There are many benefits to opening a bank account for your child, but perhaps one of the biggest is that it can encourage financial independence. If you\u2019re considering opening an account for your child with Halifax, read our review of its Expresscash account first.<\/p>
The Halifax Expresscash account is designed for those aged between 11 and 17 years. There are no fees for maintaining the account and it comes with a contactless Visa debit card. <\/p>
The account can be managed online or via telephone banking, the app and in branch.<\/p>
The main features of the Halifax Expresscash account are outlined below:<\/p>
The Halifax Expresscash account is for UK residents aged 11 to 17 years old. It\u2019s designed to help them learn how to manage their money and give them some independence. <\/p>
Some of the main benefits of this account include that there is no monthly maintenance fee and interest is paid on balances up to \u00a3999.99. The account can also be managed in multiple ways.<\/p>
The way your child needs to apply for their account will depend on their age:<\/p>
If your child is aged 11 to 12, they will only be able to open the account in branch and must be accompanied by a parent or guardian. You\u2019ll need to make an appointment at your nearest branch and your child must bring proof of ID such as a full UK birth certificate or passport. You, as their parent\/guardian, will also need to bring proof of identity and proof of address. <\/p>
If your child is aged 13 to 14, the account can be opened through the app. Alternatively, you can start the application online but you will then need to go into a branch with your child to bring proof of ID for your child and proof of identity and address for yourself. <\/p>
If your child is aged 15 to 17, they can open the account themselves through the app or online. They will need to provide proof of ID, such as a passport or full UK birth certificate, and proof of address, such as a letter from their school. <\/p>
Yes, Halifax is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. As a result, eligible deposits will be protected by the Financial Services Compensation Scheme (FSCS) up to \u00a3120,000 per person. <\/p>
Overdrafts are not available for under 18s, so you don\u2019t need to worry about debt. <\/p> \n