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Search for accounts with higher rates to help your child’s money work harder. Some accounts have tiered interest and may cap the total interest they’ll pay.
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Accurate as of Wednesday, 23 April 2025
High interest for under 18s
1|2|3 Mini Current Account
Interest Rate
3% AER
Opening restrictions
You must be aged between 13 and 17 years old to apply online
Account fees
None
Rewards and other perks
3% interest on balances from £1,500-£2,000
This is a preview of our kids current accounts. For a full breakdown of all our current accounts, including alternative current account types, progress to the results table.
A kids’ current account is a bank account for those aged under 18. For the most part, they work in a similar way to regular current accounts, although there might be more restrictions such as spending limits and parental controls.
Children’s current accounts are generally aimed at kids aged 11 to 17.
Children’s banks accounts don’t differ greatly from regular bank accounts in the UK, but there are a few points to consider:
Apply online or in branch: The easiest way to open a kids’ bank account is online. You’ll need some identification and if the child is under 16, they'll need help from a parent or guardian
Using the account: Anyone can deposit money and the account holder can withdraw it as normal
Adding parental control: Depending on the account, parents will have different levels of control. For example, they can set spending limits or block online spending
Children’s bank accounts in the UK generally run from the age of 11 to 17 and differ slightly from regular current accounts. But most children's accounts will have a wealth of useful and practical features, such as:
You can set a hard limit on how much cash they can withdraw
Some children’s accounts offer attractive rates
Online, mobile and phone banking to check balances and transfer money
Your child can only spend what they have in their account
A handy way to let your child know if money in their account is running low
Often you can open an account with just £1 - so it’s easy to get started
Most kids accounts have no fee but some charge if you want a debit card
You’ll usually need to give your child permission for a debit card
Take the following steps if you want to switch your child’s bank account:
Starting the switch: You’ll need to open a new account and then move the balance across. Check whether the Current Account Switch Service is available to smooth the transition.
Opening the new account: You can open a new account by providing identification for both the child and the parent or guardian. This process usually needs to be done in-branch or online, depending on the provider’s requirements.
Transferring funds: If the automated switch service won’t cover the children’s account, you’ll need to manually transfer any remaining balance from the old account to the new one.
Redirecting payments: If there are any regular payments into the account, like allowances, be sure to update these details with the new bank account information.
Switching your child’s bank account can offer several advantages, including:
Better interest rates: By switching, you may find a kids’ account offering higher interest rates, helping your child’s savings grow faster.
Improved features: Switching accounts can give your child access to better features like mobile apps or educational tools that teach them about money management.
Lower fees: Some kids' accounts may offer lower or no fees for everyday transactions, helping you save on unnecessary charges.
Exclusive rewards: Certain banks offer special rewards or perks, such as savings bonuses or fun incentives, for kids to encourage good saving habits.
There’s no such thing as a single best children’s bank account as the ‘best’ will depend on your individual needs and what your child wants from the account. But there are several features to consider when making your decision:
Search for accounts with higher rates to help your child’s money work harder. Some accounts have tiered interest and may cap the total interest they’ll pay.
Some accounts will feature attractive perks, such as discounted driving lessons for when your child turns 17 and cashback or rewards.
While for some accounts you may have to go into branch to sign up, if you’re already an existing customer you might be able to do it online or via a mobile banking app.
You can set maximum limits for how much your child can spend each week, where they can use their debit card and if it can be used online.
The right account for a teenager is one that suits their needs best. First and foremost, the account should enable them to easily manage their money. But you should also look out for a good rate of return and rewards for signing up.
A teenager should also have an honest conversation with their parent or guardian about what type of controls should be put in place, so they use the account wisely as they learn to handle money.
Opening a children's current account in the UK is straightforward. Just follow these simple steps:
Make sure the child meets the bank’s age requirements, typically under 18, and that a parent or guardian can oversee the account.
Applications can usually be completed online or in-branch. You’ll need the child’s birth certificate or passport and proof of address for the parent or guardian.
The bank will review the application. This process is usually quick but may vary depending on the account provider.
Once approved, the child can begin using the account with parental supervision, accessing features like a debit card and mobile banking.
If you’d prefer not to open a children’s current account, there are some other options, including:
Similar to a current account but designed for savings rather than regular spending. There are different types of children savings accounts in the UK, such as easy access, regular saver and fixed rate accounts.
Junior ISAs are a type of tax-free savings account for children under 18. You can invest up to £9,000 tax-free in a Junior ISA each tax year, with the money being unavailable to access until your child turns 18.
You can load cash onto your child’s prepaid card for free, and they’ll be able to use the card to withdraw cash and make purchases online. Some kids’ accounts offer additional benefits such as budgeting tools and savings targets.
You can open a bank account for your child once they turn 11. A children’s bank account works in a similar way to a normal adult current account although there may be limits on spending and cash withdrawals. There’s no need to worry about your child getting in debt, as kids’ current accounts don’t have an overdraft. Parental controls help you monitor spending and online purchases and can open up conversations about money.
Kara Gammell Personal Finance Expert
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We take the hard work out of finding an account to suit your child’s needs.
Search the market to find the best children’s current accounts, including any incentives
Use our filters to narrow your options based on the type of account you’re looking for
When you find the deal you want, click to the provider to complete your application
It’s unlikely your child’s current account will be taxed.
Both children and adults have a personal savings allowance which changes each tax year. That means everyone can earn up to this amount before income tax applies.
This is boosted further as children are also eligible for the £5,000 starting rate for savings and the £1,000 personal savings allowance, so they can earn £18,570 this financial year before paying tax. This takes most children’s savings out of the tax bracket.
If you are giving your children pocket money that is paid monthly or weekly to their account, be aware that if the money earns more than £100 in interest a year, the whole lot will be taxed at your tax rate.
The £100 limit doesn’t apply to money:
given by grandparents, relatives or friends
in a Junior ISA or Child Trust Fund
If a child is liable to pay tax, any tax due on interest earned will need to be paid to the appropriate tax authority. For more information, see the GOV.UK website.
Banks want to attract new customers so most familiar high street banks in the UK offer children’s current accounts often with incentives to entice you to sign-up. They are not your only option though. Newer so-called challenger banks -including the new digital banks - are also starting to offer children’s current accounts, so there should be plenty of choice.
Your child’s bank account will usually automatically upgrade to a standard adult current account when they turn 18. If your child has a savings account, their bank may offer them a children’s current account once they reach 11 years old.
The Current Account Switch Service pledges to make switching current accounts simple, reliable and stress-free. It’s a guarantee you’ll be switched to your new bank account – in this case children’s bank account – without any mistakes. You simply open the new account and pick your switch date.
A week before your new bank will start setting up your new account and any payments that go to your old account will be redirected. When switch day arrives, the balance will move to your new account and your old one will close.
How you manage your child’s current account depends on your relationship with your child and how much support they need in managing their finances.
Younger children typically need more parental controls in place, but this isn’t always the case. Being able to adjust the spending limit, for example, can allow you to tighten and relax controls as you see fit. Day-to-day management of the account can be done via mobile banking.
Children can open their own current account once they turn 16. But 15 year olds (or anyone younger) will need a parent, grandparent or guardian to do this for them.
If you’re an existing customer of the bank where you want to open a new account for your child, you may only need proof of your identification, such as a passport or a full UK birth certificate but terms and conditions will vary.
Yes, children’s bank accounts will offer cards which will allow your child to make purchases and withdraw cash from an ATM. Parental controls can still be put in place.
Yes. Children’s accounts are generally covered by the Financial Services Compensation Scheme (FSCS) which protects the first £85,000 of your money within each financial institution.
This means that even if the bank falls into financial difficulty the money is safely backed by the Government.
is easy with MoneySuperMarket, and it could mean you get to take advantage of better interest rates and cashback rewards, vouchers and other incentives.
The process of switching will take a maximum of seven working days with the Current Account Switch Service – all your direct debits should be switched over automatically, and everything should be taken care of by your new account provider.
You can compare current accounts with MoneySuperMarket, and when you're ready to make the swtich, all you need to do is give your chosen new bank a few details such as your name, address and date of birth. You will also have to supply some documentation to confirm your identity and address.
You’ll be able to look at a number of important factors, like the interest rates they’ll pay, the overdraft rates they’ll charge, any rewards they provide, and any costs involved in holding an account.
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