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This comparison simply includes all savings accounts.

123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 0.6%

Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm.

Children's Current Accounts

With a range of high interest current accounts for children to choose from, it’s more important than ever to shop around for the best deal.

While children’s account do not benefit from switching rewards, there are certainly some attractive rates of interest to choose from that provide a great way for children to learn about managing money and watching it grow.

While most banks will offer an under-18 account, some offer specific accounts with great incentives for children and young people.

Here are a selection of the best current accounts for children:

Santander 123 Mini

The 123 Mini Current Account is designed to provide a safe environment to learn money management and take the first steps towards financial responsibility for those aged between 11 and 18.
Santander currently pays one of the highest rates of interest for children and pays it on balances of £300 up to a maximum of £2000.

 Account holders also receive:

  • 24/7 access to their account via Online, Mobile and Telephone Banking or in branch
  • Free text and email alerts about their account.
  • The choice of a cash card or a Visa debit card

Halifax ExpressCash and CardCash

Halifax offer two children’s accounts, ExpressCash (11-15) and CardCash (16-17 years). They offer the same perks but ExpressCash offers an extra tailored security and financial education program, available as part of the Online Banking experience (in association with Childnet and the Money Advice Service). This is a great tool to teach young children about savings, investments and the value of money.

They will also receive:

  • A Visa Debit card (accepted worldwide wherever you see the Visa Debit sign)
  • Access to Online Banking and Mobile Banking
  • Access to thousands of cash machines
  • Use cash machines to withdraw of up to £500 per day, mini statements, check your balance, pay your bills and top up your mobile.
  • Credit interest on your account on any credit balance.
  • Access to sending and receiving payments with Pay a Contact


The Barclay Bank account is for children aged 11-15 and only requires a deposit of £1 to open the account.

Children receive all the benefits of a current account, including:

  • A debit card
  • Access to online, Mobile and in branch banking
  • Cash withdrawals of up to £500 a day.

However, this account has a lower rate of interest than some others on offer.

Lloyds Under 19s 

Lloyds offer an account for ages 11-19 and offer a good rate of interest to its customers on balances up to £2,500 (paid quarterly).

Lloyds offer:

  • Easy access to your money
  • Choose between a Lloyds Bank Visa debit card to withdraw cash and pay for things in shops and online, or a Cashpoint® card which is only for taking out money at cash machines.
  • Competitive interest
  • Manage your money scheme - Internet Banking, Telephone Banking, Mobile Banking, in-branch, and also get free Text Alerts.

HSBC MySaving

This account pays currently pays the highest rate of interest after Santander and is ideal if your child is younger, as their account serves children from 7-17. Although under 16s will need a parent or guardian with them. However, you only get the top rate on the first £3,000 in the account, so if your child saves a lot then it may be worth looking at other options.

Useful to Know

  • While the child is under 11, the adult trustee's permission is needed to withdraw £50 or more.
  • Once the child reaches 11, they get a MyAccount, which comes with a Visa debit card.

These current accounts are great options for young savers who also need access to a regular account which they are able to draw out of, make payment and receive wages in to.

Some of the higher rates of interest are actually better than many ISAs or savings accounts for children so it’s worth considering the current account as a great way to save for your child.

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