Bank account for 14 yr old son

sean_james

My son's cash (approx. £1400) is currently invested in an NS&I savings account. He wants it in an account with either ATM card/debit card and an interest rate which isn't too bad (they all seem really low)
Can anyone suggest an account which would be good for him?
I did have a look at the Bank of Scotland Young Saver but I don't think it comes with an ATM card.

Many Thanks in Advance

MoneySaverLog

Lloyds TSB have better rate for their bank account for under 19's details here http://www.lloydstsb.com/current_accounts/under_19s_account.asp

opinions4u

MoneySaverLog wrote: »

Lloyds TSB have better rate for their bank account for under 19's details here http://www.lloydstsb.com/current_accounts/under_19s_account.asp

Bank of Scotland mirror the Lloyds TSB account.

2.5%.

http://www.bankofscotland.co.uk/bankaccounts/other/under-19/

Macca83_2

Just a cautionary note. Do you want to put 1400 into an account that is easily accessible with an atm card?

Plxply

Macca83 wrote: »

Just a cautionary note. Do you want to put 1400 into an account that is easily accessible with an atm card?

What I did was hold two accounts, one was my spending account the other with savings. I believe HSBC automatically gives you a savings account but it's a terrible rate. It would probably be best to keep the money in the savings account and transfer it out as he needs it to the current account.

jimjames

Natwest have an account with cash card that can be opened by anyone from age 11.

laurel7172

Does he want a debit card or an atm card? And more importantly, what do you want him to have?

With a pure atm card, he can draw out cash and take it into shops to spend. The Natwest card (and others like it) is a debit card that he can use to spend with online. He will be able, for instance, to buy 18-rated video games. It's also quite easy to lose track of your spending on something like iTunes. Personally, I would not put £1400 in a debit card account.

However, and this is probably the same for any similar card, but though I don't bank with Natwest, money I transfer to my children's Natwest card accounts arrives in seconds. At an age when they're beginning to be more independent, it's good to know that my reach in an emergency is just that little bit longer.

Lith

A 14yr old with £1400 and you want him to have an account with a debit card? LOL

this 14yr old must be having a right laugh at you,

(unless he's a good boy/girl) - no matter how young they are wouldn't trust them to have access to £1400.

pmduk

He might be trustworthy now at 14, but you don't know what he'll be like at the age of 16! I'm afraid it sounds like a nightmare waiting to happen .

Plxply

I think you might be slightly pessimistic, he's going to be 18 in 4 years and he will need to know how to manage his money by then. If you want you can monitor his account, it's best he makes a mistake when it won't have large consequences. You don't need to transfer it all, maybe a certain amount until you fully trust him with large amounts.

innovate

pmduk wrote: »

He might be trustworthy now at 14, but you don't know what he'll be like at the age of 16! I'm afraid it sounds like a nightmare waiting to happen .

How would you suggest kids are supposed to learn the responsible use of debit cards and banks accounts if they aren't given the opportunity to practice, with their parents' supervision?