Santander child account review

When looking for your child’s first bank account, the first thing you need to consider is whether you want a current account for daily spending, a savings account for putting money aside and earning interest, or both.

Santander has almost nothing in terms of savings accounts for under-18s, but its current account is not bad at all. Here we look at how it works and in which cases it makes a sensible choice for kids and teens.

123 Mini Current Account

• Helping children learn money management
• Contactless debit card or cash card
• Access to the Santander branch network

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Compare children’s bank accounts from Santander

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Name	Product	Interest (AER)	Minimum eligibility age	Maximum eligibility age	Daily cash machine limit	Representative example	Link
123 Mini Current Account		1%	13 Years	Under 18 Years	£300		Go to site More Info		loading Fetching your data...

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How to open a child account with Santander

The 123 Mini Current Account can be opened online by a young person aged 13–17. If you are a parent looking to open an account in trust for a younger child instead, you will need to visit a branch.

Santander’s junior ISA can also only be opened in person (and no withdrawals or closures are allowed until the account matures on the child’s 18th birthday).

How much does opening a child account with Santander cost?

It’s free. The current account has no monthly fee and there are no charges for cash withdrawals or card payments either. Cash withdrawals from ATMs are limited to £300 a day.

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 a fee of 2.95% for every transaction or cash withdrawal.

Is opening a child account with Santander safe?

Santander is a fully licensed bank, meaning it’s regulated by the Financial Conduct Authority (FCA) and deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS).

Overdrafts are not available on children’s accounts, so there’s no need to worry about your child going into debt. For 123 Mini Current Accounts that are not held in trust but are managed by the child, Santander also gives you the opportunity to choose between having a standard debit card and a cash card. A cash card only allows you to withdraw cash from an ATM, but you can’t make card payments in shops or online, which can give parents additional peace of mind.

Pros and cons of using Santander for a child account

Alternatives to children’s bank accounts

If a child’s bank account does not sound like the right choice, 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 and control where they shop, and also can teach them about good money habits.
  Learn more about children’s prepaid cards

Our verdict

The main issue with Santander’s child accounts is the almost complete lack of savings accounts. It doesn’t have one for kids to use, nor can you open one to save for a child’s future, which is a pretty common option among other banks.

However, the 123 Mini Current Account is solid. It gets points for its interest rate, for letting you open an account for a kid of any age, as well as for letting you choose between a debit card and a cash card. The only real drawback is the foreign transaction fee, which you’ll have to keep in mind if your family or your child need to travel and spend money abroad.

Get started by visiting Santander'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

• Can I transfer a child account opened by an adult in trust directly to the kid?

  Yes, you can. Santander’s current accounts for children have to be opened in trust by an adult if the kid is under 13, but once they turn 11, they can be handed over. If your kid is 11 or 12 when you get the account, you’ll need to open it yourself, but you can hand it over to them straight away (the following day). Alternatively, the adult can keep managing the account until the child turns 18.

• What are the age limits for Santander's child accounts?

  The current account can be opened for a child. If they are under 13, it will need to be opened in trust by an adult; if they are older, they will be able to open it themselves. Junior ISAs can be opened by an adult for a child of any age, although if the young person is 16 or 17, they can also open it themselves.