Opening Your Child's First Bank Account
A bank account is a milestone in your child's financial education. Here's what UK parents need to know.
When to Open an Account
Many banks offer children's accounts from age 7, though some start from birth. By age 11-12, most children are ready to use one meaningfully.
Types of Accounts
- **Children's savings accounts**: Interest-earning, limited withdrawals
- **Children's current accounts**: With debit cards, usually from age 11+
- **Junior ISAs**: Tax-free savings, accessible at 18
What to Look For
- No fees
- Good interest rates on savings
- Easy-to-use app
- Parental controls
- Card customisation (children love this!)
Major UK Options
- NatWest Rooster Money
- HSBC MySavings
- Nationwide FlexOne
- Lloyds Under 19s
Teaching Moments
Use bank statements to show how interest works. Discuss the difference between current and savings accounts.