Best bank accountfor a 10 year old?

hfdka

Any recommendations on the best account for a child? He has a savings account (which i need to move as the interes is rubbish) but i wanted him to start to learn a bit more about managing his own money, an accoun his pocket money could be paid ino and he could access is what im looking for, any recommendations please? tia.

grumbler

I think most banks offer some sort of a account for 11+. Don't know about 10 y.o.

Generally, you can open an account with a cash card on your name and give him your card .

grumbler

HSBC:
MyMoney -Straightforward banking for children aged 7 to 17 years

rb10

The HSBC account mentioned above doesn't give anything special, so not sure why it would suit anyone really!

Lloyds TSB are best for childrens' current accounts (once he is 11). He would get a Visa Debit card, so the ability to make purchases in shops and online, and gets 2.5% interest on balances in the account.
http://www.lloydstsb.co.uk/current_accounts/under_19s_account.asp

For savings accounts, Nationwide and Virgin Money (if you have a branch nearby) tend to be best.
http://www.nationwide.co.uk/savings/childrens/
http://bank.virginmoney.com/savings/find/Virgin_Young_Saver/overview/

grumbler

rb10 wrote: »

...not sure why it would suit anyone really!...

Anyone 7-10 y.o. maybe?

rb10

grumbler wrote: »

Anyone 7-10 y.o. maybe?

No - for under-11s it is simply a savings account.

There are much better savings accounts for 7-10 year olds elsewhere.

grumbler

I see. It's beyond me why they give a debit card to 11y.o., but can't give a cashcard to children under 11.

madgagoo

Halifax young saver offers a cashcard for under 11's.

Co-op bonus saver offers Internet banking but no card.

Haven't managed to find anywhere that offers both, apart from https://www.pktmny.com but their charges are off putting.

pacontracting

The actual mechanics of running a branded bank account are pointless IMHO for a 10 year old. Better to teach them how a bank account works. Start your own 'bank' and get them to give you money which you log on a spreadsheet. Give them a decent amount of interest and show them how it grows.

Create a separate savings account (tab on a spreadsheet) and show him how he can move money between them.

Print a 'statement' out each month showing added interest (and penalties if you are so inclined). You could even set up a 'loan' account so they could learn about borrowing money (and you could give them the cash they have deposited as a 'loan' showing what real banks do).

Doing it this way saves all the hassle of actually filling in forms, dealing with idiots, having to actual go to the bank etc and puts you in control.

When the child is older, then worry about the mechanics of an actual 'real' bank.