Children’s bank account / savings with card

Bobby_Peel

Hi, we’re looking at opening accounts for my two step daughters who are 9 & 12 to put pocket money into.

They have gohenry accounts at their dads, but I was looking if there were any accounts or similar where I wouldn’t have to pay a monthly fee.

Not sure what the advantages of the gohenry types of accounts vs bank account are as I’m sure I could share the online banking details on the bank account to monitor the spending?

The hsbc seems a good option:

https://www.hsbc.co.uk/savings/products/mysavings/

Any advice or help appreciated.

Thanks 

WillPS

https://www.moneysavingexpert.com/banking/cards-for-under-18s/

They're a few years too young for the 'first current account' type options but Hyperjar might achieve what you need for free. Also Natwest Rooster which might be a free option if a parent banks with Natwest Group.

Bobby_Peel

WillPS said:

https://www.moneysavingexpert.com/banking/cards-for-under-18s/

They're a few years too young for the 'first current account' type options but Hyperjar might achieve what you need for free. Also Natwest Rooster which might be a free option if a parent banks with Natwest Group.

Thank you 

penners324

Starling is an option. Their Kite Card would suit

WillPS

penners324 said:

Starling is an option. Their Kite Card would suit

Has a monthly fee.

PloughmansLunch

As above, the Rooster accounts are very good if you can wangle them for free. I can manage everything from a central account, and get notifications every time one of them spends a few pounds e.g. on sweets or plastic tat. You can set an allowance, and/or pocket money can be earnt and added to from a main parent pot This has it's own sort code and account number, so gifts or contributions from others can also be added. Unlike Natwest it the Rooster cards have no transaction fees for spending abroad (up to £50 a month) which should come in handy for holidays.

pridehappy

My son has had multiple current accounts with banks and found them all pretty useful to use and provide just the right amount of flexibility for teenagers.

After trying many, like me, he’s settled with Nationwide as his main current account. I believe the service feels a little more friendly and adapted towards children and the account offers nearly everything the adult account can do, whereas many others limit things such as online transactions etc. It even comes with a free arranged overdraft when they turn 18 until 23, if they wish to take it. Good interest. However, savings facilities are good but only 16+.

For a while he used Lloyds Bank although a few months ago we discovered the shortfall of their service. They aren’t really suited to children, and plenty of features don’t work with silly excuses when contacted. Their accounts aren’t the best offer either, unless you’re a Club Lloyds customer SmartStart is a little better.

Santander has been mediocre. Nothing terrible, but nothing amazing either. Basic current account that works, although no adult benefits and savings rates poor for standard accounts 16+ only.

HSBC is the only one we’ve come across to have a current and savings account - offering most of the facilities you need. However, we’ve moved away from them after experiencing very slow customer service, terrible telephone experiences and their poor ethical rating.

Just stay away from NatWest Adapt, very restrictive and poor service to say the least. 

Marchitiello

I think most children current account can be opened at age 11, or so it was when we opened my first son’s account with Barclays, RBS and HSBC (all easy to open). We waited his 13th birthday to open the one with Santander as otherwise it needed a branch visit before that (11-12). All of them are free, come with mobile apps, and some can be linked to the account status of his Parents if they hold such status with the same bank (e.g. HSBC Premier) . 

Each account is used to receive money from various sources or scope (weekly allowance, school trips and school rewards, birthday/celebration money from the extended family etc). All of them come with a full Debit Card and I believe he found a way with one of the account to “request money” so that he send a message with a link to get paid via Debit Card, and in this way he transfer money between his accounts by paying himself.

from age 7, my son and his two younger sister, all had the RBS first saver account, that can be seen and managed via app by their parents (and directly by themselves once they open the current account at 11).

tsukiduki

My 8 year old has a Revolut account.  He has a payment card (we had to pay £5 for this though) but other than that no charges.  I can see all payment made via the app.  I had to open a Revolut account but I only put enough in to cover his pocket money.  No fees for using his card or account either here or abroad.