Best a/c for children to USE (not best rates)

paltibine

My daughter has just turned 10 and has managed to save from pocket money and Christmas / birthday presents just over £100.

Can anyone suggest a good account available to children that she can operate herself (preferably with a cashcard).

Not necessarily looking for the best interest rate (although it would be nice) but just one that will be friendly, straightforward and allow here to put money in and take it out herself.

I would go straight to Nationwide but she already has a Smart2Save a/c in her name that we pay into regularly for when she goes to college or whatever and I've no intention of letting her loose on that one for some time yet! A different organisation would be preferable to ensure there is no confusion.

We are trying to encourage good financial habits and would like her to put the cash in an account mainly so she doesn't loose it. She does have a tendency to hide it somewhere different in her room every couple of weeks and sometimes can't remember where!

BTW I'm not really such a nubie but it's a long time since I posted and I couldn't remember my user name let alone my password!

martinman3

I have recently discovered from answering this recent thread
https://forums.moneysavingexpert.com/discussion/2998822
that for all the accounts I looked at the minimum age for a cashcard is 11.

For an account which is more practical for a young person regularly depositing cash, which need not be bagged up, you could consider the NatWest Young Saver account
http://www.natwest.com/personal/savings/g4/children/young-saver.ashx#tabs=section1
open in daughter's own name and if your branch has a coin deposit atm you can deposit coins, notes and cheques using a paying-in slip for the account. I believe withdrawals require a parent's signature and that this is common if aged under 11. At 11 they should be able to change to an Adapt account with a card.

HSBC have similar coin deposit machines in some branches though not sure if their child accounts can use them.

Otherwise you could choose an account at any other bank/bs but they will have rules concerning cash deposits and whether they need to be bagged or not.

gt94sss2

As martinman3 says, you only seem to get cards with accounts from 11+.

Given its for your daughter , I suggest the most important deciding factor until she reaches that age will be geography - i.e. is their a branch of the bank or building society near your home?

Some institutions may offer a free moneybox or other welcome gift - as you're in Cardiff have a look at http://www.principality.co.uk/default.aspx?page=286

Once she is 11, you can look into an account which issues a cashcard.

Another factor which may/may not be relevant then, (if less so now) is if they offer internet banking so you/she can see the balance online.. for instance, HSBC's account will from 11+ but Natwest don't allow those <16 to bank online.

Regards
Sunil

[Deleted User]

the best you prob can get are passbooks or cash withdrawal book

YORKSHIRELASS

Hi, Yorkshire Bank do a childs saving accounts where they can get a debit card from age 10 (Cybersave I think). Cant use online banking which is annoying but I get them to keep a spreadsheet to records ins and outs.

I think its a brilliant way of teaching them about money. My two get £3 each a fortnight paid in by SO for pocket money. This is theirs to spend as they choose. Interesting to see how differently how they each manage it.

paltibine

The Yorkshire Bank one looks good but no branches for miles. I like the idea of pocket money by standing order!

Other main option is the Principality who have lots of branches she could use close by but no cash card.

The cash card would probably result in her spending more as the money is more easily accessible but OTOH I don't want her to think that once she's put it in her account it's not accessible any more. She would probably be borrowing from us and saying I'll pay you back when I go to the Building Soc. while my main objective is to let her manage the money without our involvement.

I guess I will discuss with her and point out the pros and cons of each.....

I'll try and remember to post an update when we have a decision!

martinman3

YORKSHIRELASS wrote: »

Hi, Yorkshire Bank do a childs saving accounts where they can get a debit card from age 10 (Cybersave I think).

From experience the websites for Yorkshire/Clydesdale Bank have a tendency to be inaccurate.

Although one page of the YB website says a card from age 10
http://www.ybonline.co.uk/personal/savings/childrens-savings/cybersave/cybersave-personal-savings
another part says from age 13,
http://www.ybonline.co.uk/personal/savings/childrens-savings/
as do both of the corresponding pages from the Clydesdale website.
http://www.cbonline.co.uk/personal/savings/childrens-savings/cybersave/cybersave-personal-savings

I am guessing that it should say ATM card from 10, debit card from 13.

paltibine

The actual application form says age 10 for "dual function" card!

I'm not sure it will actually help us as the "online" application procedure consists of printing out the pdf application forms and taking them into "your nearest branch"!! Doesn't sound like an online application to me!

Since the nearest branch is about 400 miles away it may not be practical although my wife's parents live in a town with a branch so perhaps we could do it that way.

I've emailed them to ask if we can send form by post.

[Deleted User]

paltibine wrote: »

The actual application form says age 10 for "dual function" card!

I'm not sure it will actually help us as the "online" application procedure consists of printing out the pdf application forms and taking them into "your nearest branch"!! Doesn't sound like an online application to me!

Since the nearest branch is about 400 miles away it may not be practical although my wife's parents live in a town with a branch so perhaps we could do it that way.

I've emailed them to ask if we can send form by post.

they don't do by post unless you brag them to
its very hard to get it out of them tbh
yeah poss your wife's parents could do it if they had say your daughter's ID etc