Child current account?

rezarf

Hi,

So yesterday my son came home with information regarding opening a child current account, he is 11 years old.

The account was with a local Credit Union bank (1st Alliance).

It will give them access to online banking to check balance, a debit card to make purchases and also offer cashback from some retailers.

However, from what I can see there is no interest to be earned on the account and there are fess to check balance at ATM (not online though.

So i had a look around and there are few option available to child current account.

Anyone use a current account for their children and what do you think of the idea?

Thanks

PeacefulWaters

Sounds like a prepaid card.

Perhaps Halifax would work?
http://www.halifax.co.uk/bankaccounts/current-accounts/youth-account/?pagetabs=1

xylophone

http://www.santander.co.uk/uk/current-accounts/123-mini-accounts/123-mini-current-account

http://www.nationwide.co.uk/products/current-accounts/flexone/whats-flexone

rezarf

PeacefulWaters wrote: »

Sounds like a prepaid card.

Perhaps Halifax would work?
http://www.halifax.co.uk/bankaccounts/current-accounts/youth-account/?pagetabs=1

...

So you think its not actually a current account just an account allowing them to add credit to a card they can use?

rezarf

xylophone wrote: »

http://www.santander.co.uk/uk/current-accounts/123-mini-accounts/123-mini-current-account

http://www.nationwide.co.uk/products/current-accounts/flexone/whats-flexone

..

Thanks, I had a look at the Santander account and it looked good, I also see Bank of Scotland has one, which is who I bank with and offer 1.5% interest.

rezarf

This is the company offer their services https://www.allianceayrshire.co.uk/banking/

Its the Smartcash Account that the kids are being offered.

System

The best child account is probably the FlexOne from Nationwide.
Santander's mini 123 & BOS' child account aren't bad either.

rezarf

Heng_Leng wrote: »

The best child account is probably the FlexOne from Nationwide.
Santander's mini 123 & BOS' child account aren't bad either.

..

Thanks

Yeah from what I've found looking around these are best for interest rates.

rezarf

So I spent some time with my son last night looking at several accounts.

He has decided that he will go with the Bank of Scotland account just now as they offer 1.5% interest on any balance. They he says later once he has over £200 balance he will consider the Santander account offer 2% on balances over £200 and 3% on balances over £300.

He didn't want to go straight into the Santander account as he wanted to wait until he had a good balance as he still wants the best interest rate but also have the option to purchase if he sees something he likes.

He has around £125 just now and with pocket money and money he earns from family chores he is earning around £30 per month.

I had a proud moment when he was discussing the merits of the accounts.

Thanks for advice folks.