Should Santander block parents from overseeing childs banking activities at 11?

steadynerve

Santander's 123 Mini current account seems a good product for children. But it does not allow parents to be trustees from the age of 11. So if i wanted to just review what my child was spending his/herr money on with their debit card and what online transactions they were performing i couldn't.

I think banks should be actively encouraging parents to review this child's first steps in the financial world - to my mind for most 11 year olds this is the opposite of what's best for children.

If the child opens the account themselves and requests no parents involved then fine as only very independent and mature 11 year olds would do that but otherwise if you want to help your child get started Santander doesn't allow it.

What do you think?

innovate

You want the mini 123 (in trust) which allows you/the trustee to control everything up to the age of max 18.

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210610544143&empr=Abbeycomd&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

CreditCrunchie

That's mental. As if an 11 year old can be trusted with their own banking! I thought all accounts were overseen by parents until the age of 16?

PeacefulWaters

CreditCrunchie wrote: »

That's mental. As if an 11 year old can be trusted with their own banking! I thought all accounts were overseen by parents until the age of 16?

Some are, some aren't. As has been highlighted, Santander offer an account that gives parents control.

For what it's worth, a limited facilities account for an eleven year old is a lot less likely to be used badly than a full facilities account for an 18 year old.

Stupidity is more likely from young adults.

innovate

OP, could you please consider changing the thread title since it is highly misleading.

FireWyrm

PeacefulWaters wrote: »

For what it's worth, a limited facilities account for an eleven year old is a lot less likely to be used badly than a full facilities account girl an 18 year old.

Stupidity is more likely from young adults.

Seems a bit like introducing them to wine early...they are unlikely to binge drink at 18 if they have routinely drunk low-alcahol or watered wine from a younger age.

There is no way I would give full banking facilities with no oversight to an 11 year old. Like I wouldnt let them wander the streets at night alone or roam the internet unsupervised.

[Deleted User]

Surely the key here is an ongoing conversation between parent and child, on how the account is being run, etc?