Best bank accounts for teenagers

Being a teenager is pretty hard nowadays because you’re expected to grow up quickly and get involved with your own finances at an early age. If you’re looking for the best bank accounts for teenagers, you’ve come to the right place because we’ve had a look at the top 5 banks for teenager account holders.
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Santander 123 Mini Current Account

This account is open to anyone aged between 11 and 18. You’ll get a Visa debit card and you can expect an interest rate of 3% AER. Santander provide a safe environment to learn how to manage your money, and they offer an overdraft that could be as much as £1,200.

NatWest Student Account

You’ll need to be 17 to be accepted for this card. It offers no interest on your money but you get a free 'Tastecard' when you register for Online Banking and paperless statements.

RBS Student Account

As with the NatWest account, you’ll need to be at least 17 to get this account. Headline interest is also 0% AER, and the RBS Student Account also offers a free 'Tastecard' when you register for an Online Banking account and accept paperless statements.

Bank of Ireland Student Account

Only 11 to 19 year olds are eligible for this account. You’re looking at an account that offers a headline interest rate of just 0.1% AER but you’ll be able to get a £1,200 overdraft.

Bank of Scotland Under 19s Account

As with the Irish bank’s account, the Bank of Scotland account is open to those aged 11 to 18. At 2.5% AER, the headline interest rate is higher though but you’re also looking at a £1,200 overdraft with this account.

Final word

If you’re not interested in taking out an account with any of these guys, you should check out a comparison site which will list each card and give you the current offers, interest rates and eligibility information.

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