What is the best bank account for a 16-year-old?

Your teenager may be especially keen to have their own account if they have a part-time job or are earning money. One important note is that once they are 16, they can open their own bank account without a parent or guardian. However, sharing your knowledge and experience with them regarding money, spending, and saving may be very useful.

There is not a huge amount of information you need to know about bank accounts for 16-year-olds. Look for things like interest rates earned on balances and other features you know your teenager will need (interest rates are often limited based on the balance amount). Bank accounts for 16-year-olds allow transfers, direct debits, and standing orders; however, like basic bank accounts, they do not have fees or credit options such as overdrafts or loans.

To help you decide which is the best bank account for your 16-year-old, we have reviewed seven UK bank accounts for 16-year-olds:

• HSBC MyMoney
• Starling Teen Bank Account
• Santander 1|2|3 Mini Current Account
• NatWest Adapt Account
• TSB Under 19’s
• Halifax Expresscash Account
• Lloyds under 19's

HSBC MyMoney

The HSBC MyMoney current account is designed especially for young people. The account comes with a contactless Visa debit card, allowing for online and in-store purchases. Setting up requires proof of identity and address. Once approved, the bank account is ready to be used.

Eligibility

• 11 to 17-year-olds
• Children aged 11 to 16 must provide proof of identity and address (for both themselves and their guardian) and be accompanied by a parent or guardian. Only proof of identity will be required if the parent or guardian is an HSBC customer (no proof of address).
• Teens over 16 must provide proof of identity and address if their parent or guardian is not an HSBC customer.

Interest Earned (Interest rates variable)

With MyAccount, you get MySavings / HSBC Premier MySavings accounts.

Card types
Visa debit bank card

Charges
No fees for maintaining the account

Extras

• Access to a banking app, Live Chat and phone banking
• Notifications are available when money goes in or out of the account
• Withdraw up to £100 in cash

Starling Teen Bank Account

The Starling Teen Bank Account allows 16 and 17-year-olds to open an account in minutes without going to a branch. For under-16s, there is the option of getting a Starling Kite debit card that is connected to an adult’s current account.

Eligibility

• 11 to 17-year-olds
• A passport as ID is required, email and the bank app installed on the applicant's phone

Interest Earned (Interest rates variable)

Card types
Mastercard debit bank card

Charges
No fees for maintaining the account 

Extras

• An app-based current account (no branches)
• Live chat, in-app, telephone and email support
• Payment notifications and spending insights
• Access to Spaces (virtual change jars)
• Withdraw up to £300 a day

Santander 1|2|3 Mini Current Account

The Santander 1|2|3 Mini Current Account helps young people learn to manage money. The account can be managed online or via the app.

Eligibility

• 11 to 17-year-olds
• For children under 13, the account must be opened in trust and managed by an adult.
• From 13 to 17, young people must open and manage a 1|2|3 Mini Current Account themselves. Applications can be made online or at a branch; proof of identification and address will be required.

Interest Earned (Interest rates variable)

Card types
Visa debit bank card or cash card (not available for accounts held in trust)

Charges
No fees for maintaining the account

Extra

• Access to online banking, telephone banking  and mobile banking
• Account alerts available

NatWest Adapt Account

With the NatWest Adapt Account, teens can manage their money online or using the mobile app. 16-year-olds and over can apply online. Interest is paid on balances and there is also a savings account called First Saver.

Eligibility

• 11 to 17-year-olds
• Children aged 11-15 must apply with a parent or guardian who is a current Natwest customer. The application can be online or at a branch. If at a branch, the parent or guardian must bring their own device.
• Teenagers aged 16 to 17 can open an account online or at a branch without a parent or guardian, except when proof of ID cannot be presented - the application must be made with a parent or guardian who is a Natwest customer.

Interest Earned (Interest rates variable)

Card types
MasterCard debit bank card

Charges
No fees for maintaining the account

Extras

• Access to a mobile app and online banking
• Setup Direct Debit and Standing Orders payments
• Access cash without a bank card at a branch
• Financial well-being through NatWest Thrive

NatWest also offers the Rooster prepaid debit card, which is designed to help children learn about money and give parents control over spending.

TSB Under 19’s

The TSB Under 19s bank account is designed to help teenagers become smarter about money by teaching them more about money management. An appointment is required to open a TSB Under 19 account.

Eligibility

• 11 to 17-year-olds
• Under-16s must be accompanied by a parent or guardian. Two forms of ID (e.g., a passport and birth certificate) are required. Additionally, the parent or guardian must have proof of identity and address.
• Teenagers over 16 years old do not have to be accompanied, but two forms of ID and proof of address are still required.

Interest Earned (Interest rates variable)

Card types
Visa debit bank card

Charges
No fees for maintaining the account

Extras

• Access to mobile and online banking
• AA discounts on driving include a £36 saving on AA driving lessons and £20 saving on the cost of Pass Plus
• Withdraw up to £500 a day
• High or low balance alerts

Halifax Expresscash Account

The Halifax Expresscash account is designed especially for young people. It offers a contactless Visa debit card, free 24-hour online banking, and a mobile banking app that allows your teen to manage and budget their money safely and securely.

Eligibility

• 11 to 17-year-olds
• Applications for children aged 11 to 12 must be completed at a branch, accompanied by a parent or guardian, and provide proof of identity and address for both the child and the parent or guardian. Applications for teenagers aged 13 to 14 can be started online or on the banking app but must be completed at a branch and accompanied by a parent or guardian. Proof of identity and proof of address for both will be required.
• Applications for teenagers aged 15 to 17 can be completed online, on the app, or at a branch. Proof of identity and proof of address is required. 15-year-olds must be accompanied by an adult when going to a branch.

Interest Earned (Interest rates variable)

Card types
Visa debit bank card

Charges
No fees for maintaining the account

Extras

• Access to telephone banking
• Track spending and save money with the mobile banking app 
• Withdraw up to £500 a day

Lloyds under 19's

Applying for a Lloyds Under 19's account requires applicants to choose a Lloyds Bank Visa debit card with contactless functionality for in-store and online usage or a Cashpoint card, which is only used for withdrawing money from ATMs.

Eligibility

• 11 to 17-year-olds
• Applications for children aged 11 to 12 must be completed at a branch, accompanied by a parent or guardian, and provide proof of identity and address for both the child and the parent or guardian. Applications for teenagers aged 13 to 14 can be started online or on the banking app but must be completed at a branch and accompanied by a parent or guardian. Proof of identity and proof of address for both will be required.
• Applications for teenagers aged 15 to 17 can be completed online, on the app, or at a branch. Proof of identity and proof of address is required. 15-year-olds must be accompanied by an adult when going to a branch.

Interest Earned (Interest rates variable)

Card types

• Visa debit bank card or,
• Cashpoint card (for withdrawals)

Charges
No fees for maintaining the account

Extras

• Access to a banking app and phone banking
• Text alerts when money is spent
• 16-year-olds and over get additional features, including Save the Change ® and the Money Manager, to help with savings and budgeting

Final thoughts

Finding the best bank account for your 16-year-old involves considering factors like interest rates, ease of account setup, accessibility and additional features tailored to young people. Each account we reviewed offers unique benefits to help teenagers manage their finances effectively.

The HSBC MyMoney account stands out for its easy setup process and pays interest, even for balances over £3,000. The Starling Teen Bank Account is great for tech-savvy teens with its app-based management and decent interest rates. The Santander 1|2|3 Mini Current Account provides account alerts and money management skills, but interest is paid for balances up to £2,000 only.

NatWest Adapt Account offers additional support through NatWest Thrive, focusing on financial well-being and paying interest on credit balances. The TSB Under 19’s account may be appealing for driving lessons discounts. Halifax Expresscash Account and Lloyds Under 19 provide comprehensive online and mobile banking features, but the interest rates are relatively low at 0.5%.

While teens over 16 can open their own bank accounts, it's worth spending some time explaining interest rates and extras so they can make the most of their money. Of course, you don't have to wait until they are 16 to help them decide what bank they should choose.

You can consider a bank account for your child too, or a prepaid card account for kids if you don't fancy a traditional bank account. However, the Financial Services Compensation Scheme does not cover prepaid card accounts.

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