Children's Current Accounts

missrtj

Hello

I was just wondering if anyone was aware of current accounts for children younger than 11. As my little boy, who is 5, is already talking about putting his birthday money in a bank account and then using it for different things & saving. However he already has a savings account, its a current account he needs. He definately doesn't need to wait till he's 11 years old to learn how to manage his money.

Thank you

reclusive46

missrtj wrote: »

Hello

I was just wondering if anyone was aware of current accounts for children younger than 11. As my little boy, who is 5, is already talking about putting his birthday money in a bank account and then using it for different things & saving. However he already has a savings account, its a current account he needs. He definately doesn't need to wait till he's 11 years old to learn how to manage his money.

Thank you

Sorry but the lowest age you can get a current account at is 11.

xylophone

Open another savings account which he can regard as his "easy access" account for short term needs? http://www.moneysupermarket.com/savings/search/results/?goal=SAV_CHILDRENS&wom=true

Archi_Bald

missrtj wrote: »

He definately doesn't need to wait till he's 11 years old to learn how to manage his money.

No but why does he need a current account to learn it?

jonesMUFCforever

The last thing a 5 year old needs is a card by which they can order online such as x box live or worse.
Time for more pro active parenting IMO.

opinions4u

I'm fairly sure Halifax Young Saver will issue very young people an ATM card.

But debit card? Noooooooooooo. Don't go near it yet.

innovate

Must be at least 7 for the Halifax ATM card.

I applaud when parents teach their children how to use money though I don't see why this would need a current account for a five year old.
It is probably a lot more important that kids see their parents manage the family finances.

opinions4u

innovate wrote: »

Must be at least 7 for the Halifax ATM card.

Thanks. Still feels way too low for me.

I applaud when parents teach their children how to use money though I don't see why this would need a current account for a five year old.
It is probably a lot more important that kids see their parents manage the family finances.

Couldn't agree more.

DigForVictory

Mine all have childrens accounts joint with me, no cards & we have a vigorous policy of in-house micro-lending which trumps anything the bank pays them & keeps me out of the overdraft. (Mostly.)
I reckon being pretty good but not saintly with money teaches my children more...!