Bank account for a 7 year old

Herbalus

kerri_gt wrote: »

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.

I'm assuming you had a savings account though, not a bank account. Similarly, Natwest's pigs were given out for savings accounts.

I had savings accounts throughout my childhood and it played a major part of my financial education. I think every child should have one. There is a difference between that and a bank account though.

kerri_gt

Herbalus wrote: »

I'm assuming you had a savings account though, not a bank account. Similarly, Natwest's pigs were given out for savings accounts.

I had savings accounts throughout my childhood and it played a major part of my financial education. I think every child should have one. There is a difference between that and a bank account though.

I had a passbook to take money out with, I don't recall ATMs being so common at that time. I agree a child shouldn't just have free reign to withdraw cash as and when then like though, that should start when they start earning their own money IMO ( I mean like a Saturday job, not when they are working full time)

Lith

kerri_gt wrote: »

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.

Maybe it's just me, when i was 5 or 7, i was playing with toys or watching cartoons or playing football cow boys and Indians

it was a blast

i never once thought (oh Christ I MUST GET A BANK ACCOUNT I NEED A BANK ACCOUNT! ) - Thought never crossed my mind,

i got my first bank account at 15, im more aware/mature how the banks work at that age.

Majestic12

colsten wrote: »

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.

Yes managing a bank account is an essential life skill and should be taught but the concept does not have to be "practiced", if I use the example of sex eduction. They are taught at an early age, with the intention they are not going to go out and expect sex at the age of 11. Also with renting/buying a house.

colsten

I have likened bank accounts to many things but never to having sex.

Majestic12

I know But the concept of teaching things to people, there is more important things for a 7 year old to do. Young ones are growing up far too quickly these days with media and peer pressure, they should enjoy their childhood as much as possible.

[Deleted User]

Maybe the kid wants an ATM card for fun - same as he might want a football - doesn't mean he's going to go and play in the world cup just yet.