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

cloud_dog

[Deleted User] 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. 

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).

From about the age of 3 we used to give them the copper coins in 'their' purse, and when we were out and they wanted anything (sweets, that stupid toy), we'd simply ask for a few pennies from their purse.  This worked well, because it got them into the mindset of to get things you needed to give up something, and quite strangely it also showed that sometimes they would decide they didn't want that piece of whatever carp and would rather retain their pennies.