Children's savings account with Nat West

13Kent

Our children have bank accounts with savings books, but we no longer have a branch local to us. So we have recently set up an account each for our children with Nat West to help them learn about banking and saving, so that they can go to our local bank, deposit their pocket money, and withdraw money when they have saved enough to buy something special. They have been give piggy banks (so definitely children's accounts), and a normal paying in book (like a cheque book) but they have no means of withdrawing their money - as a trustee on their account we have to go into the branch with photo id and withdraw their money for them as they are not old enough to do it themselves. We would be with them anyway, but we wanted them to be able to do the transactions - obviously we realise that we would have to sign the form on their behalf, but they would be able to do the rest themselves. When we opened their accounts they had to sign the forms themselves, so we thought they would be able to manage the accounts themselves with us overseeing them and being a countersignatory.

Am very disappointed, it defeats the object of opening the account for them to manage in the first place. With their other account they have a book that they can take into the bank and deposit/withdraw funds, and they do all that themselves other than the signature for withdrawals, but not having a local branch it's awkward to get to a branch for them to do that - hence opening a Nat West account.

We have a Lloyds bank in town, I'm wondering if maybe we should try their children's account and see if they are any different.

cloud_dog

I suppose the primary question is.... Is it more important for you to be:

1. Able to physically visit a branch to deposit money
2. For the children to be able to access/withdraw the money

The reason I ask is that there may be options for you. Children's ages are also a consideration.

For example Halifax do a 'Kids Young Saver' which provides a cash card (ATM) for 7s and older. So accessing the cash is easier but depending on your local Halifax branch depositing may not be as easy.

13Kent

Thanks, presumably you could use a cash card anywhere, not just in Halifax. I suppose I could transfer the money online into their accounts, but I did want them to be able to deposit their own money too. They won't have lots of cash in their accounts, they only get a few pounds pocket money - if they remember to do their jobs!

jimjames

How old are the children? Natwest (and others) offer full featured current accounts from age 11 where all transactions including VISA debit and cash card can be done by them.

cloud_dog

13Kent wrote: »

Thanks, presumably you could use a cash card anywhere, not just in Halifax.

Yes.

What are the ages? As jimjames mentions if they are 11 (or over) they can open account that provides them with a debit card and they then don't have to get out whole £10s. Plus it might get them used to having a card and still only being able to spend what they actually have (in the account).

EDIT: Just about to open a TSB 'Under 19 Account' for my 11 yo.

13Kent

Thanks for your replies. They are not 11 yet. Just looking at the Halifax, and it says they can have a cashcard from 7 but it also says

The Young Saver account can only be managed in branch and can’t be viewed or accessed online - Nat West can be managed online.

Unlimited withdrawals, in branch only

So I'm confused now! Can they only use their card in the branch in which they opened the account?

cloud_dog

13Kent wrote: »

Thanks for your replies. They are not 11 yet. Just looking at the Halifax, and it says they can have a cashcard from 7 but it also says

The Young Saver account can only be managed in branch and can’t be viewed or accessed online - Nat West can be managed online.

Unlimited withdrawals, in branch only

So I'm confused now! Can they only use their card in the branch in which they opened the account?

It can only be managed in a branch, i.e. account opening/closing, request specific actions (for example new card) etc etc.

The cash card can be used at any Link (I believe) ATM.

PeacefulWaters

cloud_dog wrote: »

It can only be managed in a branch, i.e. account opening/closing, request specific actions (for example new card) etc etc.

The cash card can be used at any Link (I believe) ATM.

It can be opened online.

https://www.halifax.co.uk/savings/accounts/kids/young-saver/

Westie983

Halifax young savers are opened in the children's name with a controlling adult, it comes with a ATM only card for children over the age of 7 which allows them to use a ATM,

The account is managed in branch, which includes statements, new cards and PIN's.

Note only the controlling adult can withdraw over the counter and the child therefore cant conduct the account on their own, they would have to use the ATM if you are wanting them to withdraw from the account.
They can pay in over the counter coins by presenting the card or account number and sort code.

The account will not be viewable online as access to internet banking is for over the age of 16 and as the account is opened in the children names it wont show up on any online profiles of the controlling adults,

as mentioned above it can be open in branch or online by a adult over the age of 18.