Children’s bank accounts help young people learn how to manage money, save regularly and use a debit card responsibly. At Good Money Guide, we currently rank Nationwide FlexOne as the best bank account for children because it has no monthly fees, offers a debit card and provides useful money management features for younger customers.
No time like the present to open a child’s bank account
Now you have a solid understanding of children’s bank accounts of both the current and savings variety it’s time to seize the moment and open one. The sooner you can introduce your child to the world of money management and being responsible financially, the better.
Also, don’t forget that if you are in the banking mood, you can earn money by switching bank accounts and taking advantage of their new customer welcome offers.
Compare Alternative UK Bank Accounts For Children
Didn’t find what you are looking for? Compare the best bank accounts in the UK here.
| Name | Logo | Interest Rate | Switching Offer | GMG Rating | Customer Reviews | CTA | Feature | Expand |
|---|---|---|---|---|---|---|---|---|
 | Interest Rate 4.5% | Switching Offer £0 | GMG Rating | Customer Reviews | Added value:
| Revolut will give you a boosted savings rate of 4.50% AER (variable) if you open an Instant Access Savings account before 22 January 2026. No withdrawal fees. No minimums. Revolut Expert Review & Rating: Updated 25/06/2026 Is Revolut good for investing? Revolut is a good choice for investors that want to buy and sell major shares and cryptocurrencies. No funds, or smaller cap stocks, but a good entry-level account for most investors. One of the most commonly asked questions about new banks and fintech is if they are a safe place to keep your money. The answer is generally, yes, if they are regulated by the FCA as funds are protected by the FSCS up to £85,000. But, Revolut, is regulated as an e-money institution and not as a bank so you do not get the FSCS protection. Revolut says that if they were to go bust, client funds would be paid out of a “safeguarding” account which is a type of ringfenced account where client funds are held. When funds are in this type of account, Revolut cannot (in theory, at least) lend them out or use them to run the business. This is how banks traditionally made money, they pay you a smaller amount of interest than they receive on the money they lend out and make a profit from the difference (among other things). For small money transfers, Revolut is safe enough, but as with all currency conversions if you are sending over £10,000 abroad you should be using a currency broker. You’ll get much better rates, more control over when you buy and sell, help with all the AML (anti-money laundering) issues that may come up, and the ability to lock in the currency exchange rate for up to a year in advance (if you think it will move against you).
Pros
Cons
Overall4.7 |
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.