The spending account works just like a current account, with a contactless Visa debit card to use in shops, online and at cash machines. The saving account gives instant access savings, helping kids to get into the habit of saving regularly towards long term goals and items they want.

The account also benefits from features such as Lloyds Bank’s Save the Change, which rounds up spending to the nearest pound and puts the ‘change’ in the savings account.

The bank has also created a number of Smart Start Guides, which help children get the most out of the account, while also covering key areas of good money management such as card controls, staying safe on social media and making payments.

Parents get oversight of all spending and savings via their online banking login.

Emma Abrahams, head of savings at Lloyds Bank, said: “We know it’s a real balance for parents whose kids are ready for more financial independence to not feel like they’re taking the stabilisers off too soon. Smart Start gives children the ability to manage their money and prioritise how they spend and what they save for, while giving parents the visibility and oversight to help them if needed."