Childrens accounts

SamanthaA

I am looking for a suitable bank acoount for my DS, he will be 11 next year.

I am looking to put his pocket money into an account with a debit card, NO overdraft, NO standing Orders & NO Direct Debits.

I want him to understand that once its gone, its gone, as he is always borrowing next weeks money off his gran - even though I have asked her not too!

Any suggestions?

98jdougl

i dont think any account offers an 11 year old standing order, direct debit or overdraft facilities. Won't get a debit card at 11- don't you have to be 13 to get a solo one?

InDebted2U_2

My kids have Nationwide Smart Accounts, which offer a passbook to children aged 10 and under. Once they reach 11 they can have an ATM card instead. Can't say whether Nationwide is the best kids' account out there, but it works for us. No DDs, overdrafts, etc allowed on the account (it's a savings account), and once they reach 18 they can either convert it to an adult savings account or a Flexaccount (current account).

I look after my youngest's card and PIN (he is notoriously good at losing wallets, money, etc.). Since September, to encourage saving, he's had a 'pay rise' and we have an arrangement where I pay half of his pocket money straight into his account each week and he has the other half to spend (or waste!) as he likes. Seems to be working well. The rule is that he can't withdraw the money without good reason (eg. buying presents, getting something he really wants that he's saved up for) so it doesn't disappear on sweeties and junk. With the cashcard, it also has to be withdrawn in multiples of £10, so that stops him taking it out straightaway.

piglet39

Hi

My kids have bank accounts with Natwest. Debit cards (Solo) are given from 11 years upwards but no other facilities apart from a paying in book. It works for them and us and made the transition for my eldest to a student account for uni v straightforward.

HTH

Piglet

Miss_Piggy_2

Hi, my stepkids have accounts with HSBC. Debit card only. I don't think any childs acccount will offer overdrafts etc!

Miss P
x

Penny2myName

My daughter has a debit card with Halifax 'Visa Electron' its an Expresscash account. in other wards basic debit card I believe. She has never tried to use it on-line, so don't know how basic it is for sure. but she cant have overdraft facilities, and I don't think DD's or SO's would even cross her mind. Going to be opening one for my son soon too.

SamanthaA

Thanks for all suggestions.
My accounts are with NW, so I mainly wanted to see what else was out there, as I didn`t want to go with whats easiest and miss whats best.

Will be looking into these after Xmas and through Quidco.