Managing money is an essential life skill, and starting early can set your teens up for future financial success. In the UK, several debit cards are designed specifically for young people, offering features such as parental controls, educational tools, and no monthly fees. Here are some of the top options available in 2024:
Starling Kite
Starling Kite is an add-on to a parent's Starling Bank account, available for children aged 6-16. It comes with robust parental controls, allowing parents to monitor spending, set limits, and receive spending notifications. The card is free to use, with no fees for transactions or ATM withdrawals. Parents can easily manage the card through the Starling Bank app, making it a convenient choice for families already using Starling Bank. Additionally, there are no monthly fees, making it a cost-effective option (Wise) (finder.com).
Nationwide FlexOne
The Nationwide FlexOne account is tailored for 11-17-year-olds and offers a versatile banking solution with no monthly fees. This account includes a Visa debit card, which can be used for both ATM withdrawals and purchases. It also pays a 2% interest on balances up to £1,000. The account can be managed via online banking, the Nationwide mobile app, phone, or in-branch, providing flexibility and accessibility for young users. The account can be kept until the holder turns 23, making it a long-term solution for teens transitioning to adulthood (Wise) (finder.com).
HSBC MyMoney Account
HSBC's MyMoney Account is designed for young people aged 11-17 and includes a contactless Visa debit card. While the account itself doesn't pay interest, it comes with a linked MySavings account that offers a competitive 5% interest on balances up to £3,000. There are no monthly fees, and the account can be managed via online or mobile banking. This account is ideal for those looking to start saving early with the benefit of a high-interest savings account (Wise).
Santander 1|2|3 Mini
The Santander 1|2|3 Mini account is available for 13-17-year-olds and offers an interest rate of up to 3% on balances between £1,500 and £2,000. It includes a debit card and can be managed online, through the mobile app, or in-branch. This account is free to open and maintain, making it a straightforward option for teenagers to learn about money management without incurring fees (Wise) (finder.com).
NatWest Adapt
NatWest's Adapt account is suitable for 11-17-year-olds and includes a contactless debit card. One unique feature of this account is the ability to make cardless ATM withdrawals, allowing users to withdraw up to £130 every 24 hours without using their debit card. The account pays 2.70% interest on balances and can be managed through the NatWest mobile app, offering a combination of convenience and financial growth opportunities (Wise) (finder.com).
TSB Under 19s Account
The TSB Under 19s Bank Account is designed for young people aged 11-17 and comes with no monthly fees. It offers a contactless debit card, online and mobile banking access, and a 2.5% interest rate on balances up to £2,500. Additionally, TSB provides discounts on AA driving lessons for account holders, which can be a valuable perk for teens learning to drive (Wise).
Barclays BarclayPlus
Barclays BarclayPlus account is available for 11-15-year-olds and can be opened with just £1. It includes a contactless debit card and can be managed via online and mobile banking. While the interest rate is not specified, the account offers fee-free transactions and is a good starting point for young teens learning to manage their money (Wise).
Choosing the right debit card for your child depends on various factors such as age, the need for parental controls, interest rates, and additional perks. The options listed above provide a range of features that can help young people in the UK develop good financial habits, all while ensuring safety and ease of use for parents. Each of these accounts offers unique benefits tailored to different age groups and financial needs, making it easier to find the perfect fit for your family's financial education goals.
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And of course, if your child is a finance whiz and it looking for career opportunities after school, college or university, we have a range of options from apprenticeships, undergraduate programmes and graduate schemes.
