Bank account for a 7 year old

Archi_Bald

There are the various kids account mentioned in this thread, plus there are kids savings accounts

xylophone

http://www.theguardian.com/money/2014/jan/04/children-savings-accounts

mentions Halifax Young saver account referenced in post 9 above.

chambta

There's a difference between an account for a child and one for use by a child. My children both have the former.

Majestic12

When I was 7 I had a bank account. It was called a piggy bank and sat all day and all night on my desk collecting coins. I was more worried about completing sonic the hedgehog on the master system than getting a bank account!

As someone mentioned you should get a bank account to pay money into for your son, which he can then use when he is 18.

colsten

Majestic12 wrote: »

As someone mentioned you should get a bank account to pay money into for your son, which he can then use when he is 18.

So by some magic he is going to wake up when he is 18 and know how to handle money which he has never had any chance to learn before?

What is wrong with teaching kids how to work various accounts (current, savings, investments) as they grow up? Nothing at all, IMO. If a parent determines that their 7 year old is smart enough for an ATM card, the last people to criticise them should be people on the Internet who don't know the parent or the kid.

HappyMJ

I had an account at 7 for saving but it was a passbook savings account. I had to go in branch to deposit and withdraw. At 12 it was upgraded to an account with a debit card.

My DD has had an account for quite a while with Santander and I hold an account in trust for her with the Halifax.

I don't see the problem with giving kids financial experience from a young age.

Herbalus

colsten wrote: »

What is wrong with teaching kids how to work various accounts (current, savings, investments) as they grow up? Nothing at all, IMO.

I agree with you in principle, but I don't equate this to getting a seven year old a bank account because he asked for one. Teaching a child about money, spending and budgeting is one thing, but that can be done with piggy banks, savings accounts etc where the parent is a trustee. There's a reason why the majority of banks only allow bank accounts from the ages of 11/12.

At the age of 7 a savings account with cashcard will do everything that a bank would let him do with a bank account, so to my mind (and this is just my unfounded opinion, not knowing the OP) a savings account is the best bet.

Although I can't imagine what my reaction would be if I saw a small child getting money out of an ATM....! Think of the potential issues:

colsten

Dear oh dear, why do some posters here here seem to assume that parents are unable to determine themselves when and how they introduce their own offspring to banking.

Herbalus

colsten wrote: »

Dear oh dear, why do some posters here seem to assume that parents are unable to determine themselves when and how they introduce their own offspring to banking.

Indeed, which is why I had disclaimers in both of my posts. But I don't think it's unwarranted to express surprise at the parent's decision, which was my intention at least.

kerri_gt

Lith wrote: »

Why the hell would a 7 year old want a bank account? my son won't be getting one till he is 16.

7 year old wants an account? i wouldn't trust it at all,

Let your son have a childhood for Christs sake lol

I had my first account when I was 5, my dad took me into our branch of The Leeds and opened it with me. It was for birthday / Xmas money and generally saving up. I don't see what is wrong at all with teaching a child about how banks work, I don't think Natwest aimed it's pigs at 16yr olds.