Teen banking and transfers

Auralayla

I am really struggling to find a teen bank account for a 15 year old which will allow him to transfer money from his account to another account (friend or family). I opened a Natwest Adapt account only to find out afterwards that this wasn't possible until he's 16. I'm trying to avoid this happening again! Does anyone know which accounts allow this? Thanks 

Peter999_2

My daughter had this account from the age of 13.

123 Mini current account | Kids bank account | Santander UK

Auralayla

Thank you, and she was able to transfer money to you or to a friend before 16? 

ForumUser7

Auralayla said:

Thank you, and she was able to transfer money to you or to a friend before 16? 

Page 5 section 1 part 2 may outline what you're looking for https://www.santander.co.uk/assets/s3fs-public/AD_documents/1i2i3_mini_account_key_facts_document_bank0547feb24ipgcd.pdf

I believe when I held the account and was 15 I was able to transfer money to my parents by faster payment but that may have changed since.

Peter999_2

Auralayla said:

Thank you, and were able to transfer money to you or to a friend before 16? 

Yes.    I already had a 123 account and I couldn't tell the difference between mine and hers (except she got a lot more interest).     She was transferring money to her friends every now and then when they had been for a mcdonalds and one of them paid. 

It really helped having a debit card and therefore she fully understood chip and PIN and contactless before she got a parttime job earning money.   She is now at University and converted the account from a child to a student account.  It's great as she got to keep the same account number and sort code number - she even kept the same debit card  (and gets a free 3 year young persons railcard).    To convert it took minutes, I was pretty impressed really.

powerspowers

My youngster has a Santander account and is always transferring money to pay off his various debts from never having his card on him

artyboy

Both my 2 have/had Santander minis - no issues with any payments or transfers...

Rob5342

Peter999_2 said:

Auralayla said:

Thank you, and were able to transfer money to you or to a friend before 16? 

She is now at University and converted the account from a child to a student account.  It's great as she got to keep the same account number and sort code number - she even kept the same debit card  (and gets a free 3 year young persons railcard).    To convert it took minutes, I was pretty impressed really.

It's not surprising really. Banks make little money from child accounts, the reason they offer then is to capture their custom when they are older and can make them money.

Rob5342

My daughter has a Nationwide Flex One and has been transferring money to us since she was 13. They support Apple Pay too which is good as she always has her phone but never her purse. I'm not a fan of Nationwide as they are so old fashioned, but their Flex One does what you are looking for 

factor29

Daughter has a HSBC account, comes with card & has been transferring money to me/others since age 11/12/13 or something. 

savagelyric

My 15 year old has a Nationwide FlexOne which enables transfers.