First current account if any for an 8 year old!

Cameron

This was suppose to be easy! I remember my first NSI account - trips to the post office to watch my money grow.....

Fast forward a few years.... trying to do the same for my 7 soon to be 8 year old daughter.

Picture the seen,
1) My daughter had done all here little task for the week, made here bed, cleared the table, tidied her room, not kicked of like a stroppy 15 year old, etc, etc,
2) I had just transferred her £3 pocket money from my account into hers.
3) She had found some music for her music devise and wanted to buy it.
4) Accepting she cannot have a debit or cash card she wants to withdraw some cash and buy an amazon voucher to buy her music.
5) Frustrated she turns to robbing the local post office using her brothers plastic gun!

I might just open an account in my/wife’s name and let her use it (don’t go being righteous and rant at me that this is not legal)

If anyone could suggest any other workable options I would be greatly appreciative.


Cameron

MonkeyMad

Not sure what the problem is - there are any number of accounts that you can open as nominee or trustee for your children?

ylesia

Halifax young saver comes with a cashcard for kids age 7 and over and pays 2% interest

BugsyBrowne

My 12 year old just got an account with Barclays which come with visa debit card.

Cameron

Oh - I may have been a bit quick to panic! I had read this https://forums.moneysavingexpert.com/discussion/3805565

The Halifax Young Save looks interesting but only a cash card. - however might be able to pay in and withdraw from the post office (which is local)

The Barclays is only for 11 year olds so thats 3 years off


Cheers

jonesMUFCforever

I don't think any bank will open a CURRENT account for an 8 year old.l

pqrdef

A prepaid card might be an option if you don't mind paying the charges.

[Deleted User]

prepaid card such as orange cash card I think would be a good idea

alanq

Radio 4's Money Box today mentioned PKTMNY a new prepayment card for use by children. An adult must open the account and take responsibility for it. Controls can be placed by the adult on transactions that are permitted.

Note £5 set-up fee and £1 monthly fee + others for certain services.

Definitely not a savings account as it costs money to operate but it would allow a young child to learn about money management.

http://www.pktmny.com/index.php/pktmny-home

reclusive46

vinh1000 wrote: »

prepaid card such as orange cash card I think would be a good idea

Minimum is 13 for a prepaid card if I recall correctly.

opinions4u

alanq wrote: »

Radio 4's Money Box today mentioned PKTMNY a new prepayment card for use by children. An adult must open the account and take responsibility for it. Controls can be placed by the adult on transactions that are permitted.

Note £5 set-up fee and £1 monthly fee + others for certain services.

Definitely not a savings account as it costs money to operate but it would allow a young child to learn about money management.

http://www.pktmny.com/index.php/pktmny-home

The first thing I taught my kids about money was not to pay or stuff I could get for less elsewhere!