Account for teen with learning difficulties with parent support

Joejoe-eyes

Hello, I am going round in circles researching the best bank account for my son. He is 16yrs old (nearly 17), autistic with leaning difficulties and low money management skills. He needs a bank account that has restrictions and which I can have a non-intrusive overview of / access to.  I have specific criteria for an account that doesnt seem to exist (gap in the market!), so I am trying to find a best fit. 

He currently has a pre-loaded natwest rooster card which is exactly what I need (great app with parental overview) BUT with the added extras of being able to set up direct debits and do bacs transfers. I am developing his money management skills.

I have already looked in to a lot of banks and accounts, so if you make a suggestion, please read below to check I haven't already looked in to it. 

What we need in an account:

Cash withdrawals
Contactless and card payments 
Online and phone payments
Direct debits and bacs transfers
No overdraft- completely unable to go overdrawn
Parent can access the account, the app or a joint account

What I have found so far

Basic accounts don't have overdrafts but are often not joint accounts, holders can't be able to hold a standard current account (I could) or don't allow direct debits. The coops cashmnder account seems ideal but I can't be a joint holder with him because I already back with the coop.

Standard bank accounts always have an overdraft facility that can be gone in to, whether arranged or not. So this is no good.

All preloaded cards with apps don't allow bacs transfers or direct debits.

Rob5342

I don't think any bank can guarantee you wont go overdrawn, offline payments or payments where the amount is updated later have to be paid. When we opened a Flex One for our daughter when she was 13 they said that it was possible for her to go overdrawn in those situations.

The Santander basic account looks close but doesn't offer o a contactless debit card. If the cashminder is ideal then why not switch your own banking elsewhere so you can open one of those?

Joejoe-eyes

Thanks. I have thought about moving my accounts though always liked banking with an ethical bank. I must say though that the coop have been rubbish with me trying to get them to make an exception - different departments do not talk to each other!

I saw that with santander - he doesnt use contactless yet though I was hoping to progress him on to it at some stage. Maybe that can wait and I'll have to compromise.

I wish banks would consider their young people and adults with learning difficulties to make it easier for their carers to support them whilst promoting their independence. 

Peter999_2

Can you not just put the banking app on your phone and sign on with his details?   This is what we do for my daughter.  I can see exactly what she is spending and help her when she gets stuck with Direct Debit's etc.

Band7

Have you searched for “third party access”? Nearly all banks offer various options for all their current accounts. E.g. Halifax: https://www.halifax.co.uk/helpcentre/someone-to-manage-your-affairs.html or Natwest https://www.natwest.com/life-moments/caring-for-vulnerable-relatives.html

BTW, consumers have not been able to initiate BACS transfers since the introduction of Faster Payments

jon81uk

Do you have Power of Attorney to help manage his finances?

There isn't a "gap in the market", you need PoA before you can assist with their finances once they are an adult.

Band7

jon81uk said:

Do you have Power of Attorney to help manage his finances?

There isn't a "gap in the market", you need PoA before you can assist with their finances once they are an adult.

You don't necessarily need PoA, and in fact PoA may not be appropriate for the OP and their son. See the links I posted.

IanManc

jon81uk said:

Do you have Power of Attorney to help manage his finances?

There isn't a "gap in the market", you need PoA before you can assist with their finances once they are an adult.

The OP's son cannot give Power of Attorney as he is 16. You need to be 18 in order to give Power of Attorney to someone.

Apart from that, the OP says: "He needs a bank account that has restrictions and which I can have a non-intrusive overview of / access to.". The OP simply wants to view the account, not take any action in relation to the account.

flo22

whichever bank you use make sure his account is classed as 'vunerable', it will help if there is ever an issue in the future

xylophone

He currently has a pre-loaded natwest rooster card 

Does below help at all?

Is it possible to make an appointment to speak to a customer adviser at the branch?


https://www.natwest.com/life-moments/caring-for-vulnerable-relatives.html#:~:text=Acceptable forms of identification,as proof of your address.

Joejoe-eyes

Band7 said:

Have you searched for “third party access”? Nearly all banks offer various options for all their current accounts. E.g. Halifax: https://www.halifax.co.uk/helpcentre/someone-to-manage-your-affairs.html or Natwest https://www.natwest.com/life-moments/caring-for-vulnerable-relatives.html

BTW, consumers have not been able to initiate BACS transfers since the introduction of Faster Payments

I don't know what Faster Payments are, though I'll look it up.  When I do transfers to other people's bank accounts I have always known it as a BACS transfer and didn't know this had changed.