The journey toward financial independence often begins with obtaining their first debit card. This pivotal step allows kids to manage their money more independently and gain valuable financial skills.

Age Requirements:

In the UK, the minimum age to open a current account and get a debit card varies depending on the bank or building society. Generally, most banks require applicants to be at least 16 years old to open a current account and have a debit card linked to it, by themselves

For under 16s who wish to have a debit card, options are available through specific accounts designed for young people. These accounts often come with parental involvement and certain limitations to ensure responsible use.

Parental Consent:

For under 18s, parental consent is typically required to open a bank account and obtain a debit card. Parents or guardians may need to accompany their child to the bank and provide identification and proof of address. In some cases, parents may also need to sign forms or provide written consent for their child to have a debit card.

Young Person's Accounts:

Many banks in the UK offer specialised current accounts tailored to young people between the ages of 11 and 18. These accounts often come with features such as a debit card, online banking access, and mobile banking apps.

Parents can get their child set up with prepaid debit cards from the age of 6. A prepaid debit card is a type of debit card that is preloaded with money in advance. You can use the card to make purchases anywhere that accepts debit cards, but you can only spend the money that is loaded on the card. They act as a great way to introduce kids to the idea of managing their finances digitally in a world that is increasingly using contactless.

With these accounts, parents or guardians usually have oversight and control, allowing them to monitor transactions and set limits on spending. A bex account is a prepaid debit card, we allow parents to set chores/tasks, monitor spending, freeze the card, set pocket money and more. This setup provides a safe and supportive environment for young individuals to learn about financial management while still under parental guidance.

Financial Education:

Obtaining a debit card is not just about gaining access to money; it's also an opportunity to learn valuable financial skills. Parents, schools, and financial institutions all play a role in educating young people about budgeting, saving, and responsible spending.

Encouraging open conversations about money management and providing practical guidance can empower young individuals to make informed financial decisions both now and in the future.

It's never too early to start learning about financial responsibility. With parental support and access to appropriate financial tools, young people can begin their journey toward financial independence with confidence.