Our expert says: More options for children to manage their money than ever
"There’s been a whole new breed of children’s account launched in recent years – prepaid cards for kids let you load their pocket money onto the card and set spending controls. Kids can also learn to budget and set goals through innovative apps that effectively gamify money management.
Some cards have monthly fees. These include NatWest’s Rooster Money, GoHenry, Starling Kite and Nimbl. GoHenry is famous for its tools to help children learn about money, with quizzes, rewards, badges and the ability for them to earn money by doing chores. The personalised cards are also fun for children to have.
Starling and Revolut, which are well known as digital-only banking apps for adults, require you to have your own account with them if you’re setting an account up for your child. While Revolut’s under-18 account has no monthly fee, you’ll get an extra level of control over your child’s account if you have one of Revolut’s paid-for accounts yourself.
HyperJar Kids is another option with no monthly fee. Its digital jars let children save money for specific things and set goals, and they can choose names and colours for each. It means they can learn to save and budget without even realising it."