Lloyds Bank launches combined spending and savings account for kids


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Smart Start is a new account for kids aged 11 to 15.

A new free spending and savings account from Lloyds Bank allows kids to shop with a debit card while parents can view transactions and freeze the card.

Lloyds says the aim of Smart Start is to give kids more independence over their money, while parents can also keep an eye on their child’s account through their own mobile banking app or internet banking.

Spending and saving together

The “Spending Account” works just like a current account. The child will be able to use a contactless debit card in shops, online or at cash machines. If they have a smartphone, they’ll also be able to add their card to Apple Pay or Google Pay (although age restrictions apply).

Under the “Saving Account”, children will earn 1% AER on balances of £1 to £1,000 and 0.40% AER on any money above £1,000.

Parents in control

There are controls which mean parents or legal guardians can keep an eye on the account.

Parents can view the account through their own mobile banking app or internet banking. They can also freeze or cancel a debit card if it gets lost or stolen, and set up a contactless payment limit with their child.

While the account acts as a current account, it is still a kids’ account: spending is not allowed in over-18s outlets such as off-licences.

Who can apply?

You can apply for Smart Start if you have a Club Lloyds Account or a Lloyds premium account (with a monthly fee). Alternatively, if your child has an existing Child Saver or Young Saver, then you can also apply.

Other eligibility criteria are that your child is aged between 11 and 15, and you are aged 18 or over. You have ot be registered for internet banking and live at the same address as your child.

Find out more about children’s bank accounts in our guide.

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