Under 16s and internet banking

whitewing

I am currently with Lloyds and have internet access to my personal and business accts. I have subscribed to their SAVE THE CHANGES schemes with the STC funds being transferred into my son's acct. He is 10 years old. I would like him to see his savings growing (he pays pocket money from granny in too), but he is under 16 and not allowed to have online access himself. I emailed Lloyds and have just been told "Due to the Data Protection Act it is not possible for you to view your sons account online. Once he is 16 he will be able to register for Internet Banking in his own name". (I know I could probably get him a better acct anyway but one small step at a time as I'm new to all this)

Is this just a Lloyds policy or are there banking rules that prohibit under 16s in general from doing banking stuff online? It would be good to start teaching him about handling his finance really well.

BruceyBonus

I've used HSBC online since I was 15, however I believe they don't have a minimum age. It must be a rule set by Lloyds.

When I was younger, I had a Nationwide Smart Account with passbook. Perhaps have your STC paid into your current account, then move it over (manually or by Standing Order) to an account like this. You'll probably also get a better rate of interest on his money.

Helix

I had Online Banking with the Halifax when I was 14. Then when I was 15 I switched to Natwest who didn't let you have online banking until you were 16 so I had to wait a few months so it is entirely based on what the bank decide to offer.