I understand how important it is to talk money with children. The benefits of introducing them early on can pay dividends later down the line.  

Recently, I undertook some research to find what was the best account for my daughter. I found this really helpful website page on Martin Lewis' website.  

It explained everything to me in a very simple format with a good comparison chart for pre-paid cards/bank accounts. 

I used this link to decide which account was right for my family. I opted for the bank account as it was fee-free. Since opening the account, it has improved how she uses her money. She has an awareness and understanding of how to save up when she really wants to buy something.

It’s also made her aware of the responsibility of doing her chores to obtain pocket money to give her financial independence (to a point). 

In my opinion, every child should have a bank account and learn about the importance of budgeting and saving to stand them in good stead in life. It teaches children to respect money from a young age and appreciate the value of everyday items.