The best Junior bank accounts
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Posted: 18th March 2024
Courtney Evans
Last Updated 15th March 2024
If you have decided that your child is ready for their first bank account and ready to learn about financial responsibility then below are some great options for junior bank accounts.
1
NatWest Adapt Account
- For children between 11-17 years old
- Earning interest at 2.7%
- The Parent or guardian will need an existing account with NatWest before opening a junior account
- You will need to preset proof of ID and proof of your current address
- This account will work through apple pay if your child has a mobile phone making it simple for them to use.
2
Lloyds Smart Save
- For children between 11-15 years old
- They will gain access to a current account as well as a savings account
- No interest will be earnt on the current account
- Spending in over 18 outlets will be blocked
- Support for your child to save responsibly
- The Parent or guardian will need an existing account with NatWest before opening a junior account
3
Halifax Money Smart
- For Children between 11-15 years old
- Access to a current account as well as a savings account
- There are no monthly fees to keep this account
- You and your child will receive access to online banking through an app so you can have full visibility of their spending habits
- No overdraft is offered to prevent the risk of debt forming
4
GoHenry
- For Children between the ages of 6-18 years old
- Helps to develop healthy spending habits early on
- There is a monthly fee of £3.99 for the regular version which included one free top up, from then on top ups will be 50p each time
- The GoHenry plus option will cost a monthly fee of £5.99 which included features such as an interest rate on savings of 4.5% as well as unlimited free top ups.
- The account comes with spend notifications which are sent directly to the parents or guardians phone.
- It comes with an app where the parent or guardian can set spend limits and other controls.
5
Nationwide FlexOne Current account
- For children ages 11-17 years old
- You will be able to manage money as well as earn interest, teaching your child how to control their finances and run their own bank account
- You will have access to a banking app to track spending
- They will be able to make contactless payments of up to £45 to limit their spending
- There are no fees to open this account
