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Guide discussion: Cards for under-18s

edited 10 May 2017 at 3:02PM in Savings & Investments
23 replies 26.7K views
Former_MSE_Sam_MFormer_MSE_Sam_M MSE Staff
346 posts
MSE Staff
edited 10 May 2017 at 3:02PM in Savings & Investments

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  • So, the kids accounts don't have an overdraft, but do they prevent over spending? In other words, if there is £5 in the account, can the child still spend £10 by Direct Debit or via Debit card?
  • eskbankereskbanker Forumite
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    So, the kids accounts don't have an overdraft, but do they prevent over spending? In other words, if there is £5 in the account, can the child still spend £10 by Direct Debit or via Debit card?
    My assumption and belief is that in this insufficient funds scenario a DD would be bounced and a debit card transaction would be referred to the bank for online authorisation (as a matter of course) and declined.
  • MogleyMogley Forumite
    250 posts
    I've recently accompanied my child in opening a current account with nationwide and the advisor categorically said that the account could not go overdrawn.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
  • colstencolsten Forumite
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    Out of interest, why is this on the Savings & Investments board?
  • I'm comparing GoHenry and Barclays child accounts. The Barclays child account offers a Visa Electron debit card. I want my teens to be able to make online purchases with their cards, as well as use them in shops. However, I've heard that often Visa Electron cards don't work well with online retailers, partly because they require the account balance to be checked during the transaction. I assume that prepaid debit cards would work the same way, but wanted to check. Does anyone know? Thanks for your time.
  • angelahorn wrote: »
    I'm comparing GoHenry and Barclays child accounts.

    According to the guide, the kids cards can be used in the same ways as adult cards.

    Out of Interest, why a GoHenry card over the others, when its more expensive?
  • Just had a chat with an adviser at Osper. Nothing on the site really explains what constitutes an 'Instant Load'. Apparently, paying an 'allowance' per month is free but if you just want to put money into their account then you pay 50p each time. Same if they transfer back to you... though... that apparently goes to a 'parent account', which doesn't sound like my actual account, but another account at Osper.. Anyone able to explain this better cause although I am a pretty intelligent guy they were not making any sense. Also felt like the FAQ's and other Questions were avoiding detail of this charge.
  • I've been using GoHenry for at least a couple of years with my children. It's OK but I have a number of annoyances.
    Charging 50p per top-up, in addition to the monthly fee, feels opportunistic to me. The message says "we're charging 50p which we have to add". (No you don't.)
    Spending limits can be set weekly, or a single spend limit, and then there's an ATM limit. There have been a number of times when this hasn't worked for us and I've had to increase the limit to a much higher value. It's too hard to change, which means I don't.
    In general their approach to user experience is poor. For example, for some time the app has allowed comments associated with a transfer but the web app didn't (I see that's been updated).
    While checking my children's statement today I see that there has been an update and was met by the reassuring message "we've updated the site ... if you experience any glitches [...] let us know". I started Live Chat with Ross who apparently messaged "Hello. How may I help you?" and then .... silence. (I don't believe "Ross" actually typed that.)
    The updated statements seem to show around 4 weeks worth of transactions and that's it. Beth at GoHenry tells me "When we updated our wesbite there were a few changes, we have found that the statement does not reveal enough" which makes me question their approach to software quality.
  • MalthusianMalthusian Forumite
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    I started Live Chat with Ross who apparently messaged "Hello. How may I help you?" and then .... silence. (I don't believe "Ross" actually typed that.)
    These are everywhere nowadays. The "How many I help you?" message is sent automatically by a computer with no human intervention. "Ross" doesn't know you exist until you type and send something. If you don't get a response then either something was broken or all the call centre staff were engaged.

    I find them intensely irritating. They keep appearing on websites to which I've only gone to read an article. If I wanted to talk to a representative I'd ask.
  • This is my thinking:-
    I want to teach my kids about personal finance and handling their own money. (ages 13,15&17).

    For me personally, the first step will involve explaining the fees, and how I think it's bonkers to be paying a % of your spending money on payment cards' fees, when there are perfectly free bank accounts to choose from.

    The fact that there's no spending limit is actually a plus point - like taking the stabilisers off their bikes. If they spend all their money then that's down to them, not me. (I know it's different when they're a bit younger.)

    So for me, the choice of bank account will probably be down to ease of use. And for kids that's probably going to mean them using their smart phone. I've heard that Monzo is very good, but anyone have any recommendations?
    Mk
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