Best UK accounts for kids and teens — from traditional banks to e-money institutions

It's official — your baby has grown up and is begging for money to go to the cinema. Before you know it, they'll be taking out a mortgage. What better time to start teaching them how to manage their finances independently?

But chances are you're not quite ready to let them fly free with their weekly allowance. This is where kids' bank accounts come in. These provide a safe space where they can learn to spend and save, while still keeping you in control.

There are lots of options out there for children of all ages, whether they're just learning to count pennies or starting their first job. In this guide, we'll give you a tour through some popular UK bank accounts for kids and teens, from traditional current and savings accounts to digital alternatives like Revolut <18.

Best kids' accounts

To kick things off, let's have a look at some account options for kids in the UK, ranging from traditional bank accounts to e-money alternatives. We'll go over each one in more detail, but here's a quick comparison to get you started.

Revolut <18 — for ages 6 to 17

The first account on our list is actually not like your typical current account for kids. Unlike traditional banks, Revolut is an e-money institution in the UK that's entirely app-based, which opens up extra features that high-street banks don't generally offer. Over 3 million families worldwide already use Revolut, and it's quickly becoming a popular option.

Revolut <18 is a subaccount that's linked to your personal Revolut account, so you can sort out your family finances right in one place. If you don't already have a personal account, you can open one for free by downloading the app and then sign up for <18 right from your phone — no need to visit a branch. There are no monthly subscription fees on the Standard plan, and none for setting up or maintaining one <18 account.

Unlike some providers, Revolut offers a kids' version of the app. And let's be honest — if there's one thing Gen Alpha loves, it's a good app. With a user-friendly and eye-catching design, they can easily keep track of their savings and expenses.

The app comes with fun features like Revolut <18 Earn, where you can set challenges for your child (like household chores) and determine earnings for completing them. That'll get them motivated to take out the rubbish. You can also give them a regular 'payday' by scheduling recurring top-ups.

For savings, they have Pockets and spare change round-ups. Pockets is a feature that lets your child create and customise savings compartments. These are like separate piggy banks within their account, where they can save towards specific goals. With spare change round-ups, your kid's card purchases are rounded up to the nearest whole number, and the difference is automatically saved in the Pocket you choose.

You can order a Revolut <18 card for your child, and they can even customise their card design for a small fee. They'll also earn cashback rewards when they shop from listed brands in-app with their card. Once they're old enough, they can link their card to Apple Pay and Google Pay for more independence.

Their account is protected by advanced security features designed for minors, with blocks on gambling, cigarettes, and alcohol. For extra security, your child will only be able to send money once they turn 13 and only to other Revolut <18 peers.

And of course, you're always in control. Right from your app, you can set spending limits, freeze their card, set up trusted contacts for transfers, and more. This account is one that both you and your kid are likely to love.

Santander 1|2|3 Mini — for ages 0 to 17

Let's look at a bank account that you can open for even the youngest child: Santander's 1|2|3 Mini Current Account. This is a straightforward, no-frills bank account that's available for kids and teens under 18.

If your child is 12 or under, you need to open the account on their behalf in-branch and manage it for them. You also need to have a Santander personal account before you can apply for 1|2|3 Mini. Teens from 13 to 17 years old can open the account themselves, either online or in-branch.

There are no monthly maintenance fees, and your child will earn interest on balances up to £2,000. They'll also get their own card. You can choose between a cash card (for ATM withdrawals only) and a contactless debit card (for online and in-shop spending).

HSBC MyMoney — for ages 11 to 17

HSBC MyMoney is a bank account that's available for pre-teens and teens. It includes a contactless Visa debit card that comes in handy for everyday spending, as well as access to online and mobile banking.

Your child can withdraw up to £100 a day, and don't worry — there's no overdraft, so they can't spend more than what's in their account. They also get automatic access to MySavings, HSBC's savings account for children, which offers interest on balances up to £3,000.

Teens who are 16 or 17 can apply on their own without a parent or guardian. If your child is younger and you already have an HSBC personal account, you can apply for them online. If not, you can visit your nearest branch to apply.

Barclays BarclayPlus — for ages 11 to 15

Barclays, one of the 'big four' banks in the UK, offers several options for kids and teens 11 and over. Let's look at their bank account for kids heading into their teen years: BarclayPlus.

This is a free current account with no monthly fees, and your child just needs to deposit £1 to open the account. You can choose between a cash card limited to ATM withdrawals and a contactless debit card that's compatible with Apple Pay.

As their guardian, you'll need to open the account for them. If you're already a Barclays customer, you can book a video appointment with them online. If not, you can book an appointment in-branch, and they'll guide you through the application process.

Monzo for Under 16s — for ages 6 to 15

You may have heard of Monzo's app-based account for adults, but did you know they're now launching an option for children under 16? If you already have a current account with them, you can sign your kid up for the Under 16s waitlist right from the app. If not, you'll need to open one before you can apply for your child.

There are no opening, subscription, or top-up fees, and you can order a card for your kid to use. Monzo has a child-friendly version of the app they can download if they have their own device, and you'll have access to customisable controls from your app.

Best accounts for teens ages 16 to 17

Many of the options we've covered so far are available for kids and teens alike. Revolut <18, for example, is not only open to all young people between age 6 and 17, but it's also highly customisable for all ages. With advanced parental controls, you can give them more freedom as they become ready for it. It's an account that 'grows up' right alongside them.

That said, there are bank accounts that are designed exclusively for teenagers, generally between the ages of 16 and 17. If you've got a teen at home, you know there's nothing they dislike more than being treated like a child. They crave independence, and these current accounts give them a taste of just that. Think of these as more grown-up versions of kids' accounts, but still with age-appropriate guardrails.

Barclays Young Person's Account — for ages 16 to 17

This bank account from Barclays is similar to the BarclayPlus account for younger children, but it's a bit more tailored to older teens. It has no monthly fees, comes with a contactless debit card, and provides access to online banking via their app.

This account also give them access to extra features like LifeSkills, an employability and financial education programme that's designed for late teens and young adults. Once they turn 18, they'll be transitioned to a Barclays Current Account.

Starling Teen — for ages 16 to 17

As an online-only bank, Starling offers an app-based current account that your teen can open and manage right on their phone. They can apply on their own in minutes by uploading their passport as ID.

This account includes a Mastercard debit card that's compatible with Apple Pay, Google Pay, and Samsung Pay. It also gives them access to helpful tools like Spaces, which lets them create expense categories, as well as spending insights that help them see where their money's going and where they can cut back.

They'll also get interest on balances up to £5,000, so they can start growing their savings early on. This account is a convenient option if your teen is ready to start taking ownership of their finances independently.

Monzo for 16-17s — for ages 16 to 17

Like Starling, Monzo offers a digital bank account for teens that they can open and manage from the app. They can split bills with friends, create spending categories, make unlimited fee-free cash withdrawals in the EEA, and more.

As a parent, you'll be happy to know that Monzo has blocked spending for things your child can't do under the age of 18, like gambling. There's also no overdraft, so they can't rack up any bills, and Monzo won't charge them if their account goes overdrawn.

Your teen will earn interest on Instant Access Savings and be able to withdraw their money when they need to. They can also get their salary paid into their account a day early through BACS.

Debit cards for kids

There are lots of bank account options for children out there, but that may not be exactly what you're looking for. Especially if your child is on the younger side, you might just want them to have a debit card on hand in case they need some extra spending cash.

Some banks and providers offer just that. While these debit cards are often available to older children heading into their teen years, they're mostly designed for younger kids. Check these out if you have a little one at home.

Starling Kite — for ages 6 to 15

Kite is a free debit card for kids that you can set up from your Starling personal or joint account. It's linked to a Space within your current account, so you're still the account holder and fully in control.

You can top up the card, set spending limits, and see their transaction history right from the app. Starling also offers a kids' version of the app, where they can check their balance and track their spending from their own device.

GoHenry — for ages 6 to 18

GoHenry provides a pre-paid debit card for kids, plus an app they can use to track their spending. All you have to do is sign up for an account on their website. They'll set up sub-accounts for each of your children and send you their cards in the post. You can choose from 3 plans, starting from £3.99 a month.

The app lets you top up the card and set spending limits right from your phone. There are also lots of fun in-app features for your kids, like money lessons and customisable savings goals. They can personalise their card design, too. Although it's available for teens, GoHenry is tailored mainly to younger kids.

Best children's savings accounts

Fostering independence is great, but maybe you feel your child is still too young for a debit card or a current account. If you just want to start setting aside money for their future, a savings account might be the way to go. These aren't designed for transfers or card payments, but you'll earn interest and show your child that saving pays off.

Let's go over some popular options to set you off in the right direction. But first, here's a quick glimpse at the savings accounts we've got on our list.

¹Annual Equivalent Rate

📚 New to savings accounts? Read up on the difference between AER and gross interest.

HSBC MySavings — for ages 7 to 17

You may remember this one from earlier in our article. MySavings is a savings account that's included when you sign your child up for HSBC's MyMoney current account, but you can also choose savings as a standalone option.

While MyMoney is available to children between 11 and 17, MySavings is open to children as young as 7 years old. It offers 5% AER variable interest on balances up to £3,000, and 2.25% on balances over £3,000. It's an instant-access savings account, so you can make withdrawals whenever you want.

Halifax Kids' Saver — for ages 16 and under

With Halifax, one thing's for sure — you have a wide range of options available to you, from instant-access savings accounts to junior ISAs (Individual Savings Accounts). Their Kids' Saver account is just one of them.

This savings account is available to children 16 and under. It offers interest rates of 3.25% AER variable on balances up to £5,000, and 1.30% on any portion above that. You can open an account for your child with just £1 and make as many withdrawals as you like.

Nationwide FlexOne Saver — for ages 11 to 17

Nationwide's FlexOne Saver is an instant-access savings account that's available for children heading into their pre-teen and teen years. To be eligible, your child needs to open a FlexOne current account first.

FlexOne Saver offers 5% AER variable on balances up to £5,000. Interest is calculated daily, but keep in mind that it's paid into your child's account yearly, not monthly. This could be an interesting option if your goal is to build your kids' savings long-term.

Saffron Building Society U18 Instant Access — for ages 17 and under

Saffron Building Society has a variety of options, from regular savings accounts to fixed-rate bonds for children. To give you a glimpse, we've chosen one of their accounts to highlight: their U18 Instant Access Account.

This is an instant-access savings account for children up to 17 years of age. It requires a minimum deposit of just £1 and offers 3.25% AER variable interest. While this may seem low compared to other competitors', your child will earn interest on balances up to £250,000, whereas many other accounts are capped at much lower amounts. This could be your go-to option if you plan to have large amounts in your kid's account.

Revolut <18: a digital account for kids and teens

Ready to empower your kids with just the right amount of financial freedom? Sign them up for Revolut <18 and manage your family's money all in one place.

With everything from their own custom debit card to in-app savings tools, they can start taking ownership of their money early on. You decide what they're ready for, with customisable parental controls and spending insights that keep you in the loop.

Join 3 million families worldwide who trust Revolut and set your kid up for success.

📚 Looking for more info on financial education and kids' bank accounts? Check out these articles.

Financial literacy resources for kids
How to teach teens about money
Guide to children's bank accounts

Sources

• Revolut <18
• HSBC MyMoney
• Santander 1|2|3 Mini
• Barclays BarclayPlus
• Monzo for Under 16s
• Starling Teen
• Monzo for 16-17s
• Barclays Young Person's Account
• Starling Kite
• GoHenry
• HSBC MySavings
• Halifax Kids' Saver
• Nationwide FlexOne Saver
• Saffron Building Society U18 Easy Access Account

Last checked on 9 September 2024.