Getting your child set up with their first bank account can feel like a big decision. With the number of kids’ bank accounts available, it can be hard to decide which one to go for. Finder has analysed the features and fees of the main kids’ bank accounts, looking at extra features and how easy it is to apply for the account. These have fed into our Finder star ratings across our kids’ bank account content, including in tables and on provider reviews. Here’s how we came up with them.
What factors do we take into account to compare kids’ bank accounts?
1. Overseas fees. We look at if the account has a fee for ATM withdrawals abroad or making card payments while overseas, scoring those with no fees higher as it makes it easier for your child to stay on budget while travelling.
2. App rating. This is average rating that the app receives across the App Store and the Google Play Store.
3. App features. Nowadays, there’s usually a mobile app to accompany your child’s account. We look at whether the account had a specific app for your child, whether you have full visibility of their spending, whether you can freeze or unfreeze their card in the app and what alerts and notifications it has for spending and balances.
4. Account features. We look at what features the account has to offer. These are things like if there is a savings function within the account, can you use Apple Pay and Google Pay and what sort of limits there are on cash withdrawals.
5. Application process. The application for kids’ bank accounts is different to regular bank accounts. We looked at whether you would be required to go in branch, if the account needs a trustee and if a parent also needs an account with that bank in order to be eligible.
6. Extra features. Here, we look at any extra perks you might get with the account, such as interest on your balance, a reward point scheme or discounts on driving lessons.
7. Overall rating. We combine and average all of these different factor scores to arrive at an overall Finder rating on a scale of 1 to 5, which is rounded to the nearest half star.
More guides on Finder
-
GoHenry vs Starling Kite: Find out which app is better
Learn more about GoHenry and Starling Kite and find out which is the better prepaid card option for your child.
-
Monzo’s new children’s account for under-16s, launching in 2024: What we know
Monzo is getting in on the cards-for-kids action. And this one is free. Get ready to dish out the Monzos, mum-zos!
-
Stay free, kids…literally. Compare the best free prepaid and debit cards
Support your child’s financial knowledge and teach them important real-life money skills in a safe and controlled way with a kids’ debit or prepaid card.
-
Methodology for kids’ bank card scores
The banking experts at Finder compare kids debit cards and rank them on key areas to give you an overall indication of how useful each is.
-
Best bank cards for kids: Debit and prepaid cards
Support your child’s financial knowledge and teach them important real-life money skills in a safe and controlled way with a kids’ debit card.
-
Monzo teen account review: For teens 16-17
We reveal the pros and cons of the Monzo teen account.
-
Get hyped, kids: Our review of the HyperJar card for children
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.
-
Best banks and bank accounts for teens (under 18s) in the UK 2024
Find out about bank accounts for teenagers, how to choose the right one and how they differ from kids’ prepaid cards.
-
Best bank accounts for kids UK 2024
All you need to know about current accounts for under 18s, from why they can make a well-informed choice to what you need to open one.
-
gohenry alternatives: A list of prepaid cards for kids
Don’t think gohenry is quite what you’re looking for? Here are some other money services for children that might be right for you.