NatWest child and teenager account review
Whether you are looking for a way to save for your kid's future or for their first debit card, NatWest has an account that can work for you.
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“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.
To make comparing even easier we came up with the Finder Score. Fees, features and customer service across 20+ of the most popular banks are all weighted and scaled to produce a score out of 10. The higher the score the better the account – simple.
Read the full methodologyNatWest has two accounts for kids and teenagers:
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.
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.
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.
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.
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If a child’s bank account does not sound like the right idea, then there are other options available.
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.
Learn more about GoHenry and Starling Kite and find out which is the better prepaid card option for your child.
Monzo is getting in on the cards-for-kids action. And this one is free. Get ready to dish out the Monzos, mum-zos!
Support your child’s financial knowledge and teach them important real-life money skills in a safe and controlled way with a kids’ debit card.
We compare GoHenry and nimbl to see which could work better for you and your child.
We compare GoHenry and HyperJar Kids to see which could work better for you and your child.
Learn more about the Nationwide FlexOne account to see if it’s right for your child.
Find out all you need to know about the Starling Bank teen account.
While Santander doesn’t offer much in terms of savings accounts for children, its 123 Mini Current Account is a solid option for kids and teenagers. Here’s how it works.
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.
By teaching your kids about spending, saving and earning, you can help give them the best start in life. UK banks offer preferential rates to encourage young savers – make sure you check them out today.