Account for 12 yr old

appletrev

Most of the discussion on Martins site seems to revolve around saving for a childs future. We are doing that. Howver, I want to give hime say a fiver a week pocket money by a standing order into an account which he has a cash card for is thios possible and if so what are thge best options?

baby_boomer

The simultaneous rise of cash cards and teenage drinking are not unconnected IMHO.

But it's sometimes hard to learn responsibility.

There aren't many options for a cashcard at 12, but 2 good ones are, surprisingly,

Abbey Flexible Saver @ 5.55% and
Barclays BarclayPlus @ 5.25% - rising to 5.75% @ £1K.

Good old Nationwide gets the nod, though, @ 5.95% for its Smart account.

appletrev

Thanks very much. Already have the Smart one, so better not give him access to his savings yet, so perhaps one of the others.

baby_boomer

You could move this Nationwide money to a fixed rate bond paying around 1% more and keep the Smart account for his cash card and £5 pw contributions.

It's only one extra account opening - and you're going to have to do that anyway.

appletrev

baby_boomer wrote: »

The simultaneous rise of cash cards and teenage drinking are not unconnected IMHO.

But it's sometimes hard to learn responsibility.

There aren't many options for a cashcard at 12, but 2 good ones are, surprisingly,

Abbey Flexible Saver @ 5.55% and
Barclays BarclayPlus @ 5.25% - rising to 5.75% @ £1K.

Good old Nationwide gets the nod, though, @ 5.95% for its Smart account.

Don't know aboput 5.5% looks like 3.75% to me?

davetrousers

I completely misread the title of the post I thought it said "A coconut for a 12 year old"

Nick_C

Yorkshire BS Freedom Savings Account
http://www.ybs.co.uk/savings/childrens/freedom/index.jsp
6.06% interest - 6.15% AER
Branch based with a cash card.
Age 12 to 20 years.
Minimum balance £10

christhesparky_2

It is worth remembering, although you want to pay £5 in per week most cash machines will only let you withdraw a minimum of £10

foreversomeday

christhesparky wrote: »

It is worth remembering, although you want to pay £5 in per week most cash machines will only let you withdraw a minimum of £10

Yeah. I remember £10 being a fortune when my cousin had her first cash card. I couldn't imagine having that much money as a minimum

BlightyAndy

If you have a Bradford & Bingley near you i'd reccomend the "First Save" which is branch based (comes with a passbook, and a free penguin book!).
The interest rate is much higher than others if you will be making withdrawls per year.
And when he turns 13 it will be transferred to a "Smart Save" account which is the same as the first save account but comes with a discount booklet (don't think at 13 he'd want to be reading little books!).

For a account with a cashcard and pretty good interest i'd reccomend Barclays "BarclayPlus" which comes with a Visa Connect card which can be used online, instore and ofcourse at a ATM.