“Child account” can refer both to a current account and a savings account for children and teenagers.
NatWest offers a child bank account, called Adapt, that pays interest on balances, as well as a savings account, called First Saver, and an investment Junior ISA. Rooster Money, which is owned by NatWest, also offers a prepaid card for 6 to 17 year olds with extra features like parental controls — read our review of NatWest Rooster Money here.
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NatWest has a few accounts for kids and teenagers:
A current account (NatWest Adapt). NatWest’s Adapt account, can be opened for kids aged 11 to 17. It has no monthly fees and even pays interest on balances. It also comes with a contactless debit card that can be used to make payments and withdraw cash.
A savings account. This is an easy-access savings account, meaning you can withdraw as much as you like from it whenever you like. The interest rate is average for a children’s account, and it can be opened by an adult who wants to save for a child.
A stocks and shares junior ISA. This is a tax-free account that locks the money away until the child turns 18. As this is an investment account, be warned that you could get back less than you put in. We’ve explained how stocks and shares junior ISAs work on this page.
These 3 options cover a good range of needs, whether you want a straightforward bank account or are looking to put some money aside for your child.
If you’re looking for a current account for a child under the age of 11, NatWest Rooster Money is designed for children as young as 6. This is a prepaid debit card and pocket money app, so you can decide where your child can use their card, set flexible spending limits and get alerts when they spend. And the best bit is that if you’re already a NatWest customer, there’s no subscription fee (normally £1.99 a month).
How to open a child account with NatWest
The application process can be done online. For the Adapt account, kids aged 11-15 will need their parents or guardians to help with their application, who will also need to have a NatWest current account. Young people of 16 and 17 can open an account for themselves instead.
Those aged 18 and over can open a savings account in trust for a child aged up to 15 years. You must also have a NatWest current account and you will need your contact information, address and ID.
To open a Junior ISA, you must have parental responsibility for a child aged 13 and under, and again, you need to be a NatWest customer.
How much does opening a Natwest Adapt account cost?
It’s free. The NatWest Adapt account has no monthly fee, and there are no charges for cash withdrawals or card payments either.
The only thing you really need to worry about is the foreign transaction fee. If the child uses the card on a trip abroad, expect them to be charged for every transaction or cash withdrawal.
Note that unless you’re an existing NatWest customer, you’ll have to pay £1.99 a month or £19.99 a year for NatWest Rooster Money.
Is opening a child account with NatWest safe?
NatWest is a fully licensed bank, meaning that it’s regulated by the Financial Conduct Authority and deposits are protected by the FSCS.
Be aware that FSCS protection doesn’t apply to Rooster Money as this isn’t a bank. However, your money will be held a a segregated account where Rooster Money can’t touch it.
Overdrafts are not available on children’s accounts, so there’s no need to worry about debt. With the exception of Rooster Money, NatWest doesn’t offer any parental control features, so handing over the debit card and the account to your child pretty much equates with trusting them with the money. But then, giving them pocket money in cash is not that different from that point of view.
Pros and cons of using NatWest for a child account
Pros
No monthly fees.
Children can manage the account online or using the mobile app.
The Adapt account pays an interest rate on all balances (no limit).
The application can be done online.
Range of accounts.
Cons
Not the most competitive savings rates.
Charges apply if you use your card abroad.
To open most accounts, parent or guardian must have a NatWest current account.
Customer service information for NatWest
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Alternatives to children’s bank accounts
If a traditional child’s bank account does not sound like the right idea, the main alternative is a prepaid card. NatWest’s Rooster Money is one option, but there are plenty of other cards available too.
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: Is a NatWest Adapt child and teenager account worth it?
The NatWest Adapt account simulates an adult’s “real” banking situation and gets bonus points for paying interest on balances (with no cap, which is quite rare). But you need to be careful about the foreign transaction fee if you travel.
The savings account is a mixed bag. It has great flexibility, but also not the highest rates. If you are looking to maximise returns, you might want to shop around.
NatWest is also one of the few banks to offer a Junior ISA, but remember this is a stocks and shares ISA and the value of your investment can go up and down.
Rooster Money provides a good alternative if you’re looking for something for younger children and want more control over their spending. But remember there is no FSCS protection.
Get started by visiting NatWest’s website and applying for an account. If you’ve 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
The current account becomes a standard adult current account (which does not normally pay an interest rate). NatWest will give you two months’ notice before making the change.
For the savings account, when the child turns 18, the money legally belongs to the child and the account can be converted to an adult account.
Finally, the Junior ISA becomes an adult ISA once the child turns 18.
The current account is for children aged between 11 and 17, while Rooster Money is for kids aged 6-17. The savings account can be opened in trust by an adult looking to save for any kid aged up to 15. The Junior ISA can be opened for a child aged 13 or under, but it can be held until the child turns 18.
Yes, NatWest offers a stocks and shares junior ISA. You must be an existing NatWest customer to open it.
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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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