Bank account for 11 year old nephew

darren72

I'm interested in helping my 11 year old nephew sign up to a bank account - to try and learn the value of money.

At the moment he has never really been taught the value of saving, and I'm going to try and help him.

The problem is if he has money to spend he is likely to spend it, but I'm going to try and help him change.

Does anyone have any recommendations on the best way to encourage a child to want to save ? - I used to get excited every year when the interest was applied on my post office account, but that was when interest rates were 10%+

Also, can I open an account for him even though I am not his parent ?

BrownMamaBear

I've done pretty much the same thing for my son. I was getting pretty fed up (like a lot of parents) with being nagged for console games, stationery, games etc, Sometimess it would be little things but as we all know it soon all adds up and then wanting more. He had not value of money.

Decided to open up a 11+ account with Lloyds Bank. He can check his balance via mobile app his balance and also online banking, he also chose to have debit card rather than a cashpoint card (you can chose). He is given a set amount of money every month and that's it! If he wants a game etc he has to buy it, no more asking bank of Mum and Dad! He has to save towards it whatever he wants. So far it has worked, he is thinking twice before spending HIS money and he has already built a small amount which he has already put half into his savings account (he cannot touch but withdrawals and put money into the account). I'm not talking a lot of money either, we're giving him £20 a month, which for an 11 year old is a lot, but the games and other things he wants far exceeds that, it's has saved us a fortune. We still obviously buy essential things for school, clothes, books (educational) etc but it's HIS luxuries he has to buy, or rather not buy, he quite likes to see and keep his money.