Opening a bank account for your children is crucial for their personal life and career development.

Not only does having a bank account allow your children to learn money management, but it also encourages savings and helps them achieve specific goals, such as purchasing their first car, paying their college fees, or starting a business.

You can apply for a children’s bank account online and help your child manage it until they reach maturity age, i.e., 18 years old.

Children's bank accounts require little documentation, and all ages can apply, although you may need to dedicate parental responsibility as a trustee.

Bank accounts for children typically offer reasonable interest rates on savings, zero monthly fees, a debit card, and easy accessibility from a smartphone or PC, which makes it highly recommendable for children and parents in the UK.

Keep reading to discover the best UK bank accounts for children based on their fees, benefits, and features, as well as how to apply for each account.

An overview of the best UK bank accounts for kids

If you’re in a hurry and want to have a run-through of this article, carefully examine the table below, as it provides a sneak peek of each bank account’s key details.

Top 5 bank accounts for children in the UK

Santander 1|2|3 Mini Current Account

The 1|2|3 Mini Current Account available at Santander is one of the best UK bank accounts for kids, offering zero monthly fees and a monthly AER of 3%/2.96% gross (variable).

The account can only earn monthly interest if its balance is between £1,500 and £2,000.

You can open a 1|2|3 Mini Current Account online or apply at the nearest branch if you will help manage the account as a trustee.

However, you cannot request a debit card for the account since it will be held in trust.

Eligibility criteria for Santander 1|2|3 Mini Current Account

To open a 1|2|3 Mini Current Account with Santander, your child must:

• Must be between 13 and 17 years old. (If your child is under 13 years old, you will have to open the account in trust, meaning that you will help them manage the account as a trustee.)
• Must be a permanent resident of the UK

If you're acting as a trustee for the account, you must have a personal current account with Santander and provide some documents as proof of name and address.

These documents can be your original passport or travel documents, as well as a valid national ID card, driver's licence, or any other acceptable document.

Nationwide FlexOne current account

If your child is between 11 and 17, consider opening a FlexOne current account with Nationwide to earn monthly interest on your savings.

You can keep the account until you are 23 and upgrade to a FlexAccount or FlexDirect account.

As a trustee, you can restrict contactless payments via Visa debit card on your child's bank account, encouraging savings even more.

Benefits of the FlexOne account

• Receive 2% AER (1.98% gross a year) variable on savings up to £1,000
• Online banking via Nationwide’s mobile banking app and internet banking service
• Zero maintenance fees
• No transaction fee for transactions made outside the UK
• Access to savings using a cash card and Visa debit card
• Savings goals feature, which lets you save toward specific targets
• Gambling block feature, which restricts your debit card to make transactions with gambling operators

Requirements to open FlexOne current account for your kids

To apply for a FlexOne account, your child must be;

• A legal resident in the UK
• Between 11 and 17 years old. You may qualify for a FlexOne Saver account and other savings accounts from age 17.
• Agree to use the account for personal savings only.

Lloyds Smart Start account

A Smart Start account with Lloyds Bank is ideal for children between 11 and 15 years old.

Smart Start consists of savings and current bank accounts that can be held until the age of 18.

You can open a Smart Start account with Lloyds Bank online through the Mobile Banking app or Internet Banking service, which will require you to provide specific details and a form of ID.

Benefits of Lloyds Smart Start account

• 2.85% AER/2.81% gross (variable rate) on savings between £1 and £1,000. For deposits above £1,000, the AER is 1.15% AER/1.14% gross (variable).
• A contactless debit card for cash withdrawals, as well as in-store and online payments
• Access to Lloyds Bank Internet Banking service and Mobile Banking app
• Rename the account feature, allowing you to save toward set goals
• No monthly fees for account maintenance with Lloyds Bank
• Inaccessibility to arranged overdraft, which indicates poor financial management and may affect the child’s credit score

Eligibility criteria for opening with Smart Start account

To apply for a Smart Start account with Lloyds Bank, you must satisfy the following requirements with your child:

• Must have a Club Lloyds current account
• Must be at least 18 years old, and your child should be between 11 and 15 years old as of the application date
• Must be a legal resident in the UK and live together with your child
• Must provide your child’s passport or UK birth certificate

BarclayPlus account

BarclayPlus is the Child’s bank account offered by Barclays Bank, UK.

It is one of the best UK bank accounts for kids, although with a strict age restriction of 11 to 15 years old.

As soon as you're 16, you can switch to a Young Persons Account, which is Barclays’ account for adults.

To open a BarclayPlus account for your child, you will need to schedule a Video Banking or branch appointment online, depending on whether you have an account with Barclays Bank or not as a parent.

Benefits of BarclayPlus account

• Zero monthly maintenance fees
• No overdraft
• Interest on your child’s savings
• Choose between a cash card and a debit card

Requirements to open a BarclayPlus account with Barclays Bank

• Must be between 11 and 15 years old
• Have at least £1 for the account opening fees
• Must provide the child’s valid passport or birth certificate
• Have proof of address, such as a UK utility bill or bank statement

TSB’s Under 19s bank account

The Under 19s account offered by TSB Bank is open only to children between 11 and 17 years old.

You can open the account from anywhere by booking a video call or an appointment at the nearest bank branch.

If you’re applying via video call, the session will take 60 to 90 minutes and requires a strong internet connection.

Benefits of the Under 19s bank account

• Zero monthly fees
• Receive 2.50% AER (variable rate) on savings up to £2,500. The interest is receivable in the account each month.
• A contactless Visa debit card to withdraw money and pay for purchases
• Free text alerts
• Free Mobile Banking service

Requirements for TSB’s Under 19s bank account

• Must be between 11 and 17 years old
• Must provide two different IDs and proof of address

Every kid should have a bank account, as it is one of the surefire ways to guarantee their future, saving money in a secure account as they grow.

Whether you want to open a bank account for your children or you are a child looking to save from your pocket money, you can quickly open a free bank account without initial deposits.

You will receive interest on your balance and a contactless debit card for faster payments.

If you are currently using a piggy bank, it is time to opt for a bank account, which is much more advanced, secure, and beneficial.

Remember to compare each option based on their interest rates, features, benefits, and user reviews, looking out for what people say about their experience.