In this guide

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  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

Lloyds Under 19s account review

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Under 19s Account - Age 16-17
Minimum age
16 Years
Interest (AER)
0.5% AER
Minimum opening balance
£1

Our verdict

Looking to open a bank account for your child? Find out what the Lloyds Under 19s account has to offer.

This account from Lloyds Bank could be a great option for children aged between 11 and 17. Interest is paid on balances (albeit at a low level) and you'll have a choice of a Cashpoint card or debit card. Your child will also be able to manage their account in multiple ways, including via the Lloyds app, helping them to stay on top of their finances. What's more, if they're between the ages of 16 and 17, they'll also benefit from the Save the Change feature which could encourage them to save.

Pros

  • Pays interest on credit balances
  • Account is free to open and manage
  • Access to Save the Change and Money Manager features
  • Choice of debit card or Cashpoint card
  • FSCS protection
  • Multiple ways to bank

Cons

  • No specific app for children
  • Interest on balances only paid up to a set amount
  • To use the Save the Change feature, you’ll also need a Lloyds savings account
  • Your child will need to be at least 11 to apply
  • Account must be opened in branch if child is 11 or 12

In this guide

  • Our verdict
  • Details
    • Product overview
    • Fees
    • Overdraft information
  • Frequently asked questions
  • Your reviews

Details

Product overview

Account name Under 19s Account - Age 16-17
Provider Lloyds Bank
Account fee £0
Interest (AER) 0.5%
ATM withdrawal limit £500
Debit network Visa
Card type Cash / Debit
Minimum eligibility age 16 Years
Minimum operating balance £1
Minimum opening balance £1
Direct debits
Current account switch guarantee
Cheque Book

Fees

Foreign cash currency fee in Europe 2.99%
Foreign cash currency fee in rest of world 2.99%
Foreign cash transaction fee in Europe £1.50.
Foreign cash transaction fee in rest of world £1.50

Overdraft information

Arranged overdraft available
Overdraft Grace Period 14:30 same day

Opening a bank account for your child is a great way to encourage them to develop good money habits early on.

Lloyds Bank offers one child bank account, the Under 19s account, so let’s look at how it works.

What is the Lloyds Under 19s account?

The Lloyds Under 19s account can be opened by anyone between the ages of 11 and 17. It has no monthly fee and your child can choose between a Lloyds Bank Visa debit card or a Cashpoint card.

The account can be managed via the mobile banking app, Internet banking, telephone banking or in branch.

How does it work?

The key features of the Lloyds Under 19s account are outlined below:

  • No monthly fee. There is no monthly maintenance fee for using this account.
  • Choice of Cashpoint card or contactless Visa debit card. Cashpoint cards can only be used to withdraw money from cash machines, while debit cards can be used to pay for items in shops and online.
  • Interest paid on balances. Earn interest of 0.50% AER on balances between £1 and £999.99. No interest is paid on balances of £1,000 or more.
  • Multiple ways to bank. Manage the account via mobile banking app, Internet banking, telephone banking or in branch.
  • Mobile alerts. You can also get free mobile alerts to help you stay on top of your finances.
  • Save the Change. Those aged 16 or 17 can use the Save the Change feature. When they use their debit card to pay, the amount will be rounded up and the difference transferred into an eligible Lloyds savings account.

Who is it for?

The Lloyds Under 19s account can be opened by anyone between the ages of 11 and 17, provided they are a UK resident. It’s designed to help young people get better at managing their money and to encourage financial independence.

What are the benefits?

There’s no monthly fee with this account and interest is also paid on balances. In addition, the account offers a choice of a Cashpoint card or debit card, enabling you to decide what you’re more comfortable with. For example, you might be happier if your 11-year-old has a Cashpoint card, while your 15- or 16-year-old might be better off with a debit card.

How to apply

Those aged 11 or 12 will need to make an appointment at their nearest Lloyds Bank branch to open the Under 19s account. A parent or guardian must accompany them. Your child will need to bring proof of identity such as a passport or full UK birth certificate and you as the parent/guardian must bring proof of identity and proof of address.

Those aged 13 to 15 can fill in the online application form and then pop into their local Lloyds branch with a parent or guardian. Again, your child will need to bring proof of identity and you as the parent/guardian must bring proof of identity and proof of address.

Those aged 16 or 17 can apply completely online, provided they can show proof of identity online, such as a UK passport or Biometric Residence Permit card. If they can’t, they will need to go into a Lloyds Bank branch and bring their proof of identity and proof of address (such as a letter from their school or college). They do not need to be accompanied by a parent or guardian.

Is it safe?

Yes, Lloyds is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.

Overdrafts are not available for under 18s, so there’s no need to worry about debt.

Customer service information for Lloyds

Email support
Telephone support
In-app or live chat
Contact form
Branch support
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