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Account fee. There’s no monthly fee to maintain the account. The Fee Information Document (PDF - 114 KB) details the main fees and charges on this account. For further explanation of our main terms and services take a look at our Glossary Overdraft. There’s no overdraft facility available with this account.
- 1I2I3 Mini Current Account
Mini Current Account if for different children. 2. Joint...
- 1I2I3 Current Account
card or amounts transferred into the account from another...
- 1I2I3 Mini Current Account
Mini Current Account if for different children. 2. Joint account This account cannot be held with anyone else (please see 1. Eligibility for details about accounts held by a trustee). 3. Maintaining the account There is no monthly fee for maintaining the account. 4. Monthly funding requirements
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card or amounts transferred into the account from another Santander account in your name (including any joint accounts). Transfers in from a Santander Business Account do count towards the minimum £500 payment. Please keep for future reference Talk to us in branch santander.co.uk Call us on 0800 9 123 123 Page 1 of 9 &5 B+ B3 QXOO 6DQWDQGHU
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- What Type of Child Accounts Does Santander offer?
- How to Open A Child Account with Santander
- How Much Does Opening The Santander 123 Mini Account Cost?
- Is Opening A Child Account with Santander Safe?
- Customer Service Information For Santander
- Our Verdict: Is The Santander 123 Mini Account Any good?
- Frequently Asked Questions
For a big, traditional bank, Santander’s range of accounts for kids really isn’t huge. There’s practically nothing in terms of savings accounts, except for a junior ISA. Junior ISAs allow you to earn interest tax-free, but they’re only suitable if you’re looking to stash away money on your child’s behalf as they won’t be able to access this money u...
The 123 Mini Current Account can be opened online by a young person aged 13-17, or they can open it in branch if they prefer. If you are a parent looking to open an account in trust for a younger child instead, you will need to visit a branch. Santander’s junior ISA can also only be opened in person (and no withdrawals or closures are allowed until...
It’s free. The current account has no monthly fee and there are no charges for cash withdrawals or card payments either. The only thing you really need to worry about is the foreign transaction fee. If your child uses the card on a trip abroad, expect them to be charged a fee of 2.95% for every transaction or cash withdrawal. There is an exception ...
Santander is a fully licensed bank, meaning it’s regulated by the Financial Conduct Authority (FCA) and deposits of up to £85,000 are protected by the Financial Services Compensation Scheme (FSCS). Overdrafts are not available on children’s accounts, so there’s no need to worry about your child going into debt. For 123 Mini Current Accounts that ar...
Alternatives to children’s bank accounts
If a child’s bank account does not sound like the right choice, then there are other options available. 1. Prepaid cards As a parent you can purchase a prepaid card for your child. These are aimed for children aged 6 to 18. Parents can top up their child’s balance via an app and control where they shop, and also can teach them about good money habits. Learn more about children’s prepaid cards
There are a lot of plus points for the Santander 123 Mini current account. For a start, your child can earn a decent rate of interest on their balance – and the more they keep in their account, the more they’ll earn (up to a limit). Secondly, if the account is not held in trust, you’ll get a choice of a cash card or a debit card so you can decide w...
Yes, you can. Santander’s current accounts for children have to be opened in trust by an adult if the child is under 13, but once they turn 11, they can be handed over. If your kid is 11 or 12 when...The Santander 123 Mini current account can be opened for any child. If they are under 13, it will need to be opened in trust by an adult; if they are older, they will be able to open it themselves....Jun 20, 2023 · But once you factor in the £3 a month fee, it leaves customers with a potential to earn up to £361.20 in the first year. As such, the Edge Up account allows you to earn more, but requires £1,500 a month to be paid in, compared to its earlier Edge account which requires just £500. Meanwhile its off-sale 1|2|3 Lite current account charges £2 ...
Sep 27, 2022 · 123 student current account: Designed for UK students, this account pays a variable rate of interest on balances a certain threshold, and comes with a fee-free overdraft facility and a free student railcard. There’s no monthly fee. 123 mini current account: This account is aimed at children, paying a variable rate of interest on balances up ...
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Jan 14, 2021 · The rate on the 123 current account will drop from 0.6% to 0.3% for new and existing customers from 12 April, while the monthly fee to hold the account will also fall from the same date for new and existing customers from £5/month to £4/month. However, the reduction of the monthly fee only amounts to a 20% cut, compared to a 50% drop in the ...
