Barclays offers a wide range of current accounts and savings accounts for children and teens, so you have a good chance of finding what you are looking for.
Introducing your kids to banking from an early age is a great way of teaching them how to save, manage their money and get organised. In a nutshell, it prepares them for adult life.
There are a lot of options out there, but choosing Barclays is a pretty safe bet, as it carries all the advantages of a big brand and also offers a good range of accounts for children and teens.
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The first thing you need to figure out when picking a child account is whether you are looking for a prepaid card, a current account or a savings account. Current accounts and prepaid cards are for day-to-day spending, such as paying for the occasional ice cream with friends or for a new toy. Savings accounts are for, well, saving, usually for the medium-to-long term.
With Barclays, you have a couple of current account and savings account options to choose from, but no prepaid card. Specifically:
Current accounts for kids and teens. Barclays has two different current accounts for under-18s, one for children (aged 11–15) and one for “young people” (aged 16–17). There aren’t huge differences between the 2 and neither account charges a monthly fee. However, unlike the young person’s account, the children’s account also pays interest on balances.
A savings account. This is meant for adults who want to put money aside for a child’s future. It’s an instant saver account which allows you to pay in as much as you like, whenever you like, and withdraw the money at any time.
The main gap in Barclays’ child accounts offer is the lack of a prepaid card or current account for kids under 11. Prepaid cards usually have a monthly fee, have stricter parental controls and allow you to teach your kids about money from a very young age. If this is the type of product you are after, you can compare options on this page.
How to open a child account with Barclays
Depending on whether you already bank or not with Barclays, you can open an account in-branch or via video banking. More specifically:
Savings account. This needs to be opened by an adult saving for the benefit of a child under 18. The adult operates the account as a trustee for the child and you’ll need your child’s birth certificate. If you are the parent or guardian and already bank with Barclays using the app, you can apply via video banking. Otherwise you’ll need to book an appointment at a branch.
Children’s current account. A parent or guardian needs to be present when opening the account. If they already bank with the Barclays app, it can be done online via video banking. If they don’t, they will need to do it in person, bringing ID and proof of address for the adult as well as the child’s ID.
Young person’s account. If the teen can provide ID and proof of address, they can open the account themselves in-branch. If not, they will need a parent or guardian. Again, if the parent or guardian banks with Barclays, it can be done via video, whereas if they don’t, the account needs to be opened in person.
How much does opening a child account with Barclays cost?
All Barclays’ child accounts have no monthly fees. For the current accounts, debit card payments and cash withdrawals are also free.
The only thing you really need to worry about is the foreign transaction fee. If your child uses the card on a trip abroad, expect them to be charged for every transaction or cash withdrawal.
Is opening a child account with Barclays safe?
Barclays is a fully licensed bank, meaning that it’s regulated by the Financial Conduct Authority and deposits are protected by the FSCS.
Neither the children’s bank account nor the young person’s account offer overdrafts, so you don’t have to worry about your kid going into debt. However, unlike other cards, Barclays does not offer any particular parental controls, so you’ll mostly have to trust your child with the money if you let them use the card.
Pros and cons of using Barclays for a child account
Pros
Good range of accounts to choose from
No monthly fees
Dedicated app that allows children to manage their own account
Kids can personalise their card with a picture of their choice
Bank accounts can be linked to Apple Pay, allowing kids to make purchases with their phones
Cons
No card or account for kids under 11
Little parental control options
Unless you already bank with Barclays, you’ll need to open the account in person
Interest rates aren’t terribly competitive
Customer service information for Barclays
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
Barclays is a very solid option for kids’ and teens’ accounts, both in terms of savings accounts and current accounts. This is especially true if the parent or guardian already banks with Barclays, allowing them to sort everything out stress-free from home thanks to video banking.
Barclays’ child accounts are very straightforward and do what they say without much fuss. The lack of fees (for the most part) and dedicated app make them competitive for a traditional bank. However, the lack of parental control options might make them more suitable for older kids. In any case there are no current account options for under-11s.
Get started by visiting Bank of Barclays’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
It depends on the account. The instant saver account becomes an adult instant access account, meaning the interest rate will be much less competitive. If you get a young person’s account instead, you will usually need to upgrade it when you turn 18. For example, you could qualify for a student current account if you are in education or for one of Barclays’ standard current accounts if you work.
For the savings account, there is no minimum age. The upper limit is 18.
For current accounts, Barclays has options available for children aged 11 to 17.
Not at the moment. Barclays does not currently offer cash or stocks and shares junior ISAs.
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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.
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GoHenry gives financial independence to children and full control to parents. We look at how it works and what features it has to see if it’s worth the fee.
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