Many people open their children a current account because they recognise how valuable this can be when it comes to teaching their children how to manage their finances. There are many different banks and building societies that offer accounts for under 18s and they generally work in the same way that normal current accounts work in the sense that you deposit money into the account and you can spend the money whenever you want.
How old does my child need to be to open a Children’s bank account?
The age that a child can open a current account varies depending on the exact terms set by the bank or building society. It is possible to opens some accounts from the age of 7 however the usual age is between 11 and 18. Some children’s bank accounts are only available for those older than 16.
If your child is under 16 then they usually won’t be able to open the account by themselves. An adult, usually a parent or guardian, will need to open the current account on their behalf.
How to open a Teenager’s Current Account?
As required when opening any account, both the adult and child will be required to show proof of ID. Usually, this is a passport, EU national identity card or driving licence. In addition, most banks want you to bring either a birth certificate or an NHS medical card for your child when opening a new account for them.
Proof of address is also required when opening a current account. Showing the bank a recent gas, telephone or water bill, a tax bill or a bank statement is sufficient.
You can open some teenager’s current accounts online however you will usually need to show the proof of ID and other required documents in branch in order to open the account beforehand.
What to expect from an under 18s Current Account
Many current accounts can be opened with funds as low as £1 and have no upper limit on the amount that you can deposit into the account. The main distinction between a children’s current Account and a normal current account is that there is no overdraft facility.
Current Accounts for children and teenagers do not offer impressive interest rates on positive balances.
Most current accounts for under 18s will allow your child to have a debit card and a chequebook however you will usually need to give your permission before they have access to these facilities.
Different banks and building societies offer different services to help your child manage their money and to help you to keep track of how effectively they do this. This may take the form of SMS alerts letting you know how much funds are in your account or mobile apps providing a quick way to keep an eye on your money. Online banking is an exciting and fast growing space so it is always worth seeing what new functionalities are available.