Children’s bank account – BarclayPlus
What you get
An account with tools and features that let you start to manage your money your way.
Withdraw up to £50 a day from cash machines
Shop in store or online, and withdraw up to £300 a day from cash machines 1
How to apply
Banking terms explained
For parents, carers and guardians
- To apply for a Barclays Visa debit card, you'll need permission from your parent or guardian. If you're a parent, please note that if you give your child a gift of money that produces more than £100 of gross interest per year, the income will normally be taxed as yours. Most children don't pay tax on savings interest. If this is the case for you, ask for the R85 form at a branch when you open your BarclayPlus children's bank account or go to the HM Revenue and Customs site and then once we receive your completed form, we'll pay interest without deducting tax.
Interest is paid gross. Children are entitled to income tax allowances and the Personal Savings Allowance (PSA) in the same way as adults. If a child is liable to pay tax, any tax due on interest earned will need to be paid to the appropriate tax authority. For further information and guidance, please refer to HMRC’s website .
Please note: If a parent gifts money to a child that produces more than £100 gross interest in a tax year, the income is normally taxed as belonging to the adult.
Please click here for further information www.fscs.org.uk