Current Account for Children

pollyanna24

I was thinking of doing this for my children (aged 11 and 9). I know there is a Go Henry account, but I don't particularly want to pay for an account.

What is the best way to go about getting an account for them? It will be for everyday spending that I will be putting their pocket money on. Not huge amounts, thinking of starting with £5 a month each.

Do kids' cards come with contactless?

System

Nationwide do the FlexOne current account for 11 year-olds upwards. My son has one of these accounts and has chosen a contactless card, but there is also an option of just an ATM card. The account pays 1% interest if I recall correctly. In the three years he has had the account he is very happy with it (ie nothing has gone wrong ……. yet!!)

A friend of his has the Barclays current account, and she particularly liked the fact that she could choose whatever picture she wanted on her card!!!!

Given that you also have a nine year old, it might be better to look to an ordinary kids' savings account with a local branch of bank / building society for a couple of years so that they can make withdrawals, and then move on to a current account.

Both of these accounts have apps, too. Can't speak for any of the other children's accounts as these are the only two I have any knowledge of.

pollyanna24

Thanks. Since I've posted, I've done a bit of digging. And there does seem to be two options. Prepaid cards or a bank account which seems to be available from 11+. Maybe I should just bite the bullet and pay the fees for prepaid cards.

Plus I was going to do it as a surprise kinda Xmas present thing. And to open an account, I think I need to bring the child with me.

savagelyric

My 11 year old has a current account with Nationwide, it comes with a contactless debit card and the app is pretty decent too.

pollyanna24

Thanks for your help.

I have everything with Nationwide, so I think what I will do is open a bank account for the 11 year old to pop her money into.

And either get a prepaid account for the 9 year old (figure one monthly fee was better than two) until she is 11 or give her £5 in cash for the time being.

jimjames

I'd wait until the 9 year old is 11 and open account then. It doesn't seem very money saving to give them a card that reduces down their money immediately with the fees. Cash initially gives them the opportunity to see the difference.

Brodiebobs

I went with the Santander 123 mini. From 13 they can manage themselves with an app, below that its parent. Good interest, contact less card and we've had no issues.