Bank of Scotland is a pretty solid option for a child current account and also has a couple of savings accounts that allow you to save money for the benefit of a child. It also offers a current account and savings account option via one application.
This page looks at available account types, features, fees, pros and cons, to help you pick an account for your family. Keep in mind that even if you already bank with Bank of Scotland, it’s always worth shopping around to find the best possible deal for your circumstances.
Children’s current and savings accounts from Bank of Scotland
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What type of child accounts does Bank of Scotland offer?
You can choose between various current account and savings account options. More specifically:
Under 19s current account. Available for kids aged 11 to 17, this is a current account for day-to-day spending. You can choose between a debit card or a cash card (for cash withdrawals only) and also get a small amount of interest paid on your balance. Another interesting feature is the ability to automatically round up transactions and save the spare change (available for kids aged 16 and over).
Spending account and savings account in one application (Smart Start). Designed for 11 to 15 year olds, this comes with both a spending account and a savings account in one application. The spending account has a debit card, while the savings account pays interest. Parents can view their child’s account via the mobile banking app and online banking. Parents need to be Bank of Scotland current account holders to qualify.
Easy-access savings account. Meant for an adult who wants to save for the benefit of a child, this account offers a fairly good interest rate, at least until you reach the balance limit (after that, the interest rate drops). “Easy-access” means you can withdraw money from the account anytime if you need it. It can be opened for a child aged 15 or lower. While you don’t need to be the parent or guardian of the child to open it, you will need their permission.
A junior cash ISA. This is a tax-free savings account that locks the money away until the child turns 18. The interest rate is quite competitive. We’ve explained how junior ISAs work on this page.
You can open the current account in branch or online, depending on the kid’s age:
For 11- and 12-year-olds. You need to apply in person at a branch. You will need both the child’s ID and a parent’s or guardian’s proof of identity and address.
For 13- to 15-year-olds. You can start the application online, but might be asked to pop into a branch to have your documents checked. Again, you will need both the child’s ID and a parent’s or guardian’s proof of identity and address.
For 16- and 17-year-olds. They can apply by themselves and start the application online, but will then need to present their own proof of ID and address.
Smart Start can be opened online, while the savings account and the junior ISA can be opened both online and in person.
How much does opening a child account with Bank of Scotland cost?
All Bank of Scotland’s accounts for children and teens come for no monthly fee.
For the main current account, it’s also free to make payments and withdraw cash from an ATM, as long as you are in the UK. However, you will be charged a foreign currency transaction fee for every payment or withdrawal made abroad; something worth keeping in mind when getting ready for a holiday overseas.
Is opening a child account with Bank of Scotland safe?
Bank of Scotland is a fully licensed bank, regulated by the Financial Conduct Authority (FCA) and deposits are protected by the FSCS.
If you are worried about your children misusing their bank card, for example by making payments online, you can choose to opt for a cash card rather than for a full debit card. The cash card will enable them to make cash withdrawals, but not to make card payments in shops or online.
Pros and cons of using Bank of Scotland for a child account
Pros
It offers a solid current account to get started with personal finance, for no monthly fee.
The accounts can be managed online, via app or via phone once the child turns 16.
Interest rate paid on current account balances.
The savings accounts offer good returns.
Cons
No current account or prepaid card for children under 11.
Parents must have a Bank of Scotland current account to qualify for Smart Start.
Customer service information for Bank of Scotland
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Alternatives to children’s bank accounts
If a child’s bank account does not sound like the right idea, then there are other options available.
Prepaid cards As a parent you can purchase a prepaid card for your child. These are aimed for children aged 6 to 18. Parents can top up their child’s balance via an app, control where they shop and also can teach them about good money habits. Learn more about children’s prepaid cards
Our verdict
Bank of Scotland’s child account offerings are decent enough. The standard current account has few fees and pays interest on balances to make it more appealing (although the rate is very low). But don’t forget that you’ll be charged for using the card abroad. Smart Start is a good option for those looking for both a spending account and a savings account that will give their child some independence, but that parents can also monitor.
Finally, if you are simply looking for a savings account to save money for a child, Bank of Scotland’s easy-access child saver is solid, offering unlimited withdrawals and a decent rate.
Get started by visiting Bank of Scotland’s website and applying for an account. If you have read this review and decided that these accounts are not the right choice, you can also discover other bank accounts for children and the option of prepaid cards for kids.
Frequently asked questions
Bank of Scotland will transfer the standard child current account to a standard adult current account before you turn 19. The young person can then decide to keep it or to shop around and look for a better deal (always worth it!). It’s especially worth checking out student accounts. With Smart Start, the savings account will change to an adult instant access account before the child’s 19th birthday and the spending account will become an adult Classic account.
The child saver savings account becomes a standard savings account once the child turns 16. The junior ISA becomes a standard cash ISA when the child turns 18 instead. In both cases, the interest rate will go down significantly.
Bank of Scotland’s current account for children only lets you earn cashback at selected retailers once you turn 18.
The current account is for children aged between 11 and 17, while Smart Start is for 11 to 15 year olds. The savings account can be opened by an adult looking to save for any kid aged up to 15. The cash ISA can be opened by an adult saving for a kid aged up to 15 and also by the young person if aged 16 or 17.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
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