“Child account” can refer both to a current account and savings account for children and teenagers.
NatWest offers a child bank account, called Adapt, that pays interest on balances, as well as a savings account, called First Saver. Rooster Money, which is owned by NatWest, also offers a prepaid card for 6 to 17 year olds with extra features like parental controls — read our review of NatWest Rooster Money here.
In this guide we look at what accounts NatWest offers for children.
A current account. NatWest’s youth current account, Adapt, can be opened for kids aged 11 to 17. It has no monthly fees and even pays interest on balances. It also comes with a contactless debit card that can be used to make payments and withdraw cash.
A savings account. This is an easy-access savings account, meaning you can withdraw as much as you like from it whenever you like. The interest rate is not especially good, but the account can be opened either by the child (once they are at least 7) or an adult who wants to save for a child.
These two options cover a good range of needs. NatWest is especially good if you want to teach your kid about how to save for the long term because it lets you open a savings account in their name. Many banks only offer savings accounts meant for adults who want to save for a child’s future instead.
The only real gap is that, like most traditional banks, NatWest offers no current account options for under 11s. If that’s what you are after, you can look at prepaid cards for children on this page.
How to open a child account with NatWest
The application process can be done online. Kids aged 11-15 will need their parents or guardians to help with their application, who will also need to be an existing NatWest customer. Young people of 16 and 17 can open an account for themselves instead.
Those aged 18 and over can open a savings account in trust for a child aged up to 16 years. If you’re aged between 7 and 16, you can open an account in your own name with the consent of your parent or guardian.
You will need your contact information, address and ID.
How much does opening a child account with NatWest cost?
It’s free. The current account has no monthly fee, and there are no charges for cash withdrawals or card payments either.
The only thing you really need to worry about is the foreign transaction fee. If the child uses the card on a trip abroad, expect them to be charged for every transaction or cash withdrawal.
Is opening a child account with NatWest safe?
NatWest is a fully licensed bank, meaning that it’s regulated by the Financial Conduct Authority and deposits are protected by the FSCS.
Overdrafts are not available on children’s accounts, so there’s no need to worry about debt. Unlike some prepaid cards for children, NatWest doesn’t offer any parental control features, so handing over the debit card and the account to your child pretty much equates with trusting them with the money. But then, giving them pocket money in cash is not that different from that point of view.
Pros and cons of using NatWest for a child account
Pros
No monthly fees.
Children can manage the account online or using the mobile app.
The current account pays an interest rate on all balances (no limit).
The application can be done online.
The savings account can be opened in trust by an adult who wants to save for the benefit of a child, but also directly in the child’s name.
Cons
The interest rate on the savings account is quite low.
No current account or prepaid card for children under 11.
Customer service information for NatWest
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Alternatives to children’s bank accounts
If a child’s bank account does not sound like the right idea, then there are other options available.
Prepaid cards As a parent you can purchase a prepaid card for your child. These are aimed for children aged 6 to 18. Parents can top up their child’s balance via an app, control where they shop and also can teach them about good money habits. Learn more about children’s prepaid cards
Our verdict: Is a children’s account from NatWest worth it?
NatWest’s current account simulates an adult’s “real” banking situation and gets bonus points for paying interest on balances (with no cap, which is quite rare). But you need to be careful about the foreign transaction fee if you travel.
The savings account is a mixed bag. It has great flexibility, but also not-so-great rates. If you are looking to maximise returns, you might want to shop around.
Get started by visiting NatWest’s website and applying for an account. If you’ve read this review and decided that these accounts are not the right choice, you can also discover other bank accounts for children and the option of prepaid cards for kids.
Frequently asked questions
The current account becomes a standard adult current account (which does not normally pay an interest rate). NatWest will give you two months’ notice before making the change.
For the savings account, if it’s held by the child it becomes a standard easy-access account (which normally has a lower interest rate). If the account is still held in trust when the child turns 18, the money legally belongs to the child and the account needs to be transferred to them.
Yes, once the child turns seven you can hand over the savings account to them.
The current account is for children aged between 11 and 17. The savings account can be opened in trust by an adult looking to save for any kid aged up to 16. Finally, kids aged 7 to 16 can hold the savings account themselves.
Not at the moment. The bank used to offer a stocks and shares junior ISA, but it has been closed to new applicants for quite some time now.
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Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism. See full bio
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