If you think that it is time for your child to learn the value of money, then a natural first step would be to start looking for the best bank accounts for kids. In the UK, there is a wide selection of free child bank accounts with debit cards as well as of prepaid cards without an account. In this article, we review and compare the types of junior bank accounts in the UK to help you choose the best alternative for your kids – and for yourself.
Overview
Bank accounts for kids with traditional banks
Junior bank accounts with neobanks
Prepaid debit cards without a bank account for kids
FAQ: Best UK accounts for kids and teens
Overview
According to the OECD, financial literacy has been recognised globally as a core life skill in the 21st century. One of the best ways to introduce children to finances is to open a child bank account with a debit card.
Popular options include:
- Independent accounts with high-street banks (HSBC MyMoney, Santander 1|2|3 Mini)
- Subaccounts with online banks (Revolut, Monzo)
- Prepaid debit cards without accounts (GoHenry, NatWest Rooster Money).
Traditional banks usually open bank accounts for kids who have turned 11, but there are options for younger folk, too. Some online banks, or neobanks, offer junior bank accounts in the UK to children from the age of 6, as do providers of prepaid cards. Both give a parent/guardian full control over the account.
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Let us have a closer look at some examples of the best free child bank accounts with debit cards and prepaid cards available in the UK.
Bank accounts for kids with traditional banks
Once your child turns 11, they can open an independent bank account for teens in the UK, which works similarly to an adult one but offers no overdraft or credit facilities. A child bank account comes with a debit card that can be used for in-person and online shopping, direct debits, and at ATMs. Find out more about ATMs in the UK here.
In many cases, when a child turns 18, their junior bank account in the UK is upgraded to an adult account.
There are some potential drawbacks to even the best bank accounts for teenagers:
- The usual threshold age of 11 may be too high for some parents who would like their children to start managing money earlier.
- Because the child is the legal holder of the bank account for kids, parents have little visibility of and control over spending.
Below are two specific examples of bank accounts for teens in the UK from two major banks, HSBC and Santander.
Explore:
HSBC MyMoney Children’s bank account
Available to children between 11 and 17 years old, this free child bank account comes with a debit card and no overdraft. For 13+ year-olds, there is online/mobile banking and the possibility of linking Apple Pay, Google Pay, or Samsung Pay.
Like many other bank accounts for teens in the UK, HSBC MyMoney has a daily ATM withdrawal limit of £100.
What makes it one of the best bank accounts for kids in the UK is a savings account linked to it, at an interest rate of 4.50% AER / 4.41% gross (on balances up to £3,000).
If the parent/guardian has an HSBC current account, the application for a kids' bank account in the UK can be done online. Otherwise, a visit to an HSBC branch is required.
Santander 1|2|3 Mini current account
Unlike HSBC, Santander's junior bank accounts in the UK are available from birth, but until the age of 13, must be opened in trust and managed by an adult parent/guardian. The adult must have a Santander personal current account and apply at a bank branch, providing proof of identity, address, and the child's name.
Those aged between 13 and 17 must open and manage a teens' bank account in the UK themselves. The application can be done online.
1|2|3 Mini is a free child bank account with a debit or cash card (cards are not available for accounts held in trust). There are no monthly fees, but some services are subject to charges (for example, international payments incur a charge of £25).
On balances between £1,500 and £2,000, Santander offers a monthly interest of 3% AER / 2.96% gross (variable).
Junior bank accounts with neobanks
Unlike traditional banking institutions, online banks tend to offer kids' bank accounts in the UK not as independent ones but under their parents'/guardians' existing account. Thanks to this, the parent/guardian has full real-time visibility of the child's spending, can set limits on payments and freeze cards. Often, a 'co-parent' feature grants partial access to the account to another adult. With high-street banks, none of these are available, even with the best bank accounts for kids in the UK.
Revolut and Monzo are two fintech providers that allow parents to open a children’s account from the age of 6, and below we explore the details of their offers. Keep in mind that not all neobanks have bank accounts for teens/kids in the UK. For example, N26 only accepts customers who are over 18.
Revolut <18 — Kids & teens account
Formerly known as Revolut Junior, this product is considered by Revolut’s customers to be among the best free child bank accounts with debit cards. It is designed for children between 6 and 17 years old and allows the parent/guardian to fully control how their child manages their money. This includes setting spending limits, receiving instant notifications, adjusting security settings, and so on.
Adults are allowed between 1 (Standard) and 5 (Ultra) bank accounts for kids, and the 'co-parent' feature is unavailable to Standard subscribers.
Other limitations for a Revolut teens' bank account in the UK include:
- Daily ATM withdrawal limit: £120 and/or 3 withdrawals per day and 6 withdrawals per week
- Daily payment limit: £1,000 and/or 15 card payments
- Maximum amount for incoming funds: £6,000 per year.
For a Revolut child bank account, a debit card can be issued and used with Apple Pay or Google Pay.
Monzo for under 16s
Another fintech catering 6-to-15-year-olds’ is Monzo that offers one of the best bank accounts for kids, up to 5 for a parent. Like Revolut, it requires the parent’s/guardian’s account but at the same time, the child can bypass the app and simply use the card (with some limitations).
Overall, many features are similar to those of Revolut. For example, the adult can monitor the child’s spending or set payment limits. Apple Pay or Google Pay is available for those aged 13 and older.
Monzo imposes some limits on the movement of money on its kids' bank accounts in the UK:
- Maximum amount for incoming funds: £250 over a 30-day period
- Daily limit on card payments: £250
- Daily limit on ATM withdrawals: £100.
Prepaid debit cards without a bank account for kids
Prepaid debit cards are available to children from the age of 6 and are different from the best bank accounts for kids in the UK. They function rather as cashless pocket money: the adult adds funds to the card for the child to spend. In most cases, prepaid cards work through an app which allows the adult to track the child’s spending and set payment limits.
While prepaid cards are easier to manage than a kids' bank account in the UK, they usually come at a subscription fee and with additional charges. In addition, unlike the two other types of the best bank accounts for kids in the UK reviewed here, such cards expire when the child reaches a specific age.
Find out about the cost of living in the UK here.
Read on to learn more about GoHenry and NatWest Rooster, two prepaid cards which in the UK are considered popular alternatives to the best bank account for kids.
GoHenry
A parent/guardian of a child aged between 6 and 18 can apply for a GoHenry prepaid card online. Unlike with bank accounts for teens in the UK, the card can be used for free only for a month, and afterwards a monthly subscription fee between £2.99 and £9.99 per child is charged. Similarly, there is one free top-up per month and for anything above the charge is £0.50 per top-up.
The default limits include:
- Daily/single limit on ATM withdrawals: £120
- Daily spending limit: £4,000 and/or 10 transactions.
NatWest Rooster Card
A part of a larger financial literacy programme for kids, the NatWest Rooster prepaid card is available to 6-to-17-year-olds under full parent’s/guardian’s supervision via the Rooster App. Like GoHenry, it can be tried out for free for a month; then a subscription fee applies, £1.99 a month or £19.99 a year per child. But for NatWest Group customers, there is no subscription fee.
Applicable limits, which can be lowered in the app, include:
- Daily limit on ATM withdrawals: £200; 10 withdrawals over 7 days
- Daily spending limit: £1,000; 25 spends over 7 days
- Maximum number of top-ups from Parent account: 3 per day and 10 per month.
As you can see, choosing the best bank account for kids in the UK depends on many factors, including your child's needs and spending habits, as well as your own preferences and existing banking experience.
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FAQ: Best UK accounts for kids and teens
Which bank is the best for a children's account in the UK?
Out of convenience, a natural choice for many parents/guardians looking to open a kids' bank account in the UK would be to stick with their own bank. If that is not an option, then compare features such as parental control, fees and charges, interest rates, and so on.
How to choose the best bank accounts for kids?
The most important factor to consider when choosing a kids' bank account in the UK would be the level of the child’s independence. High-street banks regard a child as the legal holder of the account, bearing full responsibility. For neobanks, it is the parent/guardian under whom a bank account for kids operates.
Which UK bank account is the best for teenagers?
This depends on your child’s spending habits and how responsible they are with their money. If you trust them, a traditional bank account is a good option. If you want more control, then try out an account with a neobank, especially if you yourself already hold one. For younger children, a prepaid card can be an adequate alternative to a child bank account with a debit card, but these usually come at a small subscription fee.
Can a 14-year-old have a bank account in the UK?
Yes, they can. With traditional banks, 11 years old is the usual starting age for kids’ bank accounts in the UK, but many fintech providers welcome children from the age of 6-7. In both cases, it is a free child bank account with a debit card but high-street banks rarely offer the same level of parental control as fintechs do.
Are there free bank accounts for kids in the UK?
As a rule, all the best bank accounts for kids in the UK are offered with no setup or administrative fees. Banks still may charge for some services, however, such as ATM withdrawals abroad.
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