Kids Bank Accounts

The Basics

All the major high street banks offer an account designed for children. There are slight differences between them, but they essentially offer all the same basic features:


Junior ISA

Looking for the best rates on children’s savings accounts? Check out the This is Money tables

  • no account or withdrawal fees 
  • free debit or cash cards (at a certain age)
  • the accounts must be opened and managed by an adult
  • No online access until a designated age

In shopping around for a bank for your children it is worth bearing in mind that children’s accounts are essentially an additional account for you, but in the child’s name. (You, the parent, are operating an account as trustee for your child and banks generally will require a parent to have an account at the same bank). As a consequence it is simply a matter of bringing a birth certificate to your local branch to open an account. To open an account at another bank where you, the parent are not an account holder, is a much more involved process. 

Another reason to keep the same banking group is internet accessibility. Children cannot access their accounts online; only in a branch. Their internet banking is therefore managed by the parents, where they are shown as additional accounts when you log in to view your accounts.



Children will be taxed on any interest they earn at a standard rate of 20% in the UK. Completing Form R85 will ensure that no tax will be deducted. Please see our section on Taxation for more information.



Cash or Debit Cards

All accounts at some point will offer your children a card. A cash card simply allows them to withdraw money from a cash machine or at a bank. A debit card additionally allows them to shop as well as withdrawing cash.

In some cases the cash card will restrict the amount that can be withdrawn to a lower amount that a debit card. There is also a consideration of children carrying around cash that could be lost or stolen, which is balanced against the habit of spending plastic money.


The Banks

 For further details of individual bank account offerings, please see below:


Barclays offering at first seems a little complicated and confusing, but essentially there are 3 different accounts depending upon your child’s age. Additionally there is a bonus account that encourages regular savings by paying a bonus higher interest rate.

Instant saver 1

    • An instant access account
    • available to children under the age of 18
    • minimum of £1
    • above market interest rate (Base Rate + 1%)

Regular saver interest 1

    • aimed to encourage regular savings of between £5 & £100 per month
    • pays a higher fixed rate (currently 3.5%) when no withdrawals are made
    • available to children under 16
    • 12 month term where up it will convert to an instant saver account



    • aimed at ages 11-15
    • provides a cash card (£50 daily limit) or debit card (up to £300 daily limit)
    • minimum of £1 to open
    • no account fees
    • lower interest rate paid on balances

Young Person’s Account

    • aimed at ages 16-19
    • provides a debit card (up to £300 daily limit)
    • Access to online banking
    • Mobile banking and text alerts
    • allows for Direct Debits, standing orders, electronic transfers and cheques
    • no account fees
    • lower interest rate paid on balances






HSBC take a slightly different tact with the MyMoney package aimed at 7-17 year olds, consisting of a

    • MySavings (Savings Account) when the child is aged 7+ and
      • minimum savings with £10
      • earns monthly interest
      • Free money box
    • MyAccount (Current Account) when the child reaches 11.
      • includes a VISA Debit Card
      • access to internet and mobile banking



Young Saver

    • High interest rate (currently 3% up to £20,000)
    • minimum savings of £1
    • At the age of 16 it automatically converts into an Easy Saver account.

Easy Saver

    • lower interest rate (currently 0.5%)
    • minimum savings of £1
    • cash card access to money



First Saver

    • Available to children under 16
    • Save from as little as £1
    • Free pigbybank
    • market interest rates paid on balances of £1 and upwards