Account for teen with learning difficulties with parent support

Joejoe-eyes

xylophone said:

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.

It seems natwest could be helpful - we have his rooster card with them at the moment.  I'll look in to this.  When I has searching the internet for accounts appropriate for disabled/autistic people, I didn't see any of this, so thanks.

eskbanker

Joejoe-eyes said:

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.

What you refer to as "a BACS transfer" is actually a Faster Payment!  BACS is the old system (still used by businesses) involving a three day payment cycle, but Faster Payments is the replacement mechanism introduced 15 years ago, used in all consumer transfers and unsurprisingly executing in shorter timescales.  You're not alone in using the term "BACS transfer" inaccurately though, as many use it as if it was a shorthand generic term for bank transfer!

crumpet_man

I'm not certain but I think that HyperJar should work with parent and child accounts

Also, Revolut <18 could be worth a look.

pridehappy

Virgin Money would be amazing if you don’t need an overdraft, setup a joint account with your son online and it’s ready nearly instantly. Great product offering, good understanding customer service and no overdraft needed. Make sure to contact them and put a block on unarranged overdrafts, these usually just decline.

Other than that, I’d recommend one of the Nationwide accounts.

Band7

Joejoe-eyes said:

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.

Faster Payments was introduced in 2008. https://www.wearepay.uk/what-we-do/payment-systems/faster-payment-system/

BACS is only used by companies these days, e.g. for payments of salaries.

TheBanker

I'm not sure a joint account is a good idea, as it could result in you and your son being considered financial associates by the credit reference agencies. If he does ever apply for credit and get into difficulties, this could impact your own credit file.

I think you need a basic account in his name, and then with his agreement you can be added via a third party mandate.

The Co-op offer third party access, but I don't know if this includes online access. If it does, it would seem to be the solution to your problem of not being able to open a joint basic account due to being an existing customer. 

I assume thus needs to be a longer term arrangement, not one that you will need to change again when your son reaches 18?

Personally, I'd try to stick with banks that still have branches. Even if you and your son don't intend to use branches, it might be helpful to be able to speak to someone in person if there is ever a problem.