If you want your kids and teens to manage their money appropriately, you need to encourage them to open their bank accounts.
There are various banks throughout the UK that offer bank accounts for children and teens between the ages of 11 and 18.
these accounts are almost similar to an adult’s bank account. You need to deposit money and you can withdraw as you require with an ATM card.
The main difference between an adult’s account and a children’s account is that children’s bank accounts do not offer overdrafts.
So, if you are interested to know about the top banks that offer accounts for teens then this article is for you.
In this article, I will wrap together what a children’s account is, how to choose the best bank account for teens, how to open a teen bank account, and the top 8 bank accounts for teens in the UK.
Let’s dive into the deep!
Table of Contents
various banks and building societies throughout the UK let children open bank accounts from 11. These children’s accounts include financial literacy and education tools that develop a smart money management habit.
These accounts are almost similar just like an adult. The main difference is that children’s accounts don’t offer overdrafts. So, there is no chance that your children can spend more money than the account has and end with fees.
There are also choices between a cash card and an ATM card. A cash card will allow your child to withdraw money using the ATMs whereas your children can use the ATM card for shopping, and at ATMs.
Various banks provide you the control over which card you are choosing for your children. You need to give a company to open a bank account otherwise you can do it on behalf of your children.
discussing the features of the teen bank account that various bank offers with your child is mandatory. What features your child needs is also an important aspect for you.
If you choose to go forward with a prepaid card, you can consider choosing a date in the future to reassess and shift them to a proper bank account.
Teen bank accounts usually have fees associated with them, so you need to know how much it will cost to open a teen account in the UK.
When it comes to a teen’s bank account, there is no huge difference in the rate of interest that the bank offers. But it is something that your child will learn how money management works.
various banks offer different features that you can get with a teenage bank account in the UK.
These features include depositing money into the account, paying by debit card in person, setting up automatic payments, paying by Apple Pay or Google Pay, freezing or unfreezing your card, and many more.
So, while opening a teen bank account, you must look up the features that the bank offers.
While you are opening a teen bank account, the procedure is almost the same as an adult’s bank account opening procedure.
However, the application processes may slightly differ from bank to bank. Teenagers who are 16 years old or older can open a bank account themselves. Some bank accounts can be opened from 13 or more.
You need to follow the following steps:
1. Apply online, you need to provide ID proof such as a UK passport, address proof such as a letter from a school, or any existing bank statement. You may be asked to provide proof of address for the last three years.
2. If you are unable to verify your evidence online then you need to go to the branch of the bank to prove your identity and address.
3. If you don’t have your documents that can prove your identity then you may require to apply using your parent’s documents.
Some banks ask you to submit your documents at their branch whereas some will ask for your parents/guardian’s documents to prove your identity.
Starling Bank offers a free Starling Kite account for kids as young as six to as old as 15 in the UK. You can open this teen bank account online.
Parents/guardians can set all sorts of controls over the accounts, including how much their children can spend to whether the account can be used online.
There is an option to set a notification to you every time your children withdraw money. So, you can keep your eyes on your kid’s money habits.
you can also set savings goals to educate your child about the benefits of saving money. You can set up regular payments of pocket money.
Additionally, the bank also offers to earn 3.25% AER on this account. You must keep in mind that the 3.25% applies to the first 5,000 Pounds in overall deposits within your current account.
HSBC My Money is a children’s current account, but it does not offer much in the way of perks such as interest. But you can combine this account with a My savings account.
My Savings account pays a rate of 5% on balances up to 3,000 Pounds and 2.25% on over this amount.
This children’s account comes with a VISA debit card, which enables your child to shop online as well as in-store. Also, they can withdraw money using an ATM card.
Your child can operate this account online through a mobile banking app and also in the HSBC branch.
The Santander 123 Mini account is designed for children of 0 to 17 years old. This children’s account pays tiered rates of interest.
Your child can earn up to 1% on balances up to 999 Pounds, and 2% interest for balances between 1,000 to 1,499 Pounds. This account pays 3% interest on balances between 1,500 to 2,000 Pounds.
There is a cash card option with this children’s account that limits your child to taking out money from ATMs or using a Santander debit card.
These cards allow your child to shop online and in stores. Children can keep tracking their money through text and email alerts.
the NatWest Adapt bank account is designed for children of 11 to 17. This children’s account allows them to earn 27% interest on any credit balance that remains in the account.
The rate of interest is calculated daily and paid monthly.
There are VISA debit cards with the children’s account that your children can use for online shopping and in-store. Your child can take out 130 Pounds a day.
There are banking apps available for mobile, so your child can manage the money online only using their phone.
TSB Under 19s is one of the best bank accounts for teens. this children’s bank account is available for kids ages between 11 to 17.
This account pays a rate of 2.5% interest on balances up to 2,500 Pounds. moreover, once your child turns 17, they can also get driving discounts.
The account comes with a VISA debit card that your kids can use for online shopping as well as in-store. If your child is 13 or older then he can access Apple Pay while Gpay is only accessible by 16 ages teenagers or older.
Kids can manage their accounts in the branch and online, through the mobile app over the phone. The children’s account only can be opened while accompanied by a parent/guardian.
The Nationwide FlexOne account is available for children 11 to 17 years old. The account will pay your kids a 2% interest on balances of up to 1,000 Pounds.
There are choices between a cash card and a contactless Visa debit card. Both cards have a maximum withdrawal limit of 300 Pounds.
However, the nationwide FlexOne cash card allows you to withdraw money from the ATM. Your children can use the Visa debit card for online purchasing and in-store.
Your children can receive text alerts and can manage the money online, over the phone, or using the banking app.
Gohenry does not have all the features that other bank children’s accounts provide. the Gohenry finance app is available for kids as young as six, and as older as 18.
So, if you want to teach your children money management, opening an account at Gohenry will be the smartest way.
This app makes it easier for parents to allow their children to spend any pocket money most safely. At the same time, it teaches your children how to be good with money. It offers in-app financial education through its money missions feature.
There is no overdraft available to the children’s account, so there is no chance your child racking up debt and charges.
While many of the top banking children’s accounts offer a rate of interest to your children, that is not the case with Gohenry. You can set up parent-paid interest.
The amazing thing about HyperJar is it is free to use. This child’s accounts lack some of the functionality and flexibility compared to other accounts mentioned above.
Parents can set up a teen account for children between the ages of 6 to 17. You can link your children’s Hyperjar bank account with your Hyperjar account.
However, this bank account does not work like a normal banking account where there is one pot of money. Instead, you can keep your money in small pots. later, you can let your kids access these pots with their cards.
For example, you can set up a pocket money jar where you pay an amount each week or month. then you can set up pots for treats, entertainment, or more.
Barclays Bank offers the Barclay Plus children account for 11-15-year-old kids. This account allows your child to earn 0.1% on balances over 1 Pound, and 0.6% on balances over 1,000 Pounds. There are options such as a Visa debit card and a cash card.
Using the cash card, your kid can withdraw up to 50 Pounds a day and if they have the Visa debit card, they can make withdrawals up to 300 Pounds a day.
Also, your children can use the card for online shopping, and in-store.
The Lloyds Bank Under 19s account is available for children 11 to 17 years old. It pays 0.5A% interest on balances of up to 999.99 Pounds and there is no interest above this amount. there are choices for a Cash Point card and a Visa debit card.
Your kids can use a Cash Point card to withdraw money from cash machines, whereas a Visa debit card is used for paying online bills, and in-store as well.
The limit for daily cash withdrawal is 200 Pounds for a Cash Point card and a Visa debit card, it is extended to 500 Pounds a day.
This children’s account comes with a save-the-change option. Once your kid makes any purchase using the Visa card, the amount will be rounded up to the nearest Pounds and transferred into Lloyds’s savings bank account.
Ans: Usually, you can have only one student bank account, but there is an option to switch to a different bank account.
Ans: Various banks offer children’s bank accounts for children of 9 to 17 years old. To open a teen bank account, you need to provide the required ID documents.
Can a 15-year-old open a bank account in the UK without
Ans: A parent needs to accompany you to open a children’s bank account in the UK. you also need to bring all the ID proofs including address proofs to open a bank account.
So, the children’s bank accounts come with no fees, no overdraft, and a decent rate of interest in the UK. Sticking with a reputable bank is always advisable,
However, there are parental controls over your children’s bank account, even then you must teach your kids how to manage the money.
Here, I have provided every detail of children’s bank accounts in the UK including the 10 best bank accounts for teens. You just choose one bank from the list and ask them what features they will be going to provide for your child.
Alternatively, you can ask any financial expert to get the best teen account available for you!
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