How do we rate kids’ bank accounts?
Your kids' bank account is often where your child starts their financial journey - here's how we decide our star ratings for them.
Getting your child set up with their first bank account can feel like a big decision. With the number of kids’ bank accounts available, it can be hard to decide which one to go for. Finder has analysed the features and fees of the main kids’ bank accounts, looking at extra features and how easy it is to apply for the account. These have fed into our Finder star ratings across our kids’ bank account content, including in tables and on provider reviews. Here’s how we came up with them.
What factors do we take into account to compare kids’ bank accounts?
1. Overseas fees. We look at if the account has a fee for ATM withdrawals abroad or making card payments while overseas, scoring those with no fees higher as it makes it easier for your child to stay on budget while travelling.
2. App rating. This is average rating that the app receives across the App Store and the Google Play Store.
3. App features. Nowadays, there’s usually a mobile app to accompany your child’s account. We look at whether the account had a specific app for your child, whether you have full visibility of their spending, whether you can freeze or unfreeze their card in the app and what alerts and notifications it has for spending and balances.
4. Account features. We look at what features the account has to offer. These are things like if there is a savings function within the account, can you use Apple Pay and Google Pay and what sort of limits there are on cash withdrawals.
5. Application process. The application for kids’ bank accounts is different to regular bank accounts. We looked at whether you would be required to go in branch, if the account needs a trustee and if a parent also needs an account with that bank in order to be eligible.
6. Extra features. Here, we look at any extra perks you might get with the account, such as interest on your balance, a reward point scheme or discounts on driving lessons.
7. Overall rating. We combine and average all of these different factor scores to arrive at an overall Finder rating on a scale of 1 to 5, which is rounded to the nearest half star.
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