Card transaction fee | £0 |
Cash withdrawal fee | £0 |
Loading fee | £0 |
Network | Mastercard |
NatWest Rooster Money
£1.99 (+1 month free trial)
Monthly fee
£0
Card delivery fee
6-17 for card, 3+ for app
Age range
Monthly fee | £1.99 (+1 month free trial) |
---|---|
Card delivery fee | £0 |
Card transaction fee | £0 |
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 |
Network | VISA |
How many child accounts | No limit |
Fees abroad | Free ATM withdrawals, 3% of transaction value on purchases over £50/month |
Other fees | £0 |
Freeze/unfreeze card | Yes |
Starling Kite
£2 (parent needs Starling account)
Monthly fee
£0
Card delivery fee
6-16
Age range
Monthly fee | £2 (parent needs Starling account) |
---|---|
Card delivery fee | £0 |
Card transaction fee | £0 |
Cash withdrawal fee | £0 |
Loading fee | £0 |
Replacement card fee | £5 |
Network | Mastercard |
How many child accounts | 6 |
Fees abroad | £0 |
Other fees | £0 |
Freeze/unfreeze card | Yes |
Nationwide BS - FlexOne
£1
Min. opening balance
£0
Account fees
2% AER
Interest (AER)
Interest rate | 2% AER |
---|---|
Minimum opening balance | £1 |
Minimum operating balance | £1 |
Switch service guarantee | Yes |
Account fee | £0 |
Overseas card transactions | 0% |
Overseas cash withdrawals | 0% |
Halifax - Expresscash
£0
Min. opening balance
£0
Account fees
0.5% AER
Interest (AER)
Interest rate | 0.5% AER |
---|---|
Minimum opening balance | £0 |
Minimum operating balance | £0 |
Switch service guarantee | Yes |
Account fee | £0 |
Overseas card transactions | 2.99% |
Overseas cash withdrawals | 2.99% |
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.
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:
Like most adults’ current accounts, current accounts for kids usually have no monthly fee and allow fee-free card payments and ATM withdrawals. However, there’s usually a foreign currency transaction fee for using the card abroad.
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:
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.
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.
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:
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.
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:
Find out how to find the best Junior ISA rates in our guide.
Download our report on how pocket money apps and traditional banks are innovating and evolving to meet younger generations’ expectations.
We compare GoHenry and NatWest Rooster Money to see which is better for your child.
We compare GoHenry and nimbl to see which could work better for you and your child.
We compare GoHenry and HyperJar Kids to see which could work better for you and your child.
Learn more about the Lloyds Under 19s account to see if it’s right for your child.
Learn more about the Barclays Young Person’s current account to see if it’s right for your teen.
Learn more about the HSBC MyAccount current account to see if it’s right for your teen.
Learn more about the BarclayPlus current account to see if it’s right for your child.
Learn more about the Halifax Expresscash account to see if it’s right for your child.