Bank accounts and teenagers

bbobbo

Hi All,

I've been looking around for a bank account for my teenage daughter and am a little stuck. I'd like her to be able to access the money with a basic account card but have the following requirements:

1) no overdraft or ability to go overdrawn whatsoever
2) no access to internet banking

Can anyone recommend a basic account which meets my requirements?

TIA

CKhalvashi

Any basic account will do this, with internet banking not registered for.

Is she over 18? If not, then she will not have access to credit.

CK

grumbler

CKhalvashi wrote: »

Any basic account will do this, with internet banking not registered for.

Is she over 18? If not, then she will not have access to credit.

CK

Well, for example, Halifax offer Cardcash account for 16-17. It doesn't have overdraft option, but does have "Unplanned overdraft rate" that implies that it is possible to get overdrawn.
http://www.halifax.co.uk/bankaccounts/pdf/cardcash-expresscash-guide.pdf
pages 4, 32

CKhalvashi

grumbler wrote: »

Well, for example, Halifax offer Cardcash account for 16-17. It doesn't have overdraft option, but does have "Unplanned overdraft rate" that implies that it is possible to get overdrawn.
http://www.halifax.co.uk/bankaccounts/pdf/cardcash-expresscash-guide.pdf
pages 4, 32

However it's very unlikely the bank could do this, and more unlikely they'd have recourse through the courts if it did happen.

CK

GingerFurball_2

bbobbo wrote: »

Hi All,

I've been looking around for a bank account for my teenage daughter and am a little stuck. I'd like her to be able to access the money with a basic account card but have the following requirements:

1) no overdraft or ability to go overdrawn whatsoever
2) no access to internet banking

Can anyone recommend a basic account which meets my requirements?

TIA

1 is impossible to do, 2 is not up to you to decide.

mwarby

A basic bank account with an online card (I think they all are on a basic account) makes it pretty difficult to go overdrawn, the problem comes with some shops who don't authorize at the time (I've heard co-op are bad for this).

Direct debits are also a risk, as although they will get declined if there's not enough money, the bank may charge for declining

With this in mind maybe it's better going for a cash card only account and setting a no direct debits rule.

Personally I'd encourage online banking to allow her to track her money (one day she'll get an account where she will get charged is she trie to spend more than she has), I dare say anything that she could do online she could do in branch or at a cashpoint. You obviously have our reasons though

Martin

pmduk

I'd certainly agree with the comment above about internet banking. The earlier people learn to keep track of their money the better in my opinion.

GingerFurball_2

Yep. Not wanting to take advantage of internet banking is bizarre in my opinion.

Besides, if your daughter is old enough to do so then she can use her bank's internet banking whether you want her to or not.

mwarby

Basically bank would give her any account and facilities that she asks for, the key point from thier POV is that she is the customer and account holder not the parent.

One thing the OP could do is open a bank account in his name, and give her the details she needs(say the card and pin), that way she can't sign in to internet banking (the parent can to monitor). If a basic bank account is used there will be no authorized overdraft, text alerts could be setup to alert you to low balance etc

Martin

jonesMUFCforever

Any bank account which offers a debit card has the potential to go overdrawn if small transactions under the floor limit are not earmarked.
OP You must EDUCATE your daughter that she has to check the AVAILABLE balance not the account balance before using the card.


If she is 16 or over she can register for internet banking.