Child Accounts

Learning to manage your money in a responsible way is one of the most important life skills that you can develop. The reality is that schools don’t go out of their way to teach financial management so the only real option is to open a children’s bank account and do it yourself!

Whether you’re a young person looking for a flexible bank account or wish to set up a banking facility for your child, there are hundreds of children’s bank accounts available.

By learning the basics of depositing and withdrawing money, tracking your bank balance and saving money for the future, these life long habits will stand you in great stead for the future.

Let’s take a closer look at how child accounts work, how they can help you to manage your money from a young age and steps you can take to get the perfect child bank account in place today. 


Quick FAQs About Child Accounts

What Is The Minimum Age Required To Open A Child Account?

Banks typically make children’s bank accounts available from 7 years old upwards, but the entry age will depend entirely on the bank account you apply for. 

What Happens To My Child Account When I Become An Adult?

Once you reach adulthood, you’ll be able to convert your children’s bank account into a full blown adult account. This will entitle you to a huge range of additional benefits such as the ability to apply for credit, insurances and high interest savings plans.

Can I Open A Children’s Account For My Child?

Yes! You’ll be able to deposit money on their behalf and help them to manage their funds whilst ensuring that they remain the legal owners of the account and funds.

Does My Child Need A Mobile Phone To Open A Children’s Account?

No. Whilst many challenger banks offer children’s bank accounts via their mobile apps, you can also set them up online giving them access to their accounts from any internet connected device.

Top 3 Child Accounts 2019

Choosing the right account for you or your children can be a real minefield, particularly with so many options on the market. Here’s a closer look at the best child bank accounts 2019 so far.

  1. HSBC MyMoney Children’s Bank Account

If you’re aged between 7 – 17 then the HSBC MyMoney Children’s Bank account is a great way to kick off a lifetime of saving and spending. From just 11 years old you’ll have full access to online, mobile and telephone banking with savings rewards that are unique to children’s bank accounts.

Pros Cons
One of the world’s largest financial institutions No online or mobile banking until you reach 11 years of age
Accounts available from just 7 years old
Convert into a full adult account at 18 years old
  1. Natwest Adapt Account

The Natwest Adapt children’s account is one of the most popular kids accounts in the UK and it’s easy to see why. Get a Visa debit card for in store and secure online spending as well as using Apple Pay and Google Pay through your mobile app.

Pros Cons
Fixed 1% interest on your balance You’ll need a parent to apply if you’re under 16 years of age
Purchase goods with your very own debit card
Apple Pay and Google Pay compatible
  1. Halifax Kids Bank Account

Get your saving off to a flying start with the Halifax Kids Bank Account. With a whopping 4.5% interest available on monthly savings and 2% available on your balance up to £5,000, it really is one of the most rewarding children’s bank accounts on the market.

Pros Cons
No fixed withdrawal limits High interest rates only available on monthly savings
Open an account with just £1
Convert your account into an adult current account at 18 years of age

How To Open A Children’s Bank Account

Opening a children’s account has never been easier and there are some pretty nifty technologies out there to get these up and running quickly.

It all starts by comparing children’s bank accounts online with We work with a range of specialist lenders who each bring a range of unique benefits to help young people bank smarter in a safe environment.

Whether you’re opening an account for yourself or on behalf of a young person, the first thing you’ll want to check is the minimum and maximum ages to be eligible for an account. To help young people get going, these accounts normally come with enhanced rates of interest which you’ll be hard pushed to find on adult current accounts.

You’ll need to tell your chosen bank more about the account holder including your:

  • Name
  • Date of birth
  • Address
  • Details of any account guardians (an adult you know and trust)

You may also need to provide some form of identification such as a passport or birth certificate, so have these to hand before you apply.

Once created, you’ll be able to use your children’s current account almost instantly, depositing cash to get your balance heading in the right direction and even spending cash online and in store through a debit card on accounts for teenagers.