Bank account for children and teenagers

Can I open a bank account for my child in the UK?

Yes, you can open a bank account for your child in the UK. Research shows that most banks offer accounts specifically designed for children. Such accounts are extremely convenient for both parents and children. Moreover, having a personal bank account, the child learns not only to manage money but also to save.

What types of children's accounts do banks offer?

You can choose the most suitable children's account among the following proposed types:

1. Savings accounts provide an opportunity to accumulate funds. Therefore, when choosing a savings account for a teenager, pay attention to interest rates. Higher interest rates mean more income.
2. Current accounts are most often opened for daily transactions. The child will be offered a debit card as an addition to the account. For children, such an account is a convenient way to manage funds, pay with a card in a store, etc.:
3. Junior ISA (individual savings accounts). This type of account is tax-free and has an annual contribution limit

Before opening a children's account, you must familiarize yourself with the bank's requirements (because there are separate programs for opening accounts for children aged 0 to 18, for example, up to 10, up to 12, up to 13, up to 15, up to 17 etc.).

You can also place free funds on a savings account.

Calculate your future income on a savings account (example): 

What are the pecularities of bank accounts for teenagers in the UK?

Bank accounts for teenagers in the UK are designed to help young people manage their money, learn about banking, and develop financial responsibility. These accounts typically come with features tailored to the needs of teenagers, with certain restrictions to ensure their safety.

Most banks offer teen accounts for those aged 11 to 17. Once the account holder turns 18, the account may automatically transition to a standard adult account. Teen accounts generally do not offer overdraft facilities. This means that account holders cannot spend more money than they have in the account, helping them avoid debt.

Most teenage bank accounts come with a debit card, often branded with Visa or MasterCard. This allows teenagers to make purchases in-store and online and withdraw cash from ATMs.

Some banks impose spending limits on the debit card to help control how much a teenager can spend in a single transaction or over a certain period. Teenagers usually have access to online banking and mobile banking apps, enabling them to manage their account, check their balance, and make transfers.

Most teenage accounts come with no monthly fees, making them cost-effective for young account holders. Typically, there are no fees for everyday transactions like debit card purchases, direct debits, or standing orders.

Some teen accounts can be linked to a savings account, allowing teenagers to set aside money and earn interest. Many banks provide educational resources through their apps or websites to help teenagers understand budgeting, saving, and managing their finances.

Some apps include features like budgeting tools, spending categorization, and savings goals to help teens learn financial management skills. Online transactions may be restricted or monitored to ensure safe spending habits.

Like adult accounts, teenage accounts come with fraud protection features to safeguard against unauthorized transactions. Once the teenager turns 18, the account usually transitions to a standard current account with more features, such as the possibility of an overdraft.

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Details of companies offering the financial services:

Bank of Scotland

Head office’s address: The Mound, Edinburgh EH1 1YZ

Phone: +44 (034) 5721 31 41

Web-site: http://www.bankofscotland.co.uk/

Swift code: BOFSGB31

Reference number: 169628

Stock code: 0076540

ABN: SC327000

BSB: BOFS

Barclays Bank

Head office’s address: 1 Churchill Place, London E14 5HP

Contact center: 0800-400-100

Phone: +44 (034) 5734 53 45

Web-site: http://www.barclays.co.uk/

Swift code: BARCGB33

Reference number: 122702

Stock code: BARC

ABN: 01026167

BSB: BARC

Halifax

Head office’s address: The Mound, Edinburgh EH1 1YZ

Contact center: 0345-720-3040

Phone: +44 (011) 3242 19 84

Web-site: http://www.halifax.co.uk/

Stock code: HALP

Halifax

Head office’s address: The Mound, Edinburgh EH1 1YZ

Contact center: 0345-720-3040

Phone: +44 (011) 3242 19 84

Web-site: http://www.halifax.co.uk/

Stock code: HALP

HSBC Bank

Head office’s address: Unit 8, Canada Square, Retail, London E14 5AH

Phone: +44 345 740 4404

Web-site: https://www.hsbc.co.uk/

Swift code: HBUKGB4B

Reference number: 114216

Stock code: HSBA

ABN: 00014259

BSB: HBUK

Lloyds Bank

Head office’s address: 25 Gresham Street, London EC2V 7HN

Contact center: 0345-300-0000

Web-site: https://www.lloydsbank.com/

Swift code: LBGTGB22

Reference number: 119278

Stock code: LLOY

ABN: 00002065

BSB: LBGT

Metro Bank

Head office’s address: One Southampton Row, London, WC1B 5HA

Phone: +44 (034) 5080 85 00

Web-site: https://www.metrobankonline.co.uk/

Swift code: MYMBGB2L

Reference number: 488982

Stock code: MTRO

ABN: 06419578

BSB: MYMB

Monzo Bank

Head office’s address: Broadwalk House, 5 Appold St, London EC2A 2AG

Contact center: 0800 802 1281

Phone: +44 20 3872-0620

Web-site: https://monzo.com/

Nationwide

Head office’s address: Nationwide House Pipers Way

Contact center: 0800-30-20-15

Phone: +44 (034) 5730 20 15

Web-site: http://www.nationwide.co.uk

Swift code: NBSMGB22

Reference number: 106078

Stock code: NBS

ABN: 355B

BSB: NBSM

NatWest Bank

Head office’s address: 250 Bishopsgate, London, EC2M 4AA

Contact center: 0800-88-11-77

Phone: +44 345 788 8444

Web-site: https://www.natwest.com/

Swift code: NWBKGB2

Reference number: 121878

Stock code: GBP1

ABN: 00929027

BSB: NWBK

Revolut UK

Head office’s address: London

Web-site: https://www.revolut.com/

Royal Bank of Scotland

Head office’s address: 36 St Andrew Square, Edinburgh, EH2 2YB

Contact center: 0345-600-2230

Phone: +44 (070) 3597-88-42

Web-site: https://www.rbs.co.uk/

Swift code: ROYCGB2LCLS

Stock code: NWG

ABN: BR000548

BSB: ROYC

Santander

Head office’s address: 2 Triton Square, Regent's Place, London, NW1 3AN

Contact center: 0800-389-7000

Web-site: http://www.santander.co.uk/

Swift code: ABBYGB3E

Reference number: 106054

ABN: 02294747

BSB: ABBY

Starling Bank

Head office’s address: 5th Floor, London Fruit And Wool Exchange, 1 Duval Square, London, E1 6PW.

Phone: +44 20 7930 4450

Web-site: https://www.starlingbank.com/

Swift code: SRLGGB3L

Reference number: 730166

Stock code: STERLNB

ABN: 09092149

BSB: SRLG

TSB

Head office’s address: Henry Duncan House, 120 George Street, Edinburgh EH2 4LH

Phone: +44 (034) 5975 87 58

Web-site: http://www.tsb.co.uk

Swift code: TSBSGB2A

Reference number: 119278

Stock code: 94AQ

ABN: SC095237

BSB: TSBS