Best Childrens accounts

A prepaid debit card for children is a card that can be pre-loaded with money by a parent or guardian. The child can only spend up to the balance on the card, it can’t go overdrawn. Most kids’ prepaid cards come with a parent app that lets you set spending limits, view transactions in real time, set tasks and pay pocket money. They’re a popular way to help children learn to manage money from around age 6 upwards.

Different providers have varying age limits for opening bank accounts and prepaid debit cards for children. Some offer accounts for children over 11, while others provide prepaid cards for children as young as 6. It's worth comparing your options and reading reviews to see what others' experiences have been like.

It’s unlikely that a children’s bank account will be taxed. Children have the same Personal Allowance as adults (£12,570 in 2025/26), so they’d need to earn significant interest before any tax was due. However, if parents gift money and the child earns more than £100 per year in interest from that specific money, the parent is taxed on it as their own income. This rule doesn’t apply to gifts from grandparents or other relatives.

The best children’s bank account depends on your child’s age and what you want from the account. For younger children (6-12), a prepaid card with strong parental controls and a pocket money feature is usually the best option. For teenagers (13+), a proper current account with a debit card from a bank or digital provider gives more independence while still allowing parental oversight. Our rankings above show which providers are rated most highly by parents based on real experiences.

A children’s current account works like a standard bank account for adults - money is held in the account, a debit card is issued, and the child can receive payments and make transactions. Most are available from age 11 upwards. A prepaid card is pre-loaded with a set amount of money and can’t go overdrawn, making it more suitable for younger children as it gives parents more control over spending.