Child/Teenager bank account

busiscoming2

My 15yo has just opened one with Lloydstsb. We chose them as they offered the best interest rate on the balance, currently 2.5%.

He can't go overdrawn either.

samwsmith1

blueberrypie wrote: »

They do. Halifax does, for example (and I assume LTSB too).

According to this post on here:

chaotic_j wrote: »

I did consider that I'm the trustee and so perhaps it won't let me view the account.. I even tried to register my son for Online Banking but.. "d'oh" the minimum age is 16 and so it isn't possible.

Halifax's minimum age is 16, so the OPs son who is 14 wouldn't be able to use it.

blueberrypie

samwsmith1 wrote: »

According to this post on here:

Halifax's minimum age is 16, so the OPs son who is 14 wouldn't be able to use it.

Interesting. I just went to check the Halifax site, and it does indeed say that the account for 11-15s doesn't have on-line banking - yet two of my children (11 and 14) have this account, and both have on-line banking, complete with the ability to make transfers between accounts and to other people, set up standing orders, etc.

opinions4u

blueberrypie wrote: »

Interesting. I just went to check the Halifax site, and it does indeed say that the account for 11-15s doesn't have on-line banking - yet two of my children (11 and 14) have this account, and both have on-line banking, complete with the ability to make transfers between accounts and to other people, set up standing orders, etc.

Those under 16s registered online prior to 12th September 2011 retained it.

The Lloyds TSB restriction for online customers - min age 16 - applies to all online registrations after this date.

PaulJM

Thanks all,

Appreciate the time advice here.
It looks like they all offer much of a muchness. I'll get him down the bank next Sat - you can't sign up for any of them online (prob some kind of rules)

Going into a bank though...in a town centre...on a Saturday morning... <shivers>

pinkdalek

opinions4u wrote: »

Those under 16s registered online prior to 12th September 2011 retained it.

The Lloyds TSB restriction for online customers - min age 16 - applies to all online registrations after this date.

Yes this is correct, hopefully they will change and allow under 16s to use online banking. If anything this age range are more likely to use it and use it throughout their adulthood.

blueberrypie

pinkdalek wrote: »

Yes this is correct, hopefully they will change and allow under 16s to use online banking. If anything this age range are more likely to use it and use it throughout their adulthood.

Agreed. It was one of the required criteria when my children chose their accounts. It was one of the required criteria for my eldest child too, who has since opened a savings account and an ISA with Halifax - all of which would have gone elsewhere if no on-line banking was available. The child who will be looking for a debit card account next year won't be opening it with Halifax unless the on-line banking facility is reinstated.

It's a requirement for the sake of convenience, but it also allows me to keep an eye on their accounts.