Children and young people under 18 can open a dedicated bank account in the UK from age 11 at most high street banks, and from birth with some savings accounts. Under-18s accounts typically have no overdraft facility, no credit facility, and are supervised by a parent or guardian until age 16-18 depending on the provider. (Source: FCA, children and young people financial products guidance)
Types of Account for Under 18s
Junior ISA -- The Most Important Account to Open
A Junior ISA (JISA) allows you to save up to 9,000 pounds per year per child in a tax-free wrapper. The money cannot be accessed until the child turns 18, at which point it automatically converts to an adult ISA. Starting at birth and contributing the maximum gives a child approximately 160,000 to 250,000 pounds at age 18 depending on the investment returns achieved. Even modest contributions -- 50 pounds per month -- can grow to 18,000-22,000 pounds by age 18. (Source: HMRC JISA guidance 2026)
Tip Open a Junior Stocks and Shares ISA rather than a Junior Cash ISA if the time horizon is 10+ years. Historically, equity investments have significantly outperformed cash over long periods. The 18-year runway from birth makes a JISA one of the most powerful long-term investment vehicles available to UK families. |
The Best Under-18 Current Accounts in 2026
Key features to compare when choosing an under-18 current account:
- Does it include a contactless debit card -- at what age?
- Can parents view transactions in real time via a linked app?
- Are there spending category controls (e.g. block gambling sites, adult content)?
- Is there a savings pot or round-up feature to teach saving habits?
- What are the ATM withdrawal limits?
- Does it pay any interest on the balance?
Important Under-18s accounts are designed with no credit facility -- children cannot borrow or go overdrawn. Some prepaid card accounts charge monthly fees of 2-3 pounds. Compare free options from mainstream banks before paying for a prepaid card service -- most high street banks offer free under-18s current accounts with equivalent features. |
Disclaimer: This article is for information only and does not constitute financial or legal advice. Consult a qualified adviser for guidance tailored to your situation. Always check the FCA register at register.fca.org.uk before dealing with any financial firm. |
Frequently Asked Questions
Can a child have a bank account in their own name?
Yes. From age 11 most UK banks allow children to open a current account in their own name. The account is still supervised with parental oversight features until age 16-18. Junior ISAs and savings accounts can be opened from birth in the child's name, managed by a parent or guardian.
What happens to a Junior ISA when the child turns 18?
The Junior ISA automatically converts to an adult ISA on the child's 18th birthday. The child then has full control of the account and can access the money, continue investing, or transfer to a different ISA provider. The full adult ISA allowance (20,000 pounds per year) applies from that point.
Should I open a Junior SIPP for my child?
A Junior SIPP is a very long-term investment -- the funds cannot be accessed until retirement age (currently 57, rising to 58 in 2028). The government adds 20% tax relief on contributions, so a 2,880 pound contribution becomes 3,600 pounds in the SIPP. Over 60 years of compound growth, even small contributions can be substantial. It is a gift to your child's retirement, not accessible in their working life. (Source: HMRC pension tax relief guidance)
Sources
- HMRC Junior ISA: gov.uk
- FCA Children and Young People: fca.org.uk
