Best account for my son?

bigpat

Hi,

My son is 16 and has just started sixth-form college. He lives at home and has no bills or anything like that and he gets a small monthly benefit because of a disability. This was in his Mum's name until he turned 16 last year and he has admitted (after a big row!) that since he's had control of this, he's been frittering it away. He now actually WANTS us to take control of it again, as we can afford to save up part of it for his future.

His "current" (in the sense of "existing") account is with Nationwide and gives him a cash card, but he can't do any kind of online banking or use the card as a debit card. As he says himself, if he needs two quid, he has to take a fiver out of the machine and then he just ends up buying junk food with the rest.

The ideal account will have no minimum salary requirements, obviously, but we would like him to have a debit card. It should also have internet access because when his benefit comes he wants me to transfer it to another account and leave him with just an allowance. He won't need an overdraft, but his balance will always be small so I doubt if a fraction of a percent on the rate will matter much either way. Ease of use for us both is the key thing.

Is a "basic" bank account what he needs? I don't know much about them but I'd definitely want online access and a "proper" debit card.

Suggestions please!

Thank you

dr_adidas01

Natwest Step Account = online banking and visa debit card, though you can only use natwest or rbs cash machines.

Co-Operative cashminder account = visa debit online banking can use any cash machine. Online banking takes a few days to update balances.

Barclays Cash Card account = Visa Debit card you can use in any cash machine or cash card, internet banking.

reclusive46

If you want a decent interest rate you'll want the Lloyds TSB Under 19s account or Santander 16 to 18 account.

xylophone

Why doesn't he open a JISA with Halifax?
https://forums.moneysavingexpert.com/discussion/comment/52788721#Comment_52788721 post 9

art_for_arts_sake

Why move from the Nationwide? It's possible he has an older card without a chip for chip and pin purchases, or you may have requested, as we did originally, a card without instore facilities. A new FlexAccount, available from the age of 16, should offer a Visa Debit card which will meet his current needs, and their online banking makes it so easy to transfer money between their savings and current accounts. I'm a huge fan, and they did well in the recent MSE poll of customer's satisfaction with their banks.

dr_adidas01

xylophone wrote: »

Why doesn't he open a JISA with Halifax?
https://forums.moneysavingexpert.com/discussion/comment/52788721#Comment_52788721 post 9

How is he supposed to withdraw funds especially since the OP has stated the account must have Visa Debit card attached.???

Galeeno

and under 18s account would be good,

xylophone

How is he supposed to withdraw funds especially since the OP has stated the account must have Visa Debit card attached.???

He also wants to save

he's been frittering it away. He now actually WANTS us to take control of it again, as we can afford to save up part of it for his future.

He can have an account for daily needs with debit card but the JISA with Halifax offers an excellent rate and he cannot have access until he is 18.
See
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/ISAsandJuniorISAs/DG_199672

"Managing a Junior ISA
The Junior ISA will be in your child's name, but the person who opens the account is responsible for managing it. They are called the 'registered contact'.
The registered contact is the person who:
should keep all the paperwork
reports certain changes of circumstances - for example change of address
is the only one who can change the account or provider
You can change to a different type of Junior ISA or to a different provider at any time. You can also change the registered contact to someone else with parental responsibility at any time.
What happens when your child is 16 or 18
When your child is 16 they can become the registered contact and manage their own account if they want to.
When your child is 18 they can choose to take the money out of the Junior ISA or invest it in a different type of account. Otherwise the Junior ISA will automatically become an adult ISA."

bigpat

Thanks everyone for the suggestions. Some good ones there. I'm already helping him to open an ISA (he can have a "proper" one at 16) and we've gone for the Santander Direct ISA 10 at 3%, for the easy access. But he has agreed that his Mum and I will keep his card and manage it online. He says he doesn't even want to know the password - he knows he's been a silly boy over the past months!!!

I'll look into the various accounts suggested. Thanks again everyone.

carnellp

My son is 13 and we are thinking of opening a basic account for him. Are the accounts suggested here good for this age group too....