As teenagers begin to navigate the world of finances, having a bank account tailored to their needs is crucial for developing responsible money management skills. Fortunately, several banks recognise the importance of empowering teenagers and offer specialised accounts designed to meet their unique requirements. In this article, I will explore some of the best bank accounts available for teenagers, providing them with a solid foundation for financial independence.
Santander 123 Mini Current Account:
Santander’s 123 Mini Current Account is an excellent option for teenagers aged 13 to 18. It offers a range of features, including a contactless debit card, mobile banking app, and access to cashback rewards. This account also provides valuable educational tools and guidance on money management, helping teenagers develop healthy financial habits from an early age.
Barclays BarclayPlus Account:
The BarclayPlus Account from Barclays is designed specifically for teenagers aged 11 to 15. This account offers a Visa debit card, allowing teenagers to make purchases both in-store and online. It also provides access to the Barclays app, which enables users to track their spending and manage their finances conveniently. Furthermore, the account comes with parental controls, allowing parents to monitor and guide their child’s financial activities.
Lloyds Bank Under 19s Account:
Lloyds Bank’s Under 19s Account is tailored for teenagers between the ages of 11 and 17. This account offers a Visa debit card, access to online and mobile banking, and a range of educational resources. One of the standout features is the option for the account to automatically transition into a Classic Account once the teenager turns 19, allowing for a seamless transition into adult banking, a real bonus!
NatWest Adapt Bank Account:
The Adapt Bank Account from NatWest is designed for teenagers aged 11 to 18. This account provides a Visa debit card, mobile banking app access, and the ability to set savings goals through the “Piggy Bank” feature. NatWest also offers a dedicated “MoneySense” resource, providing teenagers with valuable financial education and guidance.
HSBC’s MyAccount is an excellent choice for teenagers aged 13 to 17. This account offers a Visa debit card, online and mobile banking access, and the ability to set savings goals. It also includes budgeting tools and a useful savings calculator, helping teenagers develop a strong financial foundation.
Nationwide FlexOne Account:
Nationwide’s FlexOne Account is available for teenagers aged 11 to 17. This account provides a Visa debit card, online and mobile banking facilities, and the option to earn interest on savings. Nationwide also offers exclusive rewards and discounts for account holders, encouraging responsible spending habits. Our teens have these accounts and they were super easy to set up online. The app is easy to navigate and they were up and running quickly without any hassle.
Choosing the right bank account is a crucial step for teenagers on their journey to financial independence. The featured accounts, such as the Santander 123 Mini, Barclays BarclayPlus, Lloyds Bank Under 19s, NatWest Adapt, HSBC MyAccount, and Nationwide FlexOne, offer a range of benefits tailored to teenagers’ unique needs. These accounts provide essential features like debit cards, online/mobile banking, educational resources, and parental controls, empowering teenagers to develop responsible money management skills from an early age. By selecting the best bank account for their needs, teenagers can gain valuable financial knowledge, build a strong foundation for their future, and develop a healthy relationship with money.