Account With Cash Card For 12 Year Old

MDUK

My son is washing cars at the weekends to save for things he wants. He has about £160 in his room - i would like to pay it into a bank account and access it when he needs it.

Does anyone know of a bank or building society that offers this - the BS's i have asked say have to be 14 to have debit or cash card (obviously i don't want him to have a credit card)

Thanks

fabwitch_2

Your son can open an Abbey national bank account from the age of 11. You get a cash card where you can pay money in and alaso take out from Link machines if you wish. Money can be aid in to the account like ordinary bank accounts but there are no overdraft facilities.

MDUK

That sounds perfect - only problem there isn't an Abbey nearby - plenty of link cash machines though. Do you know if he can he pay it on through another bank or BS?

newlywed

Co-op do one where as they get older they get more responsibility - at 11 they get a cash card to withdraw but are limited how much they can take out each day, the amount increases as they get older.

When they are old enough it apparently automatically transfers into a current account.

Gemmzie

NatWest will give him a Solo card at 13 - if he wants to spend in shops.

suffolkb

My daughters all had the Nationwide smart to save account. If you have internet banking, could your son give you the cash and you transfer a similar amount from your account to his?

Savvy_Sue

I thought the NatWest one was from 11 - I know my boys have had debit cards at that age!

Quackers

My 12yr old has a Halifax account.

She has a debit card so she can draw money out of cash machines & pay for purchases in stores.

Hapless_2

Just be aware that with debit cards, they can be used for online gambling when the internet is unsupervised. Gambling sites do not credit check.

techno_geek

Gambling sites don't accept Solo or Visa Electron cards surely?

Anyway, you might want to open your son two accounts - one with a mainstream high street bank with a debit card for spending, and a Nationwide Smart Account for savings at 5.52%(http://www.nationwide.co.uk/savings/under18/smart.htm).

If you open the bank account with the same bank you're with, you'll be able to instantly transfer money to your child (and vice-versa if necessary)

seaweasel

What's with this gambling paranoia thing? He's twelve, he can't get a credit or debit card. As mentioned, some banks will do a Solo or Electron card, and at least a card for taking cash out of LINK machines.