Children’s banking

By allowing children to open their own bank account, you help them to become better at managing their money – a crucial skill that sets them up well for adulthood.

Most high street banks allow children to open a bank account from age 11 with a parent’s permission, although some have higher age limits.

Although they’ll be unable to apply for an overdraft, they will be able to set up direct debits and standing orders, just like their parents can.

Most accounts come with a debit card, which can be used to make online and offline payments. However, it is possible to use a cash card instead, which can only be used for the purposes of withdrawing money from an ATM.

It is also possible to apply for a children’s savings account or a junior ISA, or a prepaid card that can only be topped up by you via a mobile app.

Eligibility criteria for children’s bank accounts

Banks and building societies set their own individual age limits for children’s bank accounts, although most children’s accounts available with the major banks are available for those aged 11 to 17.

In most cases, if your child is under 16, you’ll have to visit a local branch with your child to open an account in their name. During the application, you’ll confirm whether you’d like your child to use a cash card or a debit card. Learn more about the requirements for opening a child’s bank account and what age you have to be to open a bank account.

If you don’t want to visit a branch, consider opening a children’s account with an online-only bank.

Bank accounts for children and teens

There are plenty of children’s current accounts which pay interest on in-credit balances. You can open an account with as little as £1.

To find the most favourable deal, see our guide on the best children’s current accounts.

Savings accounts for children

Children’s savings accounts typically offer more generous interest rates than current accounts. However, most of them come with limits on withdrawals.

• Instant-access savings accounts. In some cases, there are limits on the amount you can save per year. With other accounts, your interest rate will drop after you’ve saved a specific amount.
• Fixed-rate savings accounts. With most of these accounts, you won’t be able to withdraw your money until the term of the account ends.
• Regular savings accounts. These accounts tend to offer the best interest rates, but there are limits on withdrawals and the accounts place a monthly limit on the amount you can save.
• Junior ISAs. A tax-free savings account for under-18s. Children can save up to £9,000 for the 2024/2025 tax year.

Learn more about children’s savings accounts here.

Prepaid cards for children and teens

With a prepaid card, parents can enjoy greater control over their children’s spending, as most accounts come with an app that notifies them whenever a purchase is made.

Parents can top up their children’s accounts with money from their own prepaid account or their own bank accounts. It is not possible to set up direct debits or standing orders with a prepaid card.

We have a dedicated guide on prepaid cards for kids.

Children’s banking resources

• Children’s savings calculator. If your child is saving for something in particular, say a new bike or a video game, you can use this calculator to work out how long they will need to save for.

Teaching kids to budget: Video and downloadable guide

Holiday challenge: Kids take charge

Let your kids plan a fun day out and control the budget. Our step-by-step guide to planning the day gives you all the practical info you need to make it happen. The kids will love being in charge, and they'll learn as they go.

Download your free copy

Share

Share

• Email
• Twitter
• Facebook
• Whatsapp
• Copy

  Copied to clipboard

All the content may be republished with a link to this page
Press enquiries

Frequently asked questions

• What is a child trust fund?

  A child trust fund (CTF) is a tax-free children’s savings account, which was available to open between 2002 and 2011. You cannot open a new CTF any more. If you have an existing CTF, you can deposit up to £9,000 per tax year into it, or convert it into a junior ISA. Learn more about how to open a trust fund for a child.

• What happens to my children's accounts when they turn 18?

  In most cases, the accounts will be converted into a regular current account or savings account. The bank will get in touch in plenty of time to explain your options.