Children Bank Account

Want options for children bank account? It’s all here! I have complied a list of the best under 18’s current account deals and what you get with each bank. Remember to read the t and c’s very carefully to make sure your child’s money is safe.

Children Bank Account: Natwest

Natwest Adapt is a children bank account that you can open for your child when they turn 11 until they are 17 and then Natwest will automatically open an adult bank account for you when you are over 18. What you get: Instead of a limit you have 1% on any balance that is in your bank account instead of (up to £1,500) you can also use Apple pay, and an adapt debit card.

Children Bank Account: HSBC

Anyone aged 7-17 can open a children bank account with £10 or more - If under 16 you would need an adult/parent/guardian. When the child turns 11 HSBC will open a current children’s bank account for you in a package called My Money along with the savings account when the child turns 18 they will then open a standard adult account. What you get: 2.50% interest up too £3000, and 0.25% over £3,000 it also comes with a free money box when you open the account and a free sticker activity book to help your child understand money.

Children Bank Account: TSB

You can open a children bank account with TSB when they are aged 11-18. When your child has turned 18 they will automatically open an adult(over 18s) account for you. What you get: 2.5% monthly interest on anything up to £2,500 and 0.1% AER over £2,500. You also get Driving discounts when you become eligible when your child turns 17. With TSB you will also get access to a childs debit card which means you can use cashpoints and card machines.

Children Bank Account: Santander

To be eligible to open children bank account with Santander “under 13 mini current account” it needs to be opened by an adult/parent/guardian, this will be the case until the child turns 11, after their 11th birthday they can then choose whether to hand the account over to the child or it can be approved and transferred by the adult/parent/guardian, or if the trustee wants to keep in control of the account they can until they turn 18. From 13 onwards you would need to allow the young person/child to open the “1/2/3 mini current account” themselves. What you get : 3% monthly interest on the entire balance (£1,500 up to a maximum of £2,000)