Best apps for teenagers to control their own finances

solidpro

I've got two children - 13 and 15 and they both want to be more in control of their own finances. A few years ago I originally got a Starling account with 2 children's sub accounts so they could have a contactless card, which has worked quite well and they do have Kite access which essentially is a fairly dumb app for them to see their balance and 'todays' spending. However it's extremely basic.

They have £2000 in a Santander savings account which is for each of them to (partly) finance a car when they're 17+, but I doubt it's got the kind of access they're looking for. They know that the £5 a month in interest they get from that £2000 contributes to their £10 total pocket money. I've always told them they get £5 from me and £5 from the interest on simply having money - which they love (the idea it's 'free money' and what acorns could grow from that idea of interest and compounding interest).

Essentially they want to see their money and see the interest on it and manage it themselves on their own app. 

I think what I'm looking for its a more comprehensive bank account for 13+ which allows perhaps for them to have two accounts - a regular bank account and a savings account, which they could keep that £2000 in so they have it and, in a way have the trust that they have access to it but are not using it because it's the foundations of an idea about always having a buffer, saving money, having money to make money. Does any of the big banks do this for under 16s, or are we all stuck waiting for them to hit that age?

Thanks

MX5huggy

HSBC do exactly what you are asking for. A current account with contactless card (can withdraw cash or pay by card). With a connected My Savings Account that pays a fairly good 5% on up to £3000 (2% on more until Jan 27th when it’s going down to 1.75% the 5% on £3k stays). https://www.hsbc.co.uk/current-accounts/products/children/

We don’t really use the savings accounts never been able to convince them 41p per month was worth it, It works well for us we can just send them money whenever they need it. My older one just uses Apple Pay frustratingly you have to be 13 (Apple rule not HSBC) to use Apple Pay and my 11 year old therefore has to carry the card in the back of there phone case which is significantly less secure. They are often travelling to sports training with other families so it’s better if they can get their own food at McDonald’s etc. 

There’s not monitoring function they could move all the money to the current account and bank transfer it to anyone or spend it, so you need to decide if they have access to £2000 like that is a good idea. 

friolento

Nationwide have a similar, possibly more attractive offering 

https://www.nationwide.co.uk/current-accounts/flexone 


https://www.nationwide.co.uk/savings/flexone-saver

Sarahspangles

solidpro said:

I think what I'm looking for its a more comprehensive bank account for 13+ which allows perhaps for them to have two accounts - a regular bank account and a savings account, which they could keep that £2000 in so they have it and, in a way have the trust that they have access to it but are not using it because it's the foundations of an idea about always having a buffer, saving money, having money to make money. Does any of the big banks do this for under 16s, or are we all stuck waiting for them to hit that age?

My two had the equivalent of the Nationwide FlexOne account as soon as they were old enough. At the time you had to go into branch to open one, which for some reason appalled my son, but now it’s online. From a similar age I paid them a clothes allowance, though I still bought uniform, and part of their monthly allowance was explicitly for their Giffgaff PAYG allowance.

A lot of people worry about allowing children access to their savings before they’re 18, 21, 25… but I’ve never regretted taking the training wheels off. My two used to roll their eyes when they got letters and say ‘Ugh, I’ve got to do more adulting’. Now they are adults, they seem to have it down.