Teen account

Fliss_M

So my 13 year old needs a bank account. Something where she can't over spend but does get a debit card. She walks to school and back so there have been many an occasion I could have gone "oh get xyz for dinner" but can't.

Are there any best buys out there or is it best just getting her an account with my bank? All the student accounts seem to be for uni students. 

Ta. 

colsten

You have a huge choice: https://www.which.co.uk/money/banking/bank-accounts/best-childrens-bank-accounts-arspc9p7mk0y

Zanderman

Fliss_M said:

So my 13 year old needs a bank account. Something where she can't over spend but does get a debit card. She walks to school and back so there have been many an occasion I could have gone "oh get xyz for dinner" but can't.

Are there any best buys out there or is it best just getting her an account with my bank? All the student accounts seem to be for uni students. 

Ta. 

If you want a card that "she can't overspend" you may want to look at pre-paid debit cards rather than bank accounts.

Most of these can be topped up, by you, via an app so if she needs extra top-up on a particular day it can be done fairly quickly.

The link given by Colsten has some info on these - but it's a long way down the page - a direct link is https://www.which.co.uk/money/banking/bank-accounts/best-childrens-bank-accounts-arspc9p7mk0y#headline_5 

colsten

Zanderman said:

If you want a card that "she can't overspend" you may want to look at pre-paid debit cards rather than bank accounts.

AFAIK, none of the kids accounts can get overdrawn

Zanderman

colsten said:

Zanderman said:

If you want a card that "she can't overspend" you may want to look at pre-paid debit cards rather than bank accounts.

AFAIK, none of the kids accounts can get overdrawn

Fair point, but I was thinking the need might be more along the lines of a risk of 'liberal' spending of the available balance, which a child might do, esp if encouraged by friends, which makes a case for active control of that balance, only really achievable with pre-paid cards.  Or, I suppose, by careful micromanagement of a bank account.

Fliss_M

colsten said:

You have a huge choice: https://www.which.co.uk/money/banking/bank-accounts/best-childrens-bank-accounts-arspc9p7mk0y

Thanks. I didn't even think to look there as I don't have an account. 

Fliss_M

Zanderman said:

colsten said:

Zanderman said:

If you want a card that "she can't overspend" you may want to look at pre-paid debit cards rather than bank accounts.

AFAIK, none of the kids accounts can get overdrawn

Fair point, but I was thinking the need might be more along the lines of a risk of 'liberal' spending of the available balance, which a child might do, esp if encouraged by friends, which makes a case for active control of that balance, only really achievable with pre-paid cards.  Or, I suppose, by careful micromanagement of a bank account.

Thanks. Nail on the head there lol

colsten

Fliss_M said:

colsten said:

You have a huge choice: https://www.which.co.uk/money/banking/bank-accounts/best-childrens-bank-accounts-arspc9p7mk0y

Thanks. I didn't even think to look there as I don't have an account. 

Me neither. Just found it by googling.

colsten

Zanderman said:

colsten said:

Zanderman said:

If you want a card that "she can't overspend" you may want to look at pre-paid debit cards rather than bank accounts.

AFAIK, none of the kids accounts can get overdrawn

Fair point, but I was thinking the need might be more along the lines of a risk of 'liberal' spending of the available balance, which a child might do, esp if encouraged by friends, which makes a case for active control of that balance, only really achievable with pre-paid cards.  Or, I suppose, by careful micromanagement of a bank account.

I think parental control is also possible with the Starling Kite

[Deleted User]

TSB Under 19s or Santander 123 mini seem about the best interest wise

Nationwide FlexOne gives free overseas usage which might be useful for holidays / school trips