Opening a bank account for your child can be a great way to teach them about managing money. There are two types of spending accounts for teens: prepaid cards and children’s bank accounts.
Our guide explores all the advantages of bank accounts for teenagers, explains how they differ from prepaid cards and what to look for in a bank account for an under 18. If you are 18 or over, you are eligible for a standard current account.
Latest bank account and prepaid card reviews for teens
Your teenager might not be a child, but until they turn 18, they can only have a children’s bank account or prepaid card.
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 13-17, 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.
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
For children under 13, the account must be opened in trust and the trustee must have a Santander current account
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.
No fees for topping up the card’s prepaid account.
Robust parental controls.
Easy for parents to manage from their existing mobile banking app.
Parents already need to be a Starling account holder to order and use Kite.
This financial tool aims to help parents show their children aged 6 to 18, how to save, budget and be organised with their money.
It’s an app that’s linked to a prepaid card, which also involves a parental account linked to a child’s account. Children as young as six can use the kid’s account, as well as the associated prepaid debit Mastercard.
A parent can see what their child is spending by receiving real-time notifications of card transactions through the app, and like with many similar digital providers, they are able to block certain merchants altogether.
There’s a monthly fee with nimbl, but card purchases, top-ups and ATM withdrawals are all free.
Full control on how children spend their money thanks to spending control settings and instant notifications.
Children as young as six years old can use it.
It helps you to educate your children to manage their finances.
You can turn off online payments or cash withdrawals.
Safe and secure. The card can be blocked online or via the app.
You can manage more than one Child Account from the same Parent Account.
No fees for topping up the Parent Account or child’s card, or for “Gifting”.
While most mainstream bank accounts for children are for free, nimbl charges a monthly fee.
You cannot top up the account using cash.
With nimbl, children earn no interest on any savings.
Monthly fee
£1.99
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
4
Fees abroad
£1.50 per ATM withdrawal, 2.95% of transaction value on purchases
Other fees
£0
Freeze/unfreeze card
Yes
GoHenry - with £15 pocket money and two months free
Get an exclusive 2 months free and £15 pocket money offer when you sign up with this link
gohenry is designed for children aged 6 to 18, and is managed digitally through an app for a monthly fee. It consists of a parent and child account combination, which sees parents use their account to top up the child’s balance and set limits on their spending.
The child can check the available balance in their account and spend the money they’ve been given using a prepaid Visa debit card. Its free to use the card to make purchases online and in-store, as well as to make ATM withdrawals in the UK. But you only get one free money load from the parent’s account to the child’s account each month – after that it’s 50p per top-up.
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 account from Barclays is for children aged between 11 and 15 years old. If a parent or guardian already banks with Barclays, the account can be opened in video banking. If not, the account must be opened in branch and children must be accompanied by a parent or guardian. The account has no monthly fees and pays interest on credit balances up to a set amount. Account holders can choose between a cash card or Visa debit card and can design their own card with their favourite photo. The account can be managed by the Barclays app for children which allows account holders to move money, pay people and check their balance. Those aged 11 and 12 will need parental permission to use the app.
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
Interest is minimal and only paid on balances up to £999.99
Account must be opened in branch if parent/guardian is not a Barclays customer
Free 24/7 Emergency Cash Service to withdraw up to £300 for online and telephone banking customers or £60 if not.
This youth current account is for those aged between 11 and 18 and comes with a contactless Visa debit card. There are no regular fees for the account and it also pays interest on credit balances. Those aged 11 to 15 must be accompanied by a parent or guardian to open the account and the parent/guardian must also have their own current account with NatWest. Those aged 16 to 17 can open the account online themselves. Account holders can use the NatWest mobile banking app to manage their account and check their balance on the move. Those aged 16 or over can also use the Paym service to send cash to family and friends using their phone number.
Pays interest on credit balances
No fee for opening or maintaining the account
Over 16s have access to Paym
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 opening balance
£0.01
Minimum operating balance
£0.01
Switch service guarantee
No
Account fee
£0
Overseas card transactions
2.75%
Overseas cash withdrawals
2.75%
About parental control and privacy
We’re referring to teens as those aged 11 to 17. Once they turn 18 they’re eligible for an adult bank account. The different types of account offer different amounts of control to parents and the teens in question, so it’s worth thinking about your child’s age and discussing with them how much control you should have over their account. Learn more about bank accounts for children under 11 years of age.
Top bank accounts and prepaid cards for teenagers by age group
Finder’s banking writer Rachel Wait shares her thoughts
With so many different options to choose from, it’s not always easy to know which account or prepaid card will be best for your teen. To give you a helping hand, here are our top picks depending on your child’s age.
12-13 – The BarclayPlus account is designed for those aged 11 to 15 years old. There are no monthly fees and a small amount of interest is paid on credit balances. You’ll have the choice of a cash card or a debit card, making it ideal for younger children, and there’s also the option of designing your own card using your favourite photo which younger kids are bound to enjoy. The account can be managed via the app which Barclays has adapted to make it suitable for children. If you already bank with Barclays, the account can be opened via video banking. If not, you’ll need to make an appointment to apply for the account in branch.
16-17 – Digital bank Starling offers a teen account that’s specifically designed for 16 and 17 year olds. They can apply for the account in minutes from their mobile using their passport as ID and they’ll then receive a Mastercard debit card. The account could be a great way to give your teen a bit of independence and can be managed via the Starling app. This offers instant payment notifications, plus spending insights to help your teen see what they are spending where. It’s also possible to set up savings goals within the app, to help your child save for clothes, tech or holidays.
18+ – If your teen is heading off to university, they’ll need a student account. Santander’s Edge student account is one of the most competitive, offering a free 4-year 16-25 Railcard to save a third on rail travel, plus a guaranteed interest-free overdraft of £1,500 in years 1-3, £1,800 in year 4 and £2,000 if your child stays on to year 5. To qualify for the student account, your teen must not already have an account with Santander and they must pay in £500 or more each academic term.
Features of a children’s bank account
No fees in UK. These accounts are typically free to open and use in the UK.
No overdraft. Your child isn’t going to get into debt.
Real life learning. Giving your teen an account like this gives them a lesson in money management. They can see the benefits of saving and realise the value of money.
Mobile banking app. Many accounts offer mobile banking so kids can see their transactions and balance.
Features these accounts don’t have
Parental controls. You can’t control your child’s spending with these accounts. The accounts naturally come with restrictions on overdrafts and fees, but you can’t stop them from spending at specific sites or stores.
Children’s bank account fees
Most of these accounts don’t have fees except for spending or withdrawing cash abroad. They aim to get their customers in early to hopefully keep them for life.
How to choose the best bank account for teens
Talk to your teen. It seems obvious, but start by discussing the features you want and choose an account that has these features. If you choose to go with a prepaid card, consider choosing a date in the future to reassess and move them to a proper bank account.
Think about fees. Prepaid cards usually have fees associated with them so work out how much it will cost for the use your child will get out of it.
Interest. When it comes to children’s bank accounts, there’s not much between them except for the interest they offer. This isn’t going to make a huge difference to your child, but it can help them learn about how interest works.
For a digital bank: Starling Bank
Older teens can sign up for Starling from the age of 16, which gives them pretty much the same experience as with the adult account. You get all the bells and whistles of the adult Starling account (except for the lending facilities).
Using prepaid debit cards as an alternative
These cards are like a mix of a gift card and a regular debit card. A prepaid card can be topped up and used like a debit card, but once the balance reaches £0, it can’t go any further. Any transactions attempted at that point will be declined, so the child can’t end up in debt. We have a dedicated guide on the best prepaid cards for children and teens.
Best prepaid cards for teens
These cards all let you manage your child’s transactions, and block payments at blacklisted sites and stores.
For parental controls: GoHenry
GoHenry is the most expensive of the prepaid cards, and it’s available to kids from the age of 6 to 18, but it might be more suited to younger teens. It has good controls, notifications and safeguards in place, including an automatic limit on payments to your child’s chosen gaming platform. Kids can earn extra from doing chores you set via the app.
For educational tools: NatWest Rooster Money
NatWest Rooster Money costs £19.99 a year for the card and app. It lets you limit stores visited, ban blacklisted stores and has a dynamic CVV, which gives more fraud protection for online sales. It also offers a wealth of educational resources for kids to learn about money. You can set chores for your child via the app, too.
What features are on offer for prepaid cards?
See the transactions. You can see where your children are spending their money.
Set limits and allowances. You can set up a monthly allowance, freeze the card and set spending limits for your child. With some, you can control where they spend, and bar cashpoint withdrawals.
No direct debits. Your kids can’t set up a direct debit.
Text message alerts. Most providers pop you a text message or notification when your child spends.
Age-restricted vendors. Your teen won’t be able to use the card to gamble, go to the pub or pay to see adult sites.
Fees for using a prepaid card
Annual or monthly fees
Most children’s prepaid cards have annual or monthly fees. There’s often a promotional period that’s free or heavily discounted.
Usage fees
Some charge fees to top up, withdraw money or use the card beyond certain limits, especially when used abroad.
The upside of a prepaid card is that you get more control over your kids’ money, but you will probably pay a fee for the privilege.”
Is a prepaid card right for my teen?
These cards are more suited to a younger teen than an older one. As your child starts to work part-time and earn their own money, you both might find it overkill that you get a notification about every transaction, and your child might want a bit of privacy. The best way to decide is to just chat to them and agree on what will work for you both.
Are prepaid cards safe for my teen?
As a parent you may have some concerns that a prepaid card and digital app may leave your teenager vulnerable to financial scams, spending on inappropriate items or 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:
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 teenagers will have enough financial independence while staying safe.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Freedom. Your teenager doesn’t need to pester you for pocket money and they can spend their money how they like.
Education. Having a bank account as a teenager can provide a huge amount of education in money management.
Privacy. At last, you can receive a birthday present from your child that’s a surprise! Your child might feel that they have more privacy, which can improve feelings of trust between you.
Cons
Letting go. Your child will always be your baby, but you might have to overcome that feeling and let them go out into the world.
Fees. Some prepaid cards have fees to use them.
Bottom line
There’s really not much to choose between children’s bank accounts — provided the account has a decent interest rate and no overdraft or fees then you can’t go too far wrong.
It’s important to read the small print so that you understand the advantages and limitations of the account. For bank accounts, you won’t be able to use parental controls, so be sure to give your teen a stern talking to about spending and saving before they’re set up.
Or if you’d still like to keep tabs on their spending, a prepaid debit card will let you manage transactions and even block payments, though they usually charge fees.
Under-18s’ prepaid cards customer satisfaction league table 2024
Finder surveyed the customers of kids’ prepaid card providers about their experiences, and we used the results to generate customer satisfaction star ratings for those brands. As part of the survey, we also asked customers whether they would recommend their kids’ card provider to a friend. We’ve shown both the star ratings and “would recommend” scores in the table below. Learn more about the results and the winners.
Brand
Logo
Overall satisfaction
Customers who’d recommend
Review
Link
Starling Kite
★★★★★
94%
Starling Kite is Starling’s own kids’ prepaid card option. Parents with a Starling account can order the card for their child and then manage it through their own app. Kids can also have their own app to track their pocket money and see where they’ve spent it. Starling Kite achieved a customer satisfaction score of 4.8 out of 5.
NatWest Rooster Money is a dedicated kids’ card and app, which lets parents set and track asks for their children to earn pocket money. It’s all managemd digitally and has a big focus on fianncial education. In our survey, it scored 4.7 out of 5.
Popular kids’ card and app combo GoHenry offers customised spending cards and parental controls. Its interactive Money Missions programme helps improved children’s financial literacy. It secured a score of 4.5 in this year’s customer satisfaction survey.
Revolut <18 is Revolut’s kids’ preapid card offering. Scoring 4.6 out of 5, customers commented on its ease of use. Parents will already need to have an account with Revolut to get the card and app for their child.
HyperJar Kids is a money management app for adults that has it’s own prepaid card for kids. It has no monthly fees or loading charges and children get their own app to check in on their money. It scored 4.4 out of 5 in our survey.
Nimbl is a kids’ pocket money card and app, which also aims to help children learn money skills. Less popular than some of the other providers, it achieved a score of 4 out of 5 in this year’s customer satisfaction survey.
By law, people under the age of 18 year old cannot enter into a credit contract with their bank. This means that they can’t borrow money or take out a loan, which is effectively what an overdraft is.
This usually shouldn’t happen. Even if the company that issues the prepaid card doesn’t have a banking licence, they usually have to keep their customers’ money in a ring-fenced account with a UK-regulated bank.
High street bank current accounts for children and young people don’t usually allow parents to control where the money can be spent. The accounts naturally come with restrictions on overdrafts and fees, but parents can’t stop their teens from spending at specific sites or stores. Some digital prepaid debit card providers do automatically prevent their cards from being used for certain purchases like online gambling and in bars.
Banking scores
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Zoe was a senior writer at Finder specialising in investment and banking, and during this time, she joined the Women in FinTech Powerlist 2022. She is currently a senior money writer at Be Clever With Your Cash. Zoe has a BA in English literature and a Diploma for Financial Advisers. She has several years of experience in writing about all things personal finance. Zoe has a particular love for spreadsheets, having also worked as a management accountant. In her spare time, you’ll find Zoe skating at her local ice rink.
If you are looking for a free prepaid card to teach your kids about finance while retaining full control, HyperJar is certainly a competitive option. Here’s how it works.
Digital challenger bank Starling has launched a new children’s app for its Kite debit card. This prepaid card for kids comes with parental controls and can be managed from the parent’s banking app.
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.
With nimbl, children as young as 6 can use a card and manage their money through an app. We cover how it works, the fees, and the pros and cons for parents.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
