Best Bank Accounts for Teenagers

Discover the seven best bank account options for teenagers.

Updated: February 14, 2024
Matt Crabtree

Written By

Matt Crabtree

 

Are you a parent or guardian of a teenager or a teenager looking to open a bank account? You’ll see that many account options are available. They have several advantages. For instance, some come with financial services compensation schemes.

Others come with Apple pay perks. How can you know which is the best option? Which options are not the right account for you?

Navigating the range of accounts does not need to be impossible. This Compare Banks article will explore the seven best bank accounts for teenagers and look closely at their features.

We will provide direct reviews of this account type. Sit tight until the end to learn the crucial facts.

ServiceScoreRegister
1. Santander★★★★★Click Here
2. HSBC★★★★★Click Here
3. Nationwide★★★★★Click Here
4. Barclays★★★★Click Here
5. NatWest★★★★Click Here
6. Starling Bank★★★★Click Here
7. Halifax★★★★Click Here

What Is a Bank Account for Teenagers, and How Do They Work?

You may know that this type is specifically designed for account holders aged between 11 and 17.

There's a key difference between this account type and account types for children. A parent or guardian won't need to open the account in every case. For instance, if the teenager is 16, they can open it themselves with forms of identification such as a birth certificate. It's a current account with a few specific features.

What Are the Features of Bank Accounts for Teenagers?

But what are the specific features of bank accounts for adolescents or teenagers?

Let's look closely some features.

  • Fund deposit feature — You can deposit funds into the account, whether you need to complete a bank transfer, deposit a cheque or deposit cash.
  • Pay using a debit card or withdraw money — Whether you have a Visa debit card or other debit card, you can make payments or withdraw money. You can do this from cash machines at your local branch.
  • Mobile banking app — With this account, you can use a mobile banking app feature to manage your funds without heading into your local branch.

7 Best Bank Account Options for Teenagers

Here are our first-hand reviews of the best bank account options available to help you select an account to begin making transactions as a teenager.

1. Santander 123 Mini Current Account

The Santander 123 Mini Current Account is available for teenagers aged between 13 and 17. Some of this account's main features include monthly interest worth a 3% annual equivalent rate when the balance reaches £1,500. We discovered that the interest applies to a maximum of £2,000.

You'll also receive a contactless Santander debit card or a cash card. You won't have to pay any account fees to receive these advantages, but there isn't an overdraft feature. This missing feature means they will block the payment from your account if you don't have sufficient funds.

This Santander account is available until you turn 18 and will become an adult current account after you are 19.

2. HSBC Current Account

With the HSBC Current Account, you can apply as a young person between 11 and 17. It facilitates day-to-day banking and offers a savings account to ensure you can save money effectively. We discovered that a few of this account's main features include a contactless Visa debit card, mobile and online banking, and a good interest rate.

An app is available to help you manage your HSBC account. You can enable notifications via this app to track your spending and freeze your debit card if it goes missing.

If you want to pay with Apple Pay, Google Pay, or Samsung Pay, these options are available. However, this account will always prevent you from spending more than you have in your account.

The interest rate you'll receive on your savings account is 5.00% as the annual equivalent rate. This rate applies to balances up to £3,000. 

3. Nationwide FlexOne Account

The Nationwide FlexOne Account is available to young people between 11 and 17. With this account, we discovered that it's possible to earn interest at a rate of 2% as the annual equivalent rate. This annual equivalent rate only applies to up to £1,000 credit balances.

We also learned that you can select between Visa debit cards and cash cards, avoid monthly fees for account maintenance, bank online, manage your account via an app, and keep the FlexOne account until you turn 23.

With the Visa debit card, you can use it at cash machines, withdraw up to £300 per day, pay for items in shops, online, over the phone, make contactless payments and even pay for items through your mobile, taking funds from your Nationwide account.

4. Barclays BarclayPlus Account

If you're between 11 and 15, the BarclayPlus account is available. This account offers an easy-to-manage app (which you'll be able to use within the age threshold, but with permission from your parents if you're 11 or 12), the option to use a contactless debit online or in stores, or purchase items with Apple Pay (if you're at least 13).

When using this service, we learned that this Barclays account comes with no monthly fees. It doesn't have an overdraft, so you'll only be able to spend the amount in your account. BarclayPlus will pay interest into your account and allow you to select a cash or debit card.

All that's required to open an account regarding funds is £1. If you're using the app, you'll be able to transfer money, make purchases and check your balance.

5. NatWest Adapt Current Account

No fees apply to the NatWest Adapt Current Account, and it's available to children and teenagers aged between 11 and 17. If you're between 11 and 15, a parent or guardian must accompany you and also have a NatWest current account.

Some other features available with this NatWest account include Apple and Google Pay features, the chance to earn 2.70% interest as an annual equivalent rate, and the ability to use the mobile banking app to manage your account.

The app allows you to view your account, withdraw a maximum of £130 daily, and freeze or unfreeze a misplaced debit card. We discovered that when applying for this service, you just need to provide your child's address and an identification document such as a passport, a biometric residence permit card, and a utility bill as proof of the guardian's identity or birth certificate.

6. Starling Bank Teen Bank Account

With the Starling Bank Teen Bank Account, you can apply for an account if you're 16 or 17. You'll only require your passport, and we learned that the application process is quick.

This account provides a Mastercard debit card and an app that you can use to spend your money and track your Starling account outgoings. We discovered that you'll earn interest of 3.25% as the annual equivalent rate on balances capped at £5,000.

Using the app, you can use Apple Pay, Samsung Pay, or Google Pay to make transactions. You can receive payment notifications to keep track of your spending and lock or unlock your card via the app if you misplace it.

7. Halifax Money Smart Account

The Halifax Money Smart account is available to young people between 11 and 15. This account offers savings and a bank account with a Visa debit card for making payments and withdrawing funds from cash machines.

We learned when using this service that Apple and Google Pay are both available if you have a smartphone, plus, mobile banking or online banking is available should you need to check your Halifax account balance online.

Halifax Money Smart offers a 3.40% interest rate on balances up to £1,000, and this value drops to 1.45% if your funds increase to over £1,000.

Best Bank Account Options for Teenagers: The Verdict

Multiple bank account options for teenagers are available, and choosing one can be challenging. The best way to find a suitable account is to look at a few options and compare them. Consider their features, such as the minimum balances and fees.

You can use this article as your guide to find the best account. Some of the best options include the HSBC Current Account and the Halifax Money Smart Account. However, explore a full range and ensure your selected account meets your requirements.

Related Guides:

7 Best Bank Accounts for UK Teenagers: FAQs

Can a 15-year-old Open a Bank Account Without Parents UK?

Can a 14-Year-Old Have a Debit Card?

How Do I Set Up a Bank Account for My 16-Year-Old?

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