Accounts For 11/12 year olds

iwantchocolate

Want to open an account for my son who will shortly be 12. We will put a monthly allowance in the account and he will use that money for his outings with friends, snacks, phone, etc, ie it will not be a savings account (although hopefully he'll be able to save a bit ). Any suggestions on best accounts with a debit card or something similar?

Tubbss

Hi

Look at the co-op bank's Bonus account. He will get a cash card and he will be set a daily limit on what he can withdraw. The account can be in his name but you would need to sign the application.

iwantchocolate

Thanks for that. Might look into that account although not near a Co-op branch.:(

MrTomato

If you're in London, Metro Bank has an account for 11+ year olds.

opinions4u

If a decent branch network is what matters, then one option would be Halifax Expresscash which also pays 1.51% AER in interest.

A Visa Electron card to pay for anything you need and withdraw cash.
Access to thousands of cash machines, for money in an instant. Use your card to withdraw up to £300 (there is an option to reduce this), get mini statements, check your balance and top up your mobile.
The reassurance that you can’t go overdrawn.
24-hour online banking.

Perhaps also worth setting up a separate savings account (e.g. Web Saver Extra) to encourage the saving habit from a young age - that only allows one withdrawal a year. Very easy to manage online alongside the Expresscash.

ses6jwg

Santander offer a Youth and Youth Plus account.

Debit or cash card

3% on balances up to £500 or 5% if you have your main current account or mortgage with Santander

laurel7172

My children have NatWest Adapt accounts.

Think the interest rate has just gone down again, though.

Be aware that your 11/12 year old will be able to use said debit card to shop on the internet and nobody will ask any questions. Age-restricted video games, for instance. Just be alert as to what's coming through the letterbox.

scott_lithgows

ses6jwg wrote: »

Santander offer a Youth and Youth Plus account.

Debit or cash card

3% on balances up to £500 or 5% if you have your main current account or mortgage with Santander

Child neglect :D

huw01

I always think with childrens / young peoples accounts that it is important to open one with a branch near you. It's so they get into the habit of paying in the branch early on. I think it's important for them as they can form a relationship with the bank and also a responsibility for money. Doing it all online wont give someone that sense of belonging which walking into a bank does.

young_money_saver

there are many banks with accounts suitable for a 11/12 year old like...
-lloyds tsb, under nineteens account, visa debit or cashcard
-natwest, adapt account, visa debit
-halifax, expresscash account, visa electron
-rbs, revolve account, visa debit
-hsbc, my account, visa debit or cashcard
and more like
barclays, yorkshire bank and co-op
but not to familiar with those.

there are also accounts with bs's like
nationwide and ybs which come with cashcards.