Compare bank accounts for teenagers

A bank account for teenagers is not just a financial tool — it can also educate and shape their views on money before they are faced with adulthood. Here, we explore the features of this type of current account, how it compares to a prepaid card and how to make sure your teens' money stays protected.

Bank accounts for teenagers are current accounts specifically designed for 11 to 17-year-olds. 

Unlike children's bank accounts, which usually require an adult to open the account for the child, most banks allow teenagers to open their own accounts if they're at least 16 years old.  

Once you’re 18, you can switch to a standard bank account designed for adults. A teen bank account is a helpful stepping stone between a child's account and a teenager bank account because it offers a bit more freedom and helps to build confidence for managing an adult current account.

The main difference between standard accounts and teen accounts is that even the best teenager bank accounts don't offer overdrafts because you have to be at least 18 years old to be eligible to take out any form of credit. 

Opening a bank account introduces teenagers to the practical aspects of money management. It provides them with a platform to learn about income, expenses, and budgeting. And by making regular deposits, withdrawals, and tracking their account balance, they develop essential financial skills that will serve them well throughout their lives.

By experiencing first hand how their financial decisions impact their account balance, teenagers can make mistakes in a controlled environment. These learning opportunities can be invaluable as they prepare to handle more significant financial responsibilities, such as paying for university life or managing their own household.

Application processes vary slightly between banks but will broadly have the same steps and document requirements.

Teenagers who are 16 or older can open most accounts themselves. You can open some accounts yourself from the age of 13. You’ll need to:

• Apply online, providing proof of ID, such as a UK passport, and usually proof of address, such as a letter from your school or a bank statement from an existing account. You might be asked to provide evidence of your address for the last three years

• If your identity can’t be verified online, go into a branch with your identity and proof of address documents

• If you don’t have your own documents that can prove your identity, you may need to apply with a parent or guardian using theirs

Some accounts let you apply in a branch if you prefer. In some cases, you’ll still need to apply with a parent or guardian if you’re 16 or over.

If you’re under 16, you’ll usually need to apply with a parent or guardian in a branch or start the application online and then go to a branch with them. They may need to show their own proof of identity and address documents. With some banks, your parent or guardian will need to have a current account with them for you to apply for an account.