Account where daughter can deposit funds at post office

broadpaws

Hello all,

My daughter who is 10 has a post office account (with a pass book) and have been getting her pocket money and has enjoyed physically taking her money to the post office and paying it in. Today they have written and you now will not be able to deposit at a PO only send a cheque or an electronic transfer.

We lived in a rural location with no banks particulary close by, would anyone know an account that she would still be able to pay in at the local post office, I tried the cooperative bank today, but she is too young for a basic bank account with a card as it has a chip in it, and their childrens accounts wil not allow cash deposit at PO.

Does anyone know if any of the otehr po linked banks might have something?
Thank you

agrinnall

There is a list of the accounts that can accept deposits via the Post Office here http://www.postoffice.co.uk/counter-services/counter-money-services/using-your-bank-account/which-bank-accounts

Which of those would be suitable for your daughter I don't know, I'm afraid you'll have to do your own research for that (unless someone else can suggest one).

alanq

I wasn't aware that Post Office accounts came with a passbook. Are you referring to a National Savings & Investments account accessed via the Post Office?

The Post Office Instant Saver comes with an ATM card and requires £500 minimum balance. A bit rich for a pocket money account.

As far as I know the only other banks' accounts accessible at the PO are current accounts (basic or full banking accounts).

broadpaws

HI alanq,

Sorry you are right it is an NSI account with passbook, seems crazy that there is no account that an under 11 can actually pay money into at a post office, I was sure there must be one, saving is such an important skill to learn, and due to our location, the post office works really well for her to be able to do this.

heather_helo

not sure, but dont alliance and Leicester have the facility to bank at post offices? not sure if they have a children a/c though x

martinman3

:idea:There is a slim possibility that you daughter could use a PayPoint card to save money with a local Credit Union.
http://www.paypoint.co.uk/credit%20unions.aspx#
It would depend on the Credit Union, there may be a minimum deposit and the interest if any would be low.
http://www.findyourcreditunion.co.uk/home

It may be easier to open a standard childs account such as the Northern Rock Little Rock account which pays 3%.
http://www.northernrock.co.uk/savings/find/savings-accounts/Little_Rock_Access_Account_Issue_2/

Your daughter would give you her money and you would make a BACS/FP transfer to her account from yours.

calypso_rhapsody

If you have an account that can be paid into at the post office you could perhaps get your daughter to pay into that (so preserving the visit to the post office to save which i guess is an important part of the lesson) and you could transfer to her account. Then when she's 11 she can open an account which allows her to pay direct into her account?

Stuart_W

I think the withdrawal of passbooks for children's accounts is a real shame. I remember saving up with my National Savings passbook and seeing the balance increase - simple and straight forward.

A child from the age of 7 can have a Co-op Bank Bonus account in their own right, but can only actually pay in at the post office from age 11 once they've got their cashcard which works as a deposit card too. Not too long to wait, I suppose.

What area of the country do you live in? There could be a credit union that operates a paypoint cash deposit account - is there a local paypoint agent that is as convenient as the post office? My credit union allows deposits by paypoint and withdrawals can be made by requesting a cheque through the post that can be cashed at a named post office.