But one thing savings accounts don’t do is give children experience of managing their own money.

That’s where current accounts designed specifically for young people come in.

A host of providers offer children’s current accounts and they work in the same way as adult accounts. The big difference is young people’s accounts don’t come with overdrafts, so there is no danger of kids racking up debt on games, music downloads or other purchases.

They also restrict how much money can be withdrawn from an ATM in one go.

There are currently 17 current accounts designed especially for under 19s on the market, according to financial information business Defaqto.

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Eleven of these entry level current accounts even pay interest of between 0.5% and 3% on balances up to £1,000.

All offer digital banking, either online or via a mobile device or smartphone.

And all but one of the accounts offer text messaging alerts so that young people know when their balance is running low.

Brian Brown, head of insight at Defaqto, said: “We have a responsibility to the adults of tomorrow by teaching the children of today about good money management and how to avoid running into debt.

“Opening a young persons’ current account is one safe and effective way of doing this, giving children the opportunity to stick to a budget and manage their own spending without the worry of overspending and racking up debts.”

Here’s a list of all young person current accounts:

Provider	Product	Headline Interest Rate (%)	Headline Interest Balance (1)	Min Age	Max Age	Max. ATM W/drawal	Contactless Payments	Text Alerts	Mobile Payments
B	B Current (16/17)	0.50%	£1	16	17	£500	Yes	Yes	Google, Apple
Bank of Scotland	Under 19s Account	0.50%	£1	11	18	£500	Yes	Yes	Google, Apple
Barclays	BarclayPlus	1.10%	£1,000	11	15	£300	Yes	Yes	Na
Danske Bank	Danske Discovery (11-17)	0.00%	na	11	17	£350	No	Yes	Apple, Samsung
Halifax	Expresscash	0.50%	£1	11	17	£500	Yes	Yes	Google, Apple
HSBC	MyAccount	0.00%	na	11	17	£100	Yes	Yes	Na
HSBC	Premier MyAccount Ex/C	0.00%	na	11	17	£100	Yes	Yes	Na
Lloyds Bank	Under 19s Account	0.50%	£1	11	18	£500	Yes	Yes	Google, Apple
Monzo	Current Account 16/17s	0.00%	na	16	17	£400	Yes	No	Google, Apple
Nationwide	FlexOne	1.00%	£1	11	17	£300	Yes	Yes	Na
NatWest	Natwest Adapt	1.00%	£1	11	18	£250	No	Yes	Na
Royal Bank of Scotland	Revolve	0.55%	£1	11	18	£300	No	Yes	Na
Santander	123 Mini Current Account	3.00%	£300	13	18	£300	Yes	Yes	Google, Apple, Samsung
Starling Bank	Current Account 16/17	0.50%	£1	16	17	£300	Yes	Yes	Google, Samsung
Co-operative Bank	Current Account (16/17)	0.00%	na	16	17	£250	No	Yes	Google, Apple, Samsung
TSB	Under 19s Account	2.50%	£1	11	18	£300	No	Yes	Google, Apple
Ulster Bank	Adapt Account 11-18	0.00%	na	11	18	£250	No	Yes	na

NOTES: (1) Headline Interest Balance is the minimum balance required to get the interest rate shown.