Virgin Money children’s bank account review
We explore the children’s accounts on offer from Virgin Money.
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Getting your children into the savings habit from an early age can help teach them the value of money and prepare them for adult life. We take a closer look at what Virgin Money has to offer so you can decide if it’s right for your child, .
Virgin Money currently offers 2 savings accounts designed for children aged 0 to 16. Savings accounts for children can enable them to start putting money aside for a rainy day or a particular treat, while also earning interest.
The accounts available include the following:
The main gap in Virgin Money’s child accounts offer is the lack of a current account. However, while the Jumpstart account is described as a savings account, it does offer a debit card for children over the age of 11, which means it works in a similar way to a current account. If your child is younger than 11, you might want to look for prepaid cards for kids instead – you can compare them on this page.
Virgin Money’s child accounts are both offline accounts, which means they must be opened in a Virgin Money branch.
The Headstart account must be opened and operated by an adult on behalf of the child, although the account will be opened in the child’s name.
The Jumpstart account must also be opened and operated by a parent, guardian or other responsible adult if the child is under the age of 11. If the child is over 11, the child can open and operate the account in their name, so long as a parent or guardian agrees.
To open either savings account, you as the parent or guardian will need to bring with you an ID document and proof of address as well as a child’s ID document such as a current passport or birth certificate. The bank might also need a document to confirm the child’s address if they do not live with you.
Yes, Virgin Money 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.
If you’re happy to mostly bank in branch and you’re looking for a savings account for your child, Virgin Money’s offering is worth considering. You can choose from either a notice account that you, as a parent, will need to manage. Or you can opt for an easy access account that gives your child a little more financial independence (if they are older than 11) and won’t charge any fees for using the debit card abroad. However, if you’re after a full current account for your child that offers more in the way of features, you’ll need to look elsewhere.
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