stmIn this guide, we will be talking about the best bank accounts for teens in UK.
In an ever evolving world, where there are debit cards and contactless payments, cash is been used for less and as such, this makes it difficult for teenagers to know the value of money. There are bank accounts that will help kids and teens to spend less and save more.
There are different types of bank accounts in the UK, so making a choice on which one to open could be confusing. However, the following are some of the features to look out for when choosing one.
Teenagers Accounts Features
- No opening fee: These accounts are typically free to open and use in the UK.
- No overdraft: You are not going to get into debt.
- Recognised brands: You might want to choose a card with a recognisable brand your friends have.
- Real life learning: Teenagers account gives you real life lessons on how to manage money. You can see the benefits of saving and realise the value of money because you’ll get a reasonable Interest rate.
- Mobile Banking App: Many account offers mobile banking so you can see your transactions, balance and do lots more
Here’s A List Of The Best Bank Accounts For Teens In UK
Check out a list of the best bank account for teens in the UK. This list is based on eligibility, monthly charges, card type, maximum withdrawals per day etc.
Barclays Young Person’s Account
– No monthly charges
– Get a contactless debit card that supports in-store and online shopping
– Access contactless payments with your mobile banking App
– Design your own card feature
– You can withdraw a maximum amount of £300 per day
– You’ll be charged 2.75% transaction fee for spending abroad
Monzo
– Get an instant spending notifications
– Gambling is not allowed because of Age-restriction
– Get a contactless debit card
– Supports Apple and Google Pay
– Get a full UK current account including direct debits and standing orders
– Spending budgets feature
– You can split your Bill
– Supports Fee-free spending abroad
– You can withdraw up to £200 for free abroad every 30 days (3% fee afterwards)
Revolut Junior Account
– Supports the Revolut Junior mobile app
– Get instant spending alerts
– You can set custom rules for online and contactless payments
– Age-restricted is blocked for gambling
– Earning task, goal saving and recurring allowances feature
– No Finance Service Compensation Scheme (FSCS) protection because it’s not yet a fully regulated bank in the UK
Starling Bank Teen Account
– Get a Mastercard debit card
– Earn 0.05% interest on your current account balance, up to £85,000
– Supports Apple, Google and Samsung Pay
– Get an instant spending notification
– Spending insights features
– Set a Savings goal
– Settle bills with friends easily
– Fully regulated bank account
Conclusion
The age eligibility for the teens account mentioned above is 16 – 17 years old. The accounts tend to offer more features than the children’s account.
Some of the teen accounts are app-based bank accounts and as such, they give teens full independence over their money whilst not compromising safety.
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