- It is increasingly more difficult for children to use cash in schools and shops
- Parents may find it easier to open an account with a card for them
- We pick five of the best accounts with debit cards for children
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13 View commentsIn the modern age, children are more likely than ever before to want a debit card to spend their pocket and birthday money, or even buy lunch at school.
While we champion the freedom of still using physical money here at This is Money, we also know in an increasingly digital world, children of both primary and secondary school age are keen on apps and having a card they can tap for purchases.
It can often be their first taste of financial independence.
There are now a myriad of choices, namely prepaid cards and debit cards usually linked to your own current account.
Many of the younger generation find it harder to use cash in an increasingly cashless society
Prepaid cards are usually offered to children from the age of six and some come with a monthly fee.
They also have more parental controls such as spending limits as they are linked to a parent's account
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HOW THIS IS MONEY CAN HELP
- Five best bank accounts for interest, perks and cashback in 2024
Current accounts for children and younger teenagers are usually free, come with debit cards and often require children to be at least 11 as they are opened in their name - although, some allow children younger than that use them.
They don't let children go overdrawn and some even pay interest on credit balances.
Children's accounts can also come with charges though, so watch out for these - and some of their apps may be no more sophisticated or offer no more control than standard banking apps.
Many banks offer these and most are free, we have picked five of the best accounts with debit cards for children below.
1. Starling Kite - Free (used to be £2/month)
Starling's Kite account offers a debit card to children aged from six to 16. If you don't already have a Staling account you'll need to get one, as the Kite account is linked to the parent's account.
Parents set up a Kite space in their Starling app for children, who get their own version of the Starling app to manage their money.
Parents get instant payment notifications whenever children spend, full access to their spending history and spending control limits.
Starling Kite is free but it used to cost £2 per month. This charge was scrapped in October 2023.
2. Nationwide FlexOne - Free
Nationwide's FlexOne is a free current account for ages 11 to 17, which pays 2 per cent interest on balances up to £1,000
Kids get an online account and app access and a choice between a cash card and a full debit card.
Teenagers can keep their Nationwide FlexOne account until they turn 23, at which point they will be moved to a FlexAccount or FlexDirect current account.
3. Santander 123 Mini - Free
Santander's 123 Mini current account is a version of its popular 123 account for those aged 13 to 17. It comes with a debit card or cash card and is free.
The account pays interest on the entire balance of 1 per cent when it is up to £999.99, 2 per cent when it is above £1,000 and 3 per cent when it is from £1,500 to £2,000.
Children under the age of 12 can also get this account, but the account must be opened in trust by an adult over the age of 18 who has parental responsibility for the child and who has a Santander personal current account.
After opening the account, the adult who opened the account must manage it on behalf of the child.
4. RoosterMoney - Free if you're a NatWest customer
RoosterMoney is part of banking giant NatWest. The prepaid account offers a debit card to children aged six to 17.
It's free if you are already NatWest customer. Otherwise it is £1.99 a month or £19 a year.
Parents can set daily, weekly or monthly spending limits, make top ups and get spending notifications with the Rooster Money app.
Parents download a pocket money tracker which comes with the account, allowing parents to set pocket money allowances and transfer funds to their children's bank accounts on a certain day.
5. HSBC MySavings - Free
HSBC MySavings is a free savings account for those aged seven to 17. Once your child turns 11, they will automatically get a debit card with a linked HSBC MyMoney current account. The MyMoney account does not pay interest.
HSBC's MySavings account is the best for interest rates. It offers 5 per cent on balances up to £3,000. The rate is 1.6 per cent for balances over £3,000.
There are no limits that parents can set on this account.
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