Bank account for 14 yr old son

WelshSun

Hmmm, he needs to get some responsibility but £1400 in a Visa account is a hell of a risk.

I'd be tempted to keep £1000 in the ISA and then put the £400 in the Visa card, and supervise his use.
He will keep the higher interest rate and could eventually have more money put in if required.

pmduk

innovate wrote: »

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?

They start with a smaller amount with the rest of the savings siphoned in as and if necessary. I'd start with the regular allowance in the debit card account with additional monies transferred in after discussion. If the whole allowance is blown immediately it's no great loss and an excellent lesson.

poppycat50

WelshSun wrote: »

Hmmm, he needs to get some responsibility but £1400 in a Visa account is a hell of a risk.

I'd be tempted to keep £1000 in the ISA and then put the £400 in the Visa card, and supervise his use.
He will keep the higher interest rate and could eventually have more money put in if required.

I agree with WelshSun, I did this for my son two years took out a halifax atm cashcard (£400.00) and an Isa (1000.00) for him, this has worked out really well, he is now in work and puts his wages into his current account with a standing order that goes to his isa for his savings. The bank will not let him go overdrawn until he is 18. but he knows, once its gone its gone!!

gt94sss2

Whichever bank account you choose - I suggest you ensure that internet banking as well.

Several of the big names have odd rules which means they won't offer 14 year olds internet banking..

Regards
Sunil