Bank Account for 14 year old - please help!

karen_newcastle

I have decided to give my teenage daughter an allowance each month to help her learn about budgetting etc. To help her we want an account with a cash card so she can control her own spending.

But I've looked around the major banks to see who is offering the best incentive but none seem to offer anything? I would have thought they would either give you something to open an account or offer discounts etc.

Can anyone help?????

Kilty_2

Don't know of anywhere offering incentives but the best (facility wise) account available to people that age is the Bank of Scotland/Halifax Expresscash account. Debit card & Internet banking Poor interest rate though so not for saving large amounts.

Nationwide offer a good account paying somewhere around 5.2% interest, ATM card only.

sgx.saint

That's a very good idea Karen. I think what your doing will really help your daughter with money management skills and hopefully steer her clear of debt in the future

realaledrinker

The Co-op Bank Bonus Account might be worth a look. Pays 4.25% on balances up to £1000, 4.5% over plus they give an extra £10 a year interest if a min of £50 is kept in the account, so that would be 5.5% ish for an average balance of £1000.

There seem to be some 'educational gifts' available but I don't recall my son ever getting them!

The account has a Link card plus full Internet access where the account can be operated very much as a current account without cheque book or direct debits.

Paying cash in at a post office is easy and it is immediately available as cleared funds in the account. Cheques are a bit more of a pain as they have to go in a special envelope. This assumes you are not close to a Co-op bank branch.

Penny-Pincher!!

We looked around but nothing really on offer. DD is 12 and she opened a Barclays kids (age10+) and she got a visa electron card, so she can use the chip and pin or draw cash from the machine.

Excellent service with no problems-shes had for 6 months now.

HTH

PP
xx

dexters_mum_2

No-one seems to be offering deals to get young people to sign up for banking, I remember getting a £20 HMV voucher from Natwest, plus a load of vouchers for Pizza Hut!

Have you tried using a search engine like money supermarket for comparisons between young person accounts? Some accounts just offer a cashpoint card whereas some offer a Solo/Electron debit card, would this be important to your daughter?

Have a gander and let us know how you get on, I think it is a really good idea to get your daughter into the swing of things financially at an early age.

Icemoose

I recommend trying the First Reserve account at Natwest, it’s a savings account with access online but offers a solo debti card.

Being savings you can’t set up DD or pay in wages but to have this account and show she can conduct it well would be a great benefit in getting a proper account when she does need one for wages etc…

elisebutt65

I set my littlies both up with savings accounts at Abbey and when eldest turned 11 I set him up a card account so he gets the same rate of interest -I think it's 4.25

Can also access via internet and I transfer a fiver every week into it, if he's been good, direct from my account into his.

If he's not been good, then he gets deductions lol!!

dexters_mum_2

Icemoose wrote:

I recommend trying the First Reserve account at Natwest, it’s a savings account with access online but offers a solo debti card.

Being savings you can’t set up DD or pay in wages but to have this account and show she can conduct it well would be a great benefit in getting a proper account when she does need one for wages etc…

I get my wages paid in fine and have done for months, you just can't get DD's/SO's set up. Paying money in via BACS to a First Reserve is the same as any normal account, as long as you have the numbers right.

fmhm

Hi to the OP,

Just wanted to say well done, :T I think what you're doing for your daughter is a fab idea. My mum did the same with me, and I managed to get through Uni (living away from home) and still have a little left over to use after I got married!

Hope you're daughter turns into a millionnaire it'll be good for you too

ByeBye

Icemoose

dexters_mum wrote:

I get my wages paid in fine and have done for months, you just can't get DD's/SO's set up. Paying money in via BACS to a First Reserve is the same as any normal account, as long as you have the numbers right.

Oh I didn't know that, thanks for letting me know! I wish I known ages ago would have got my wages transferred! Been spending 10 months taking cash from Nationwide to pay into Natwest to pay the bills online! lol