Bank account for children

CupofTea

I want to open a bank account for children under 7. I am not interested in the interest. 
This is probably not possible but would like the option for them to be able to spend online. 
Don't really want to intertwine with my own bank as I'm not good at tracking things but if you have any good ideas do share. 

niktheguru

Dont think you're gonna be able to find an childs account with a visa/mastercard debit facility to use for online spending at that age. Usually the current accounts for kids will be opened in a trust by you (e.g. santander 123 mini) until they get to an age of approx 11-13 (depending on bank) at which time they may give your child a debit card which can be used for spending.

I personally dont know of any that would at that age. An alternative is you could open an additional basic current account in your name and put a bit of money in there and supervise your kids in spending with that online? (with the obvious caveats that you'd be liable for any wild spending or unintentional spending (e.g. online games, apple/google store spending etc) prob best to open an account that sends you a text when the balance gets close to zero.

colsten

A prepaid card might be a better choice for the next few years. I believe they become available from age 6.
https://www.moneysavingexpert.com/banking/cards-for-under-18s/

CupofTea

Thanks I'll have a look it maybe just make one with my own name. 
We home ed so they learn every day life stuff. For them having a card for online purchases keeps our finances apart 😂 Actually they have more money than I do. 😂 Sometimes they want some sort of activity or toy and it would be easier if it would be from their saved up cash. I always forget my internet banking details and no banks close by hence was looking for a different option but I had a feeling children wouldn't be able to have their own card. 😂 A bit far fetched. 

colsten

CupofTea said:

I had a feeling children wouldn't be able to have their own card. 😂 

Well they can have cards, as per my link.

In your shoes, I might be a little concerned though who will teach them how to keep their card secure, how to monitor the spend, and how to budget.

daveessex

Revolut has a new kids' account. Revolut Junior is available for ages 7-17. https://www.revolut.com/get-junior-card?

ddonq1412

my sister in law has setup the revolut junior accounts for the 2 sons. there is a monthly cost to have access to this account., i belive that is 8 pound a month. there is also other features for that cost.

colsten

george9071 said:

I would definitely recommend a revolut junior account for the needs you require. Until ages 10-11 no other banks would offer any sort of card. 

Revolut is not a bank.

Other non-bank providers also offer cards for kids from age 6.