We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
No longer possible to get a simple savings account children themselves can use?
Options
Comments
-
Tucosalamanca said: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.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.
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.
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).Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone4
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards