We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Best current account for kids
jenniemiller177
Posts: 145 Forumite
What is the best account to set up for my son. He is only young but I want to teach him about saving his money. I want him to be able to take it out when he wants to buy things, but just to get the understanding on saving.
0
Comments
-
How old is the child - who is providing the money?
http://moneyfacts.co.uk/compare/savings/childrens-account/high-street/
http://www.hmrc.gov.uk/tdsi/children.htm0 -
Depends how old he is?jenniemiller177 wrote: »What is the best account to set up for my son. He is only young but I want to teach him about saving his money. I want him to be able to take it out when he wants to buy things, but just to get the understanding on saving.
There aren't many children accounts providing a cash card, and most of these are for (approx) 11 and over. As they get older there are more options. There are numerous savings accounts with passbooks etc if thats what you are after?
I looked in to a cash card account about a year ago (DD was 7 yo) and the only one I found that would allow her a cash card is the Halifax (from age 7). I've not opened one because with Halifax you need to make an appointment and go through their hoops to open the account.
I'd really like to do it so that my DD would be able to exercise her own right to spending her money - not all of it of course
She doesn't receive pocket money, as I feel that has an element of 'entitlement' to it but she earns money for doing things, from good behaviour, tidying her bedroom, etc, etc.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
He's only just coming up 7. I know its young but I just want him to have an appreciation of money. I remember my dad teaching me and going to the bank with my savings book. They were good as you could see the money going up (and down).
The money will just be bits and pieces from family. His great grandmother gives him £5 every time we go an see her and he gets other money from grandparents and for birthdays, xmas and easter that sort of thing.0 -
-
Thanks, that link in great.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards