Kids fun account - recommendations

iwantasmallholding

Hiya

My 8 year old for his birthday wanted "a business" so we bought him some chickens and "barneysextradanaryeggs" was born. He gets up at half 6 everyday and does everything himself. He is now selling lots and the local nursery has 30 eggs a week so he is doing really well.

Now for my question.... We want to open him a bank account. I don't want interest as it's not the point. I want a fun account that has a branch that he can take his 10 pounds and pay in. When I was a kid natwest had the pigs, and I had a post office book.

So what I want
A branch so he can pay it in himself
Fun, free gifts, or nice letters in the post etc
A book or an app to view his balances

I know here are lots where I can take his money and pay/transfer but I think he is so independent and works so hard it would be nice for him to have something he can do himself.

I hope that makes sense and isn't too waffley

xylophone

http://www.nationwide.co.uk/products/savings/smart/rates-and-information

Passbook and interest (though not much)!

Gram_Parsons

Barney Buffett :beer:
Kudos to him. Maybe get his some cheap full-colour business cards from Vistaprint? Careful what info you put on them though.

iwantasmallholding

He has his own Facebook page put we manage that. Business cards or a5 ones we ordered today. He is saving to buy an incubater so he can hire out just about to hatch eggs to nurserys, nursing homes etc. so people can have the joy of watching babies hatch but not have to worry about re homing the chickens or re out lay of the incubater etc.
any other accounts as nationwide don't open on a Saturday when we would be taking him to the bank.

Archi_Bald

Nationwide do open Saturday mornings.

But why do you want your boy restricted to some old fashioned banking? Why not get him going with a current account like the Santander 123 mini in trust? He seems industrious enough to get stuck into this under your supervision.

iwantasmallholding

123 mini in trust? Sounds interesting as it will have the appeal of being a "real" bank... No offence to nationwide. Our local one doesn't open Saturday's. I'll have. Look and the mini on trust accounts

[Deleted User]

Remember that, even though he's only a kid, he's subject to income tax laws, so if he makes an annual profit of over £10600, he'll need to start handing some over to the taxman... (seriously!!)

iwantasmallholding

At 8 years old 10k is a dream like winning the lottery. We have to stay under a set number of chickens I think it's about 60. Or else defra have to inspect. And then we will have to have a separate kitchen, washing facilities, and get planning as our house is listed. So I am hoping he will diversify when we get close to the limit. I wonder how it works with under 10's and tax?!?!? They are not criminally liable till 10... Maybe he should branch off into money laundering haha (joke seriously)

sheramber

Income tax is payable, according to income, from the cradle to the grave.

xylophone

to the grave.

And beyond..:eek: IHT taxes the estate of the deceased.