Can you recommend a bank account for my 13 year old?

Loobysaver

I want to give my daughter some financial responsibility etc etc so thought it would be a good idea to open a current a/c for her and put her pocket money in there monthly.

I want her to have a cash card and was thinking that a debit card might be a good idea too so she can buy things online.

Can teenagers have debit cards and if so do you think this is a good idea?

Can anyone recommend a particular bank that offers this?

Lokolo

Have you tried looking on the major banks websites? All of them have some sort of teen account.

http://www.hsbc.co.uk/1/2/personal/current-accounts/under-18s
http://www.lloydstsb.com/current_accounts/Under_19s_account.asp
http://www.halifax.co.uk/bankaccounts/other-bank-accounts/expresscash/

opinions4u

Unless the amounts involved are large I'd suggest checking out the offering of the most convenient bank branch.

I'd also suggest opening a savings account too, so that she gets used to save some / spend some. Perhaps pay extras into this (rewards for school effort, extra jobs round the house etc).

Rule one: Always leave £20.01 in the account for crisis cash from an ATM.

Rule two: Always decide what you're going save before you spend.

Santander pay a decent rate with poor service reputation.

Lloyds pay decent rate.

Halifax can be linked to a savings account paying a decent rate and allows online access to those aged 11 and over.

Loobysaver

Thanks for the advice.

My daughter already has a savings account with nationwide with a passbook which I manage for her. I have told her she is not allowed to have that money until she leaves school.

We live in a town which has loads of banks in so it doesn't matter which one really. I was just hoping for some recommendations. I am looking at the links/info now.

Interesting that the halifax express cash ones say you can't use counter services for transactions under £300!

rb10

Loobysaver wrote: »

Interesting that the halifax express cash ones say you can't use counter services for transactions under £300!

That's because she can use the ATM for withdrawals, and they have Immediate Deposit Machines that she can pay in to (not like ATMs where you have the envelope, but it actually reads the cheque/cash and credits it instantly).

So she can still use the branch to pay in and withdraw whatever she likes.

opinions4u

Loobysaver wrote: »

My daughter already has a savings account with nationwide with a passbook which I manage for her. I have told her she is not allowed to have that money until she leaves school.

I had in mind shorter term uses for savings. Birthdays and Christmas presents. Family holiday spending money. The next generation of fruit branded itechnology. The outrageously priced branded trainers that she simply has to have.

Getting her to understand the sacrifices of saving, the time factor of saving and the reward of saving to get what you really want at the end of it.

coolesticeking

I would recommend the Lloyd's TSB Under 19's Account:
http://www.lloydstsb.com/current_accounts/under_19s_account.asp

Loobysaver

Thanks for all your advice. We went and opened an account with Lloyds TSB with a debit card.