Best children's bank accounts 2024

Are there bank accounts for children and teens?

Many banks and building societies will let children open current accounts from the age of 11. 

Only one bank lets parents open linked accounts for children as young as six, while others only offer accounts to those aged 16 or over.

Children's bank accounts don't have overdraft facilities, so this can be a safe way to learn the basics of financial management before moving on to an adult account.

Under-18s can also get children's savings accounts, and you can open a Junior Isa on their behalf.

Best children's bank accounts

Here are the best accounts for children and teenagers, ranked by provider customer score: 

Children's bank account reviews

Starling Kite 

Challenger bank Starling – a Which? Recommended Provider – lets existing customers open a Kite account for children aged 6-15 (look for the Kite Space in your Starling app and click ‘Manage’). 

Your child will get their own simplified version of the app, which they can use to set up savings goals and track spending. 

You can monitor their balance or set up spending limits from your own Starling app, receiving app notifications every time they spend money.

There is no monthly subscription fee for using Starling Kite and no fees for spending overseas, taking out cash or topping up the account with money. Kite customers also get a free kid's meal at the National Trust. 

Parents are the primary account holders, so any money added to Kite is covered by your personal Financial Services Compensation Scheme (FSCS) protection limit of £85,000.

Nationwide FlexOne

The FlexOne children's bank account from Nationwide can be opened for 11 to 17-year-olds. 

If your child is aged 11 or 12, you need to visit a branch to open the account, but otherwise you can apply online. 

Accounts can be managed online, via the Nationwide mobile banking app, over the phone or in branch.

The account is for personal use and can't be used by parents or guardians. It must not be used for business purposes or gambling transactions.  

There are no fees for maintaining the account and, like Starling, the debit card is free to use abroad. Nationwide also pays 2% AER variable on FlexOne balances up to £1,000. 

How do I open a bank account for my child?

Many banks will let 16-year-olds apply independently but, for children under 16, a parent or guardian will usually have to open the account in-branch.

You will need to provide a birth certificate or passport, plus a recent household bill or bank statement to prove that you live at the same address.

In some cases, the application can be started online, although you or your child will still typically need to pop into a branch with proof of ID and address.

Do children pay income tax?

Like adults, children are entitled to income tax allowances, including the personal savings allowance.

During the 2024-25 tax year, children are eligible for the £12,570 personal allowance, the £5,000 starting rate for savings and the £1,000 personal savings allowance. This means children will only pay tax if they earned more than £18,570 a year.

One sticking point is money gifted by parents – if this money generates more than £100 of interest a year, before tax, it would be taxed as if it were the adult's, not the child's.

The £100 rule only applies to parents, step-parents and guardians, not other family members, such as grandparents, or friends.

Read more about taxes in the full guide to children and income tax.

More on children's bank accounts

Are prepaid debit cards for under-18s safe?

There are many prepaid cards on the market targeted at children as young as six, such as GoHenry, Nimbl, Osper and RoosterMoney.

A parent or adult must open the account and they can usually set spending limits or restrict how the card is used.

All prepaid cards must be loaded up with cash first and are typically linked to a smartphone app that both the child and the parent can use.

Non-suitable retailers are automatically blacklisted (such as adult stores, gambling sites and off-licences) but parents may also be able to restrict features such as ATM withdrawals or online transactions. Most providers also offer text alerts or app notifications to keep track of spending.

Unlike children's bank accounts, prepaid accounts can't be used to set up direct debits, but the cards can be used in shops, online and for cash withdrawals.

Watch out for annual or monthly service fees, charges for using the card at ATMs and abroad, and restrictions or fees applied when you add money to the account.

Avoid keeping a high balance on a prepaid card

While banks such as Starling and Nationwide are covered by the Financial Services Compensation Scheme, which protects deposits up to £85,000 if a firm goes under, prepaid cards aren't covered by the scheme.

Prepaid cards are typically backed by e-money firms, which must adhere to e-money regulations. This means your money can't be lent out and must be held in a segregated account so that it's protected against claims made by creditors.

However, if the bank or building society holding that segregated account fails, your child's cash won't be protected.