Lloyds Under 19s account review

Opening a bank account for your child is a great way to encourage them to develop good money habits early on.

Lloyds Bank offers one child bank account, the Under 19s account, so let’s look at how it works.

What is the Lloyds Under 19s account?

The Lloyds Under 19s account can be opened by anyone between the ages of 11 and 17. It has no monthly fee and your child can choose between a Lloyds Bank Visa debit card or a Cashpoint card.

The account can be managed via the mobile banking app, Internet banking, telephone banking or in branch.

How does it work?

The key features of the Lloyds Under 19s account are outlined below:

• No monthly fee. There is no monthly maintenance fee for using this account.
• Choice of Cashpoint card or contactless Visa debit card. Cashpoint cards can only be used to withdraw money from cash machines, while debit cards can be used to pay for items in shops and online.
• Interest paid on balances. Earn interest of 0.50% AER on balances between £1 and £999.99. No interest is paid on balances of £1,000 or more.
• Multiple ways to bank. Manage the account via mobile banking app, Internet banking, telephone banking or in branch.
• Mobile alerts. You can also get free mobile alerts to help you stay on top of your finances.
• Save the Change. Those aged 16 or 17 can use the Save the Change feature. When they use their debit card to pay, the amount will be rounded up and the difference transferred into an eligible Lloyds savings account.

Who is it for?

The Lloyds Under 19s account can be opened by anyone between the ages of 11 and 17, provided they are a UK resident. It’s designed to help young people get better at managing their money and to encourage financial independence.

What are the benefits?

There’s no monthly fee with this account and interest is also paid on balances. In addition, the account offers a choice of a Cashpoint card or debit card, enabling you to decide what you’re more comfortable with. For example, you might be happier if your 11-year-old has a Cashpoint card, while your 15- or 16-year-old might be better off with a debit card.

How to apply

Those aged 11 or 12 will need to make an appointment at their nearest Lloyds Bank branch to open the Under 19s account. A parent or guardian must accompany them. Your child will need to bring proof of identity such as a passport or full UK birth certificate and you as the parent/guardian must bring proof of identity and proof of address.

Those aged 13 to 15 can fill in the online application form and then pop into their local Lloyds branch with a parent or guardian. Again, your child will need to bring proof of identity and you as the parent/guardian must bring proof of identity and proof of address.

Those aged 16 or 17 can apply completely online, provided they can show proof of identity online, such as a UK passport or Biometric Residence Permit card. If they can’t, they will need to go into a Lloyds Bank branch and bring their proof of identity and proof of address (such as a letter from their school or college). They do not need to be accompanied by a parent or guardian.

Is it safe?

Yes, Lloyds is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.

Overdrafts are not available for under 18s, so there’s no need to worry about debt.

Customer service information for Lloyds