No longer possible to get a simple savings account children themselves can use?

Stuart_W

As a child of the 80s I remember collecting the NatWest piggies, getting a free Barclays moneybox with a cool secret combination lock, a regular Henry's Cat Club magazine with Woolwich building society and probably countless other things too. Banks and building societies bribed kids to open accounts.

Free gifts aside, I have been struggling to find any kind of simple savings account that a child can operate themselves in the town I live in (age over 7 but under 11).

I am not looking for the best rate, I am looking for something they can use independently to begin to become familiar with saving, where they may occasionally make cash deposits and cash withdrawals. No major sums involved.

I thought my local building society might help, but Yorkshire Building Society are changing their One day account so it can only be opened in trust for under 16s, and the main banks have all closed and post office access only works if you have a debit card for withdrawals as far as I can see. Some accounts, like Co-op's Smart Saver do come with a cash card that allows post office withdrawals and deposits without being a debit card, but the account isn't available to under 18s. I can't win!

I had a hand written National Savings Ordinary Account passbook as a child that I used at my village post office. Something like that would do.

Have I missed something obvious? As such accounts are clearly going to be unprofitable are they just not available any more?

moneytorques

What is it specifically you are looking for, there are a plethora or child focused accounts, most offer parental management. I have just swapped my eldest from Natwest Rooster to Nationwide FlexOne current account with a separate FlexOne saver paying 5%

Stuart_W

It's a simple savings account that the child can pay in and withdraw cash themselves, ideally screen-free. I think I am looking for a product belonging to a different generation. I've got a Hyperjar card for them both to use occasionally (doesn't get used often but they like buying their own tickets on the bus) 

SandyShores

Have a search on credit unions in your area.  Many have children's savings options.

masonic

Is this purely for educational purposes? E.g. "This is how people used to bank in the 20th century, kids"

Smaller building societies might also be worth a try.

lr1277

I think you are suggesting a branch based account where a child can go in and either pay in or withdraw money?

Given the multitude of branch closures, is that a realistic prospect?

Perhaps someting screen based is inevitable?

Martico

Screen based is the way - that's what the child will end up using, that'll be the best education for them

MX5huggy

HSBC My Savings just about meets your requirements can be operated in branch, but does have all the on line  functions and they get a debit card at 11 unless you refuse it. 

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

Really I see that you need to introduce them to modern banking so mine have never used the branch. Although they should really deposit there cash savings. They have crazy amounts of money in their piggy banks. 

Stuart_W

Martico said:

Screen based is the way - that's what the child will end up using, that'll be the best education for them

This I do not disagree with (I myself joined Smile in 1999 when Internet Banking version 1 was starting off). 

But whilst they are under 11, and don't live on a screen, cash is a tangible and practical way to first begin to understand money, just like they use counters, blocks, bead strings etc in maths at school as tangible manipulatables to first understand number.

I suppose, then, @masonic is right, this is really entirely for education purposes.

As adults, I fully expect them to be totally cash-free (that's not a debate I'm looking to start). But it seems ashame they won't have the independence of running their own savings account where they can "see" money going in and out in a meaningful way whilst still a child.

I guess I need to crawl back under my 20th century rock and bemoan change.

Tucosalamanca

MX5huggy said:

HSBC My Savings just about meets your requirements can be operated in branch, but does have all the on line  functions and they get a debit card at 11 unless you refuse it. 

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

Really I see that you need to introduce them to modern banking so mine have never used the branch. Although they should really deposit there cash savings. They have crazy amounts of money in their piggy banks. 

5% interest on balances up to £3k. It's been a useful educational tool for my kids.
They fully understand interest and prefer to save rather than spend.
My youngest was ecstatic when they closed in on the £3k threshold. They've since learned how to open other accounts and transfer money, as well as compare rates.
They've added cards to Apple Wallet, set up notifications and so on. They also seem very motivated to earn extra money whenever possible (which I guess is a good thing?).
As far as I can see, digital banking is working very well for them.

Stuart_W said:

But whilst they are under 11, and don't live on a screen, cash is a tangible and practical way to first begin to understand money, just like they use counters, blocks, bead strings etc in maths at school as tangible manipulatables to first understand number.

I suppose, then, @masonic is right, this is really entirely for education purposes.

I played 'shop keeper' with my kids. Starting with a £1 float and gradually moving up to £20 in notes and coins..
We just pretended to buy things, how much will it cost, how much money have you got, how much change will you get back. It's a great way to improve basic arithmetic (one of the best skills a kid can learn imo).

cloud_dog

MX5huggy said:

...

Really I see that you need to introduce them to modern banking so mine have never used the branch. Although they should really deposit there cash savings. They have crazy amounts of money in their piggy banks. 

A couple of years ago mine needed a 'proper' bank account statement for a credit check (Uni rental), and it was a complete anathema to them.  The whole...."just walk into the branch and ask for a statement" sent them into a 'cannot compute' moment.

Made my day at least.