NatWest Adapt account

destype

Does anyone know how I can either freeze my son’s account or reduce the amount he spends online? I can’t seem to be able to do either. He is 13 and spending too much money on online gaming. Thanks. 

figgyc

This is one of the disadvantages of children's "proper bank accounts", there is not really any control available.

I'd suggest your best option is to withhold further pocket money, or open a "children's prepaid card" and pay any future money to those, they have spending limits and the freeze option as unlike children's bank accounts the cards/accounts legally belong to you.

NatWest offers Rooster Money which is one of those, it's free if you are a NatWest customer. The MSE childrens acounts page goes through all the available options from other banks also.

destype

Thank you @figgyc. When you google, it says you can but you obviously can’t. 

Hoenir

Start getting him to earn his monetary allowance by doing chores around the house. 

destype

The complication here is that it is his money. He has earned it from modelling but the only options I seem to have to kerb his spending is to either put it all into a non accessible account that isn’t available until he is 18 or this account. I am a single parent so I can’t buy them any luxuries but this allows them to buy some things. 

Emmia

destype said:

The complication here is that it is his money. He has earned it from modelling but the only options I seem to have to kerb his spending is to either put it all into a non accessible account that isn’t available until he is 18 or this account. I am a single parent so I can’t buy them any luxuries but this allows them to buy some things. 

If this is your son's earned money, then he needs to learn how to look after it - you acting to curb (not kerb) his spending doesn't teach him anything. 

Perhaps you need to talk to him about putting some of his earnings away in a locked up account for when he's older, and let him spend the rest? Financial lessons are really important, help him to take control himself, he'll be an adult soon.

destype

@emmia he is 13 so not an adult for a while yet. I have spoken to him about savings but unless I actively move the money he will spend it and I’m not going to allow him to fritter his money away in the meantime. Unfortunately TikTok is showing them the lifestyles they thought they should have even if they don’t have the money. And I certainly would not fund any sort of lavish lifestyle even if I got a better paid job. 

Interestingly NatWest are saying that I can freeze his account so I will report back if it’s something I can actually do. 

QrizB

destype said:

@emmia he is 13 so not an adult for a while yet. I have spoken to him about savings but unless I actively move the money he will spend it

Does he have a Junior ISA? Could you sit down with him once a month (or however often the modelling money arrives) and transfer some over, leaving him with spending money for the month? That will lock the savings away until he's 18 (which might or might not be your goal).

friolento

Could you not let him spend it all, so that he can learn what it's like to be left with nothing?

Could you convince him to save towards something he will want in future - such as a driving licence, a gap year etc etc?

pramsay13

You could open a Starling Kite account for a child. It is linked to your Starling account and you get notifications. You can also set daily spending limits, block online transactions, set contactless limit etc, even freeze the card for a while. 
I agree with the others though about it being your child's money and more needs to be done with education rather than unilateral control. 

Emmia

destype said:

@dr_adidas01 It most certainly is unsolicited advice if you are asking for advice about a 13 year old and the poster is comparing me to someone who financially controls their spouse and I most certainly am ignoring them. There are others on here that have been extremely helpful and I am thankful to them. 

What I am saying is you need to find ways to help your son be financially responsible with the money he is earning. What you're proposing to do is remove all control/responsibility from him. How would you like it if someone came along, took all your money away and told you you could only spend it on things they agreed with - no new clothes/shoes/wine/gym memberships or whatever your personal indulgence is.  

A better way would be to agree with him that X% of the money he earns goes into a JISA, locked up for the future, and the rest is for him to spend (or save) as he chooses. Show him how the money he's putting into his JISA is growing - let him see that for himself; it might persuade him to invest more. 

He won't magically wake up at 18 being financially responsible; he has to learn.