Child's saving account - internet access

plumpmouse

Hello all

I am going to open regular savings accounts for my children to pay in a set amount a month - most probably with the Halifax from reading on here.

However my son is 7 and has sold a number of his toys on ebay. We have told him he can spend half of his earnings and save the other half. I also plan to start to give him pocket money, again half to spend and half to save.

What I would like is a seperate account to the one we will save for him in. I would also like him to be able to access the account online and learn about online banking.

So are there any children's savings accounts that allow a 7 year old online banking (under our supervision obviously)? Are there any that allow a cash card at this age also or do children have to be 11 + for that (again it would be under our supervision!)

Thanks

martinman3

It seems that a minimum of age 11 before a card is issued is normal.
see https://forums.moneysavingexpert.com/discussion/3016692
The minimum age for online access by the child themselves is 11 for Halifax and 16 for Natwest. However, I know that Natwest allow the adult trustee to access it online/by Iphone instead.

edinburgher

Sorry for the off-topic reply, but it's great to see someone encouraging entrepreneurial spirit at the age of 7! There certainly are some more involved/fun ways for teaching kids about money these days

plumpmouse

Thanks for replies

I thought he would probably be too young.

He is very sensible and mature for his age. He is always included in family desicisons. It's something we have always felt to be important.

He made about £120 on old toys before christmas (couldn't believe how much people paid for things!) and has only spent £1.99 on some Moshi bands. He's saving for a new Pokemon game.

He is really good and I just want him to start learning about money properly.

Thanks again

ultrawomble

plumpmouse wrote: »

He made about £120 on old toys before christmas (couldn't believe how much people paid for things!)

I take it he made back at least what you paid out for the stuff in the first place.......

plumpmouse

ultrawomble wrote: »

I take it he made back at least what you paid out for the stuff in the first place.......

He got more for a couple of toys that's the stupid thing!!!