Choosing the right bank account for your child can help instill strong financial habits from an early age.
In the UK, several banks offer child-friendly accounts with varying benefits, including parental controls, interest rates, and additional features tailored to young account holders.
Here’s a guide to the best child bank accounts in 2024 to help you decide which is the most suitable for your child’s needs.
Santander 123 Mini Account
The Santander 123 Mini Account is one of the most popular children’s bank accounts available in the UK. Designed for children aged between 0 and 17, it offers competitive interest rates and no monthly fees.
The account is typically managed by an adult if the child is under 13, but from the age of 13, they can take control of their account, making it a great tool for building financial independence.
Age Range: 0-17
Interest Rate: Up to 3% AER (variable) on balances up to £2,000
Monthly Fees: None
Features: Offers online banking, and parental control options are available until the child is 13. After that, teenagers can manage the account themselves.
Why It’s Great:
The Santander 123 Mini Account is ideal for children starting to learn about saving, as the interest rate rewards savings, and parental controls allow for gradual independence.
Barclays BarclayPlus
Barclays BarclayPlus is designed for children aged 11 to 15, offering a simple and secure banking experience. It provides the flexibility of a cash card or a debit card and includes access to an app that’s tailored for young users.
The account has no monthly fees, and while it offers interest, the rate is relatively low, making it better suited for spending than saving.
Age Range: 11-15
Interest Rate: 0.1% AER on balances up to £999.99
Monthly Fees: None
Features: Access to the Barclays app, no fees for maintaining the account, and the choice between a cash card or a debit card.
Why It’s Great:
BarclayPlus is excellent for day-to-day banking and financial education, with digital banking options that are convenient for both parents and children.
GoHenry Prepaid Card
GoHenry isn’t a traditional bank account but a prepaid debit card designed to help children learn money management skills.
With GoHenry, children aged 6 to 18 can access a prepaid card while parents have full control over spending limits, transactions, and account features through an app.
The card does come with a monthly fee, but it is well-suited for teaching financial responsibility through its interactive app and money missions.
Age Range: 6-18
Monthly Fee: £3.99
Features: Full parental control, spending limits, rewards for tasks, interactive educational content, and no fees for spending abroad.
Why It’s Great:
GoHenry is ideal for younger children and offers a hands-on approach to financial education, with a balance between spending freedom and parental oversight. Child Bank Accounts
HSBC MyMoney Youth Account
HSBC offers a MyMoney Youth Account for children aged 11 to 17. The account provides a debit card and online banking options, and like most children’s accounts, it has no monthly fees. It’s perfect for teenagers who are beginning to manage their money independently while still having parental supervision if needed.
Age Range: 11-17
Interest Rate: 0.1% AER
Monthly Fees: None
Features: Offers access to mobile and online banking, a debit card, and parental guidance until the child turns 18.
Why It’s Great:
With easy-to-use mobile banking and a debit card, HSBC MyMoney Youth Account is perfect for teens learning to budget and spend responsibly. Child Bank Accounts
Lloyds Bank Under 19s Account
Lloyds Bank’s Under 19s Account is designed for young savers aged 11 to 17, with the benefit of no monthly fees and a low, but stable, interest rate.
The account comes with a contactless debit card, access to online and mobile banking, and there are no fees for day-to-day banking.
This account is a great choice for parents who want to give their children some financial independence while still being involved in managing their finances.
Age Range: 11-17
Interest Rate: 0.5% AER
Monthly Fees: None
Features: Includes mobile and online banking, a debit card, and an interest rate of 0.5% on balances.
Why It’s Great:
With its contactless debit card and simple banking tools, Lloyds Bank Under 19s Account helps young savers manage their money effectively. Child Bank Accounts
FAQs
Q: What is the best child’s bank account for a 10-year-old?
A: Some of the best children’s bank accounts for 10-year-olds include:
HSBC Kids Bank Account: This account comes with a free debit card, online banking, and a range of savings products. It’s also eligible for the CSB.
Nationwide Children’s Account: This account also comes with a free debit card, online banking, and a range of savings products. It’s also eligible for the CSB.
Santander 123 Junior Account: This account comes with a free debit card, online banking, and a range of savings products. It’s also eligible for the CSB, and you can earn cashback on everyday spending.
Monzo Junior Account: This account comes with a free debit card, online banking, and a range of budgeting and saving tools. It’s also eligible for the CSB.
The best children’s bank account for a 10-year-old will depend on their individual needs and preferences. Consider factors such as the interest rate, the range of products and services offered, and the fees associated with the account.
Q: What are the best child’s bank accounts for parents to open?
A: There are a number of children’s bank accounts that parents can open for their children. Some of these accounts include:
HSBC Kids Bank Account: This account comes with a free debit card, online banking, and a range of savings products. It’s also eligible for the CSB.
Nationwide Children’s Account: This account also comes with a free debit card, online banking, and a range of savings products. It’s also eligible for the CSB.
Santander 123 Junior Account: This account comes with a free debit card, online banking, and a range of savings products. It’s also eligible for the CSB, and you can earn cashback on everyday spending.
Monzo Junior Account: This account comes with a free debit card, online banking, and a range of budgeting and saving tools. It’s also eligible for the CSB.
The best children’s bank account for parents to open will depend on their individual needs and preferences. Consider factors such as the interest rate, the range of products and services offered, and the fees associated with the account.
Conclusion
When choosing the best child bank account in the UK, the decision depends on your child’s age, financial habits, and the level of independence they need.
Accounts like Santander 123 Mini and HSBC MyMoney are ideal for young savers, while GoHenry offers a prepaid card solution with enhanced parental controls for teaching financial literacy.
For older children or teenagers who are ready for more financial responsibility, accounts such as Barclays BarclayPlus or Nationwide FlexOne are excellent options.
Each of these accounts has distinct advantages, so it’s essential to consider the features that will best support your child in building strong money-management skills.
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