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Get a prepaid card they can use/ Trefnu cerdyn rhagdal y gallan nhw ei ddefnyddio

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Children's bank accounts are fee-free so they won't cost you anything, unlike prepaid cards that come with a monthly or annual fee. But don't forget big banks offer these accounts for free because they know if they can create a sense of brand loyalty, your child may become a customer for life.

A few accounts also offer freebies such as discounts on driving lessons. However, never let a freebie sway you from choosing the best account for your child.

2. Recognisable brand security

When it comes to banking, many people prefer to stick to names they know rather than trying something new. Let's face it, before you read this guide it's unlikely you would have heard of Nimbl, Osper or GoHenry (all prepaid card providers). But you would almost certainly have heard of Santander or TSB.

This is not us saying that you should choose a bank account over a prepaid card, just because they're run by big and well-known brands. But if you'd prefer to put your kid's cash into a recognisable bank brand, we've listed a couple of options below.

3. Learn how real banking works

As above, another perk is that these are just like 'adult' bank accounts - while they have no fees or charges and don't offer an overdraft facility, these accounts allow your child to transfer money to other accounts and set up direct debits and standing orders. It's a great way for your child to learn how a 'real' bank account works.

Also, many children's bank accounts offer interest on money held in them (all three of the prepaid cards allow your child to set up a 'savings account' within their apps, but your child won't earn interest in these).

These accounts could be a good opportunity for you to show your child how to save, and how they can earn money on those savings.

While these accounts may beat or equal many of the top children's savings accounts out there, as you can't set spending limits on a kid's bank account it's best to decide whether you want it for spending or saving.

The drawback - lack of control

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Children's bank accounts are fee-free so they won't cost you anything, unlike prepaid cards that come with a monthly or annual fee. But don't forget big banks offer these accounts for free because they know if they can create a sense of brand loyalty, your child may become a customer for life.

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Open a bank account/ Agor cyfrif banc iddyn nhw 

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Open a bank account/ Agor cyfrif banc iddyn nhw 

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Are there bank accounts for children and teens?

Many banks and building societies will let children open current accounts from the age of 11, although some are restricted to those aged 16 or over.

Children's bank accounts don't have overdraft facilities, so this can be a safe way to learn the basics of financial management before moving on to an adult account.

In the past, banks offered children incentives such as piggy banks and free school bags. Today, the most common perk is credit interest, although many children's savings accounts can beat these rates.

Once children turn 18 they can access a much wider range of current accounts - you can find the best here.

Here are the best accounts for children and teenagers, ranked by provider customer score:

How do I open a bank account for my child?

Many banks will let 16-year-olds apply independently but for children under 16, a parent or guardian will usually have to open the account in-branch.

You will need to provide a birth certificate or passport, plus a recent household bill or bank statement to prove that you live at the same address.

In some cases, the application can be started online, although you or your child will still need to pop into a branch with proof of ID and address.

How do I manage a children's bank account?

There's no overdraft facility available but otherwise the features are very similar to an adult account.

Your child can set up direct debits and standing orders - useful if you want them to start paying off their phone bill - or make one-off bank transfers.

Banks will ask for parental permission before giving under 16s a debit card, as these can be used in shops, online or at cash machines.

You may prefer to ask for a cash card instead, as these can only be used to withdraw cash and won't be accepted as payment online, over the phone, or in shops.

Can my child get into debt?

Overdrafts aren't available on accounts for under 16s, so payments will usually be declined if there isn't enough money in the account.

If a payment does go through, and the account balance falls below zero, the bank shouldn't apply any fees or interest.

However, using the card abroad will incur fees so make sure your child knows this if they travel outside of the UK.

Remember that your child can use their bank card to withdraw as much as £500 per day from an ATM (some cash cards have a much lower daily limit e.g. the BarclayPlus cash card limits daily withdrawals to £50).

Most of the big banks offer free text alerts and mobile banking apps to help keep track of money going in and out.

Are prepaid cards for under 18s safe?

There are many prepaid cards on the market targeted at children as young as six - such as Nimbl, Osper, RoosterMoney and Go Henry.

A parent or adult must open the account and they can usually set spending limits or restrict how the card is used.

All prepaid cards must be loaded up with cash first and are typically linked to a smartphone app that both the child and the parent can download.

Non-suitable retailers are automatically blacklisted (such as adult stores, gambling sites and off-licences) but parents may also be able to restrict features such as ATM withdrawals or online transactions. Most providers also offer text alerts or app notifications to keep track of spending.

Unlike children's bank accounts, prepaid accounts can't be used to set up direct debits, but the cards can be used in shops, online and for cash withdrawals.

Watch out for annual or monthly service fees and charges to use the card at ATMs or abroad.

Avoid keeping a high balance on a prepaid card

While banks such as Starling and Nationwide are covered by the Financial Services Compensation Scheme which protects deposits up to £85,000 if a firm goes under, prepaid cards aren't covered by the scheme.

However, all of the prepaid cards listed here are backed by e-money firms which must adhere to e-money regulations. This means your money can't be lent out and must be held in a segregated account so that it is protected against claims made by creditors.

Your money should be protected by the bank holding your cash, however, if the bank or building society holding that segreated account fails, your cash won't be protected.

More on children's prepaid cards

Do children pay income tax?

Like adults, children are entitled to income tax allowances, including the personal savings allowance.

During the 2020-21 tax year, children are eligible for the £12,500 personal allowance, the £5,000 starting rate for savings and the £1,000 personal savings allowance. This means children will only pay tax if they earned more than £18,500 a year.

One sticking point is money gifted by parents - if this money generates more than £100 interest a year, before tax, it would be taxed as if it were the adult's, not the child's.

The £100 rule only applies to parents, step-parents and guardians, not other family members, such as grandparents, or friends.

Read more about taxes in the full guide to children and income tax.

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Are there bank accounts for children and teens? Many banks and building societies will let children open current accounts from the age of 11, although some are restricted to those aged 16 or over. Children's bank accounts don't have overdraft facilities, so this can be a safe way to learn the basics of financial management before moving on to an adult account.

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Take them shopping with you- they can help choose things from the list

Start giving them pocket money- so they can save for a toy

Play 'shop' at home with loose change and any items at home

Give them some money (50p or £1 in loose change). Then charge them for doing an activity at home- 20p to play with Lego, 10p for a board game etc

Talk about saving- importance of putting money aside for something you really want

Ewch â nhw i siopa gyda chi – gallan nhw helpu i ddewis pethau o’r rhestr

Dechreuwch roi arian poced iddyn nhw – fel eu bod nhw’n gallu cynilo i gael tegan

Chwaraewch ‘siop’ gartre gydag arian mân ac unrhyw eitemau yn y cartref

Rhowch arian iddyn nhw (50c neu £1 mewn newid mân). Yna codwch dâl arnyn nhw am wneud gweithgaredd gartre – 20c i chwarae gyda Lego, 10c i chwarae gêm bwrdd etc.

Siaradwch am gynilo – pwysigrwydd rhoi arian o’r neilltu ar gyfer rhywbeth rydych chi’n wir eisiau ei gael

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Martin Lewis Guides/ Canllawiau Martin Lewis

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Martin Lewis Guides/ Canllawiau Martin Lewis

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Financial education is a vital life skill, yet one many of us miss out on. There are plenty of free financial education resources to help both children and adults.

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Keeping my money, possessions and myself safe/ Cadw fy hun, fy arian a'r eiddo sydd gen i yn ddiogel

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Keeping my money, possessions and myself safe/ Cadw fy hun, fy arian a'r eiddo sydd gen i yn ddiogel

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Money- putting some aside/ Arian - Rhoi rhywfaint o arian heibio

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Money- putting some aside/ Arian - Rhoi rhywfaint o arian heibio

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Money Saving Tips/ Money Saving Tips/ Awgrymiadau Arbed Arian

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Money Saving Tips/ Money Saving Tips/ Awgrymiadau Arbed Arian

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Money- I need some/ Arian- Mae angen arna i!

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Money- I need some/ Arian- Mae angen arna i!

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Food Shopping Tips/ Cynghorion Siopa am Fwyd

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Food Shopping Tips/ Cynghorion Siopa am Fwyd

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Getting Ready Project Resources/ Prosiect Paratoi: Adnoddau

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Getting Ready Project Resources/ Prosiect Paratoi: Adnoddau

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Ask your young person to cook you all a meal (with help if needed)/dessert if you prefer!

Provide them with a budget

They have to research the ingredients needed

They have to look at the costs of these items

Do they have enough money?

What did they have to think about? Branded v non-branded? Weight of items

Gofynnwch i’ch person ifanc goginio pryd o fwyd i chi i gyd (gyda help os bydd angen)/neu bwdin, os yw hynny’n well gennych chi!

Rhowch gyllideb iddyn nhw

Mae rhaid iddyn nhw ymchwilio i’r cynhwysion sy’n angenrheidiol

Mae rhaid iddyn nhw edrych ar gostau’r eitemau hyn

Oes ganddyn nhw ddigon o arian?

Beth oedd rhaid iddyn nhw ei ystyried? Nwyddau wedi’u brandio neu beidio? Pwysau eitemau

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How to sort your finances for living independently/ Sut i ddatrys eich sefyllfa ariannol ar gyfer byw yn annibynnol

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How to sort your finances for living independently/ Sut i ddatrys eich sefyllfa ariannol ar gyfer byw yn annibynnol

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How to sort your finances for living independently - Money Ready

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How to make a basic budget/ Sut i wneud cyllideb sylfaenol

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How to make a basic budget/ Sut i wneud cyllideb sylfaenol

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How do I make a basic budget for myself? - Money Ready

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Money management is a bit like learning to ride a bike: the earlier you start, the better you'll become. Just as you learned to balance on two wheels, creating a basic budget can be like your stabilisers for mastering your money.

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Use our free online MoneyHelper Budget Planner tool to work out how much money you have coming in, what you're spending it on and how to improve your finances.

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Importance of tracking your spend / Pwysigrwydd olrhain eich gwariant 

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Importance of tracking your spend / Pwysigrwydd olrhain eich gwariant 

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Learn how to track spending effectively with simple tools and tips. Discover the best apps, budgeting methods, and habits to take control of your money.

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Care experienced young people are exempt from paying council tax until the age of 25 years old.

See your local authority website for more information or contact the YPS Personal advisor.

Gofal profiadol pobl ifanc yn cael eu heithrio rhag talu treth y cyngor nes iddo droi'n 25 oed.

Yn ei weld ar wefan eich awdurdod lleol am fwy o wybodaeth neu cysylltwch â YPS cynghorydd Personol.

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Leaving care allowance / Gadael gofal lwfans

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Leaving care allowance / Gadael gofal lwfans

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In Wales, the Setting Up Home Allowance (or Leaving Care Grant) is a payment from your local council to help care leavers buy essential furniture and household items for their first independent home.

Yng Nghymru, Sefydlu Cartref Lwfans (neu sy'n Gadael Gofal Grant) yn daliad gan eich cyngor lleol i helpu rhai sy'n gadael gofal yn prynu hanfodol dodrefn ac eitemau i'r cartref ar gyfer eu cartref annibynnol cyntaf,

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Thinking of continuing your studies?

If you're a care-experienced person, aged 16-19, you should get a £1,200 bursary if you stay in full-time education. This is called a 16-19 Bursary Fund. Contact your school or college to find out how you can claim this.

If you go on to higher education (for example, university) you can get a higher education bursary of £2,000.

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Many universities also offer their own scholarships and bursaries for care leavers too. Although these may only be available if you're under 26 years old.

When applying for university via UCAS, simply tick the box on the form that asks if you've been in care, to see if you're eligible. You might be worried about saying that you're a care leaver, but this information will be kept completely confidential. It just allows your university to offer you practical support.

The Unite Foundation Scholarship Scheme

With the Unite Foundation Scholarship Scheme, you could have your accommodation and bills covered for up to three years of study. It's available at 27 partner universities, such as the University of Edinburgh, Leeds Beckett University, University College London (UCL). Plus, they also offer opportunities for employment and mentoring.

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Financial support for young people leaving care (care leavers)

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If you're a care-experienced young person, you may be entitled to financial support to help your education, training and employment, or for necessities such as food, transport and clothing.

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Beenfits and Entitlements/ Budd-daliadau a hawl i fudd-daliadau

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Beenfits and Entitlements/ Budd-daliadau a hawl i fudd-daliadau

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How are my mental health and money related? / Sut mae fy iechyd meddwl, ac arian sy'n gysylltiedig?

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How are my mental health and money related? / Sut mae fy iechyd meddwl, ac arian sy'n gysylltiedig?

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How are my mental health and money related?

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Discover how your mental health and finances influence each other, & learn practical tips to boost your financial confidence and well-being.

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How do I get help if I'm in debt/ Sut y gallaf gael help os byddaf mewn dyled

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How do I get help if I'm in debt/ Sut y gallaf gael help os byddaf mewn dyled

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Wondering “how do I get help if I’m in debt”? Find free UK debt advice services and simple steps to take control of your money.

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How do I get help if I'm in debt/ Sut y gallaf gael help os byddaf mewn dyled?

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How do I get help if I'm in debt/ Sut y gallaf gael help os byddaf mewn dyled?

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Wondering “how do I get help if I’m in debt”? Find free UK debt advice services and simple steps to take control of your money.

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How to avoid being scammed/ Sut i osgoi cael eu scammed

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How to avoid being scammed/ Sut i osgoi cael eu scammed

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Explore our top 3 tips to stay safe online and avoid being scammed. From using strong passwords to reporting suspicious activity, learn how to stay vigilant online.

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The Getting Ready Project provides support for young people to safely transition from care. We aim to empower young people by enhancing their knowledge and understanding of their rights and entitlements when planning to leave care, and we do this through the provision and creation of online resources produced in partnership with care experienced young people. All our resources are bespoke and specific to each local authority, taking into consideration geographical differences and if this is a strategy you feel would support your area then please do get in touch with us.

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Amplifying the voices of care experienced young people in Wales

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Money Ready is a financial education charity dedicated to creating a financially fluent population. We believe that financial literacy should be considered a right for all because the language of money is a language for life.

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Money and Mental Health/ Arian ac Iechyd Meddwl

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Money and Mental Health/ Arian ac Iechyd Meddwl

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Money and mental health advice service / Cyngor Iechyd meddwl ac Arian 

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Money and mental health advice service / Cyngor Iechyd meddwl ac Arian 

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The Mental Health and Money Advice service

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Home - The Mental Health and Money Advice service

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We know everybody’s different, but choose the statement that best describes you or your situation and we’ll suggest some relevant topics.

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Get advice on dealing with debt, bailiffs, bankruptcy, pensions, tax and more.