Child cardcash account?

MysticMoon

My son is only 6 years old (7 in July) but is already very money minded and chooses to sell his old toys, do odd jobs for extra money etc.

He is very well organised with his money and has an account with halifax that has a passbook to keep the money that he wants to save in (he's saving for an Audi :rotfl:), he has an envelope in the house for the money he wants to give to whatever charity he picks as the favorite for the month and he has recently opened an account with copperpot to have his spends paid into and for him to use to keep his spending money for holidays, toys and more recently he has been choosing to buy his own clothes (I sound like a horrid Mum but I promise he has never gone short of anything so it's not like he doesn't have things if he didn't do it himself but honest to goodness he has chosen to do it all himself, I still buy his essential clothes and all underwear but he would rather have a little allowance to choose his own clothes!!).

The problem is that his copperpot account can only have money withdrawn to a bank account or paid in through a bank account which is becoming messy to put through my own account as I am hopeless with money and it's tricky keeping up with what is going in and out.

I wanted a card account for him so that he can pay his own money into copperpot, access it when he needs to without faffing having to go into branch especially because when he is selling things he is ending up keeping cash in the house before we get chance to pay it in or the money is landing in my paypal account if he wants it sold on ebay. Also it would be lovely if he could get his own money when he needs it as sometimes he will see something he wants and I simply don't have the money to lend him until he can get his own out. Unfortunately I went to Santander and Halifax and neither do an account with a card for a child this young even if I am a trustee.

Does anyone have any ideas or know or any banks that offer child card account for a 6 year old? And please don't think I've made life hard for my son, I've done everything I can to get him to spend!! He is just soooo careful about anything that goes out, even at school when they did a charity toy sale, all the kids were told to bring a pound to school to choose a toy, I gave him the pound but at the end of the day the teacher came to me to give me back 50p because she said he refused to spend it, he wanted to spend half and save half for his money box! I was mortified, teacher thought it was brill, he was adament it was going in his money box!! He was a couple of months away from turning 5 at the time. :embarassed:

Carl31

Last time i looked into it, which was a few months ago, the lowest age for a cash card account i could find was for 11, which is fine as my daughter is coming up that

Isnt this a little ott for a 6 year old though?

opinions4u

For reasons known only to themselves Halifax do a savings account that gives an ATM card to 7 year olds.

http://www.halifax.co.uk/savings/accounts/branch-accounts/#youngsaver

MysticMoon

Carl31 wrote: »

Isnt this a little ott for a 6 year old though?

Not really, short of telling him he can't save, spend or choose there isn't a lot I can do to discourage him that I haven't already. He has lots of health problems and some sort of sensory disorder too so he has recently been seeing a psychologist who recommended that whilst my son is naturally choosing to organise his money this way then it would be good to facilitate it, he felt it was useful for any child that showed an interest to be able to manage it himself whilst it stayed in sensible bounds, which is has. Nobody pressurises him to save or give, it's just something he has wanted to do himself, he doesn't want to sell toys he uses and he isn't pestering for jobs to get more. I just need a way to separate it all from my own finances.

MysticMoon

Yay, thank you opinions4u! Halifax said they don't have one but I guess was based on him being 6, will hold out a couple more months, thanks

xylophone

You might need to be careful about record keeping. http://www.hmrc.gov.uk/tdsi/children.htm

MysticMoon

xylophone wrote: »

You might need to be careful about record keeping.

Thank you, I'm self employed so checked out all the tax requirements of James' money at the tax office last year, but it is one of the reasons I'm happy for his finances to be totally separate from my own.

pmduk

Is he available for Osbournes job? It's about time we had someone who knows what they're doing!

opinions4u

sofa_surfer wrote: »

I personally like this link a lot better; I don't think there is anything like it on the market

The 0.25% interest rate isn't exactly gripping.

sofa_surfer

opinions4u wrote: »

The 0.25% interest rate isn't exactly gripping.

Agreed : if you are after gripping stuff, you would be better looking elsewhere; but the yearly bonus should raise the 0.25% up a bit, and what I really like is how the daily withdrawal limit starts at £10 at age 11 and then increases by £10 with each year - until age 15.