There are many reasons why it’s worth opening a bank account for your child when they are young. Perhaps one of the biggest is that it can teach them good financial habits from an early age, helping to set them up for success in the future. Here, we explore the children’s account range from Ulster Bank to see if it could work for you.
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What type of child accounts does Ulster Bank offer?
When considering which account to open for your child, you’ll need to think about whether you want a prepaid card, a current account or a savings account. Ulster Bank offers all three, so make sure you understand the difference.
Current accounts and prepaid cards are useful for everyday spending, while savings accounts are designed for either parents or children to put money aside for a future date. Here’s what Ulster Bank has to offer:
Current account. Ulster Bank offers one current account designed for 11- to 17-year-olds. There is no monthly fee for the account and it comes with a contactless debit card for purchases and cash withdrawals. Direct debits can be set up on the account and you can manage your finances via the app.
Savings account. The urfirst savings account is a free, instant access savings account for children under the age of 16. The account can be opened with £5 and funds can be accessed as needed. The account can be held in trust for a child up to the age of 12 or in the child’s own name if they are over 7.
Pocket money app and prepaid card. As Ulster Bank is part of the NatWest Group, you can also sign up to the NatWest Rooster Money pocket money app. This comes with a prepaid debit card for kids aged 6 and above (free for 12 months, then £1.99 a month), while the app gives parents the opportunity to set spending limits, view the account and get real-time alerts each time their child spends. You can also create custom pots to help your kids save. Read our full review on Rooster Money.
How to open a child account with Ulster Bank
How you open a child account with Ulster Bank will depend on the account. More specifically:
Current account. Children aged 11 to 15 must have a parent with them to open the account online and the parent must be an existing current account holder. Children aged 16 to 17 can open the account themselves.
Savings account. This account can be opened over the phone. If the account is held by the child, rather than in trust, they must have the consent of a parent or guardian.
Pocket money app. You can sign up to Rooster Money online and you’ll also need to download the app.
Documents needed to open an account
To open an account with Ulster Bank, you will need to provide a few documents and details:
Current account. You’ll need your child’s ID, such as a passport, as well as their current address and contact information. If your child is over the age of 16 and they have the relevant ID they can open the account themselves online.
Savings account. You will need to provide proof of ID and address for both you and your child. ID for the child can be a passport or birth certificate. Proof of address for a parent can be used for a child as long as the surname and address are the same.
Pocket money app. You will need to provide details such as your full name and address and date of birth. These details are then matched against public records and credit reference agency databases. If the details can’t be matched, you will need to upload photos of 2 documents to verify your identity.
Is Ulster Bank safe?
Ulster Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. That means eligible deposits in its current and savings accounts are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
If you’re signing up for Rooster Money, note that this is not a bank so there will be no FSCS protection. However, it is licensed by the FCA to deal in electronic money and keeps all client funds in a segregated account.
Pros and cons of Ulster Bank child accounts
Pros
Good range of accounts to choose from
Accounts can be managed via an app
Some accounts have no monthly fee
Easy to open
Cons
Parents will need to be an existing customer to open a kids current account
Fees may apply for Rooster Money
No FSCS protection for Rooster Money
Our verdict: Is a child’s account from Ulster Bank worth it?
Ulster Bank offers a good variety of kids accounts, whether you’re after a straightforward current account, a savings account, or you’re looking for a pocket money app and prepaid card to help keep track of your kids’ spending. However, it’s important that you check the eligibility requirements carefully as they vary depending on the account, and remember that you may have to pay a monthly fee if you opt for Rooster Money.
Frequently asked questions
Yes, they are. However, it’s unlikely that most children will pay any tax. This is because they get a personal savings allowance each tax year, just like adults do – this is the amount they can earn in a year without paying tax. The children’s personal savings allowance for 2022/23 is £12,570.
Yes. You can withdraw money from the current account and pocket money app by using the card that comes with them. If the savings account is held in trust, you can withdraw money in branch or online, by phone or via the app to another Ulster bank account. If the account is held by a child, withdrawals can only be made in branch – though children aged 11 and over can also register for telephone and online banking services.
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Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
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Rooster Money offers a colourful app to teach your kids about budgeting and makes a valid alternative to the traditional children’s current account.
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