Most high-street banks will let children open a children’s bank account when they are 11 years old, with their parents’ permission. The child and parent will have to visit a local branch together to open the account. In some cases, the parent may have to already be a customer of the bank.
Most high-street banks will let children open a children’s bank account at 16 years old without their parent’s permission. Often, they won’t have to visit a branch to do so either. Online-only banks won’t allow under-16s to open a children’s account at all.
However, in recent years, a lot of financial companies have begun offering prepaid debit cards to children from the age of six. These are mostly app-based companies, which require a parent to sign up for the card. The prepaid accounts aren’t as flexible as children’s bank accounts either.
Reviews of prepaid cards and bank accounts for children
GoHenry Account - with £15 pocket money and 2 months free
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GoHenry accounts are for children aged between 6 and 18. You can open a GoHenry account a month before their sixth birthday and then they’ll be able to use their new card as soon as they turn 6. Kids aged 6–12 can get a prepaid debit card with their account. Once they turn 13, the account automatically becomes a GoHenry 13+ account, so they can then add their card to Apple Pay and receive money via QR code into their account. This is still a prepaid debit card, so they can only spend money that is loaded onto the card.
Pros
Full parental control thanks to instant notifications and spending limits
One-month free trial
It can be used by children as young as six
Reward system for completed tasks
Children learn about personal finance in a controlled environment
Relatives can also send money to the children
You can manage up to four child accounts from the same parent account
No fees to spend or withdraw cash abroad - these were scrapped in 2020
p>Natwest Rooster Money accounts are for kids aged 6–17. They come with a prepaid debit card, which needs to have money loaded onto it and isn’t linked to an account. Once your child turns 13, they can add their card to Apple Pay or Google Pay, making it a bit more convenient for them, assuming they have their own smartphone. Natwest also has an Adapt account for children over 11 (with permission from a parent or guardian). This is a current account that comes with a regular debit card that is linked to the account, so they can spend what is in the account.
Pros
Great educational value; a slick app with lots of features to personalise the way you teach your children about finance.
Children as young as 4 years old can use it (6 for the card).
Total control over where your children use the card and how much they can spend.
Safe and secure. The card can be frozen from the app.
No fees for using the card (including abroad).
One-month free trial.
Cons
Annual fee to access the full range of features, including the card.
Parents topping up card limited to 3 loads a day/10 a month for free.
Spending abroad on the card is free up to £50 a month, then it’s 3% of the transaction.
No interest paid on the account balance.
UK cash withdrawal fee
£0
Loading fee
3/day or 10/month free, then £0.50
Replacement card fee
Free for the first replacement (per household), £5 thereafter
Network
VISA
How many child accounts
No limit
Fees abroad
Free ATM withdrawals, 3% of transaction value on purchases over £50/month
Santander’s 123 Mini account is a current account designed for children and teenagers. It can be opened for children under 13 in trust and managed by an adult, but there is no option for a card until they turn 13. They can earn interest on the money in the account but can’t spend it with a card.For kids aged 13–17, the account comes with a debit card that is linked to the account. A cash card can be requested instead, but a debit card is the default option. Cash cards only allow cash withdrawals, as the name suggests.
Pros
No monthly fees
The account can be managed online or via app
Decent interest rate on the current account’s balance
Ability to choose between a debit card and a cash card, for additional control
No lower age limits for accounts held in trust, so you can open one even if your child is very young
Cons
For children under 13, the account must be opened in trust and the trustee must have a Santander current account
The benefits and drawbacks of getting a debit card at age 6–10
The main argument against giving a debit card to a six-year-old is: they are not responsible to use one. However, the main argument for giving them one is that it teaches them how to be financially responsible.
Is this a lesson that a 6- to 10-year-old child really needs to learn?
Well, a 2013 study, authored by behavioural analysts at Cambridge University, suggested that humans begin to understand and form money habits at age seven.
Indeed, it’s also the age that most children begin to receive pocket money, even if it’s only for trivial things like chocolate bars or trading cards.
And the more experience that a child gains from managing their own money, the better they are likely to become when they start living independently.
A prepaid card gives parents enough control to prevent their child from being reckless with their finances. It is up to the parents to top up these cards and it is impossible to go overdrawn. If there is not enough funds to complete a transaction, the purchase won’t be cleared.
At the same time, these cards usually come with apps that allow children to view their balance and previous transactions. This could prove to be a useful aid to teach them basic numeracy, plus simple financial lessons, such as “when the money is gone, you can’t buy anything else”.
The benefits and drawbacks of getting a debit card later on
Once a child reaches the age of 11 – old enough to open a children’s bank account with your permission – the items they want to spend money on tend to become more complex and more expensive.
Perhaps they see the newest video game or fashion items that their friends have and begin pestering you for the same things.
This is potentially a great opportunity for parents to teach their children an early lesson about saving for the future.
Instead of splashing out on their every whim and desire, you can perhaps arrange a standing order into their bank account. Then, your child will begin to learn what it’s like to wait (and work hard) to be able to afford luxury items.
This is a lesson that every child needs to learn before they are sent out into the adult world of complete financial independence, unless you want them to keep pestering you for money into early adulthood and beyond.
A debit card will allow them to make online purchases and set up direct debits, so they don’t have to bother you to do this for them either.
At the same time, parents still have the option to choose an account that lets them monitor what your child’s pocket money is being spent on. Many digital banks and online account providers already block payments for age-inappropriate products and services, like gambling, from these types of accounts as standard.
Frequently asked questions
A prepaid card is not linked to a bank account. You have to pre-load the card with funds from a bank account. In most cases, you can’t set up a direct debit on a prepaid card either.
No, in some cases, a parent can ask for their child to be given a cash card only. These cards can only be used to withdraw cash at ATMs. They cannot be used to buy products directly, either online or in the real world.
In most cases, it will be converted to a normal current account. Your bank will get in contact with the account holder in plenty of time to make them aware of their options.
You have to be at least 18 years old to apply for an overdraft or any other type of loan.
Finder survey: Which finance topics do you feel confident teaching your child/children about?
Response
Male
Female
Overdrafts
78.17%
63.62%
Credit score
75.11%
60.41%
Personal loans
74.24%
57.71%
ISA accounts
62.01%
40.49%
Inflation
58.52%
39.59%
APR
54.15%
31.49%
Student loans
52.84%
37.15%
Mortgage loan to value
51.97%
34.83%
Base rate
41.92%
27.25%
Source: Finder survey by Censuswide of 1007 Brits, July 2023
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
Matthew's expertise
Matthew has written 285 Finder guides across topics including:
Helping first-time buyers apply for a mortgage
Comparing bank accounts and highlighting useful features
With nimbl, children as young as 6 can use a card and manage their money through an app. We cover how it works, the fees, and the pros and cons for parents.
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