Teenage finances

gizmoleeds

Savvy_Sue wrote:

Plus the Solo card is limited to a withdrawal of £20 cash each day (or even every other day), which I suspect isn't going to go far for a fashion conscious teenager, don't know what Electron's limit is but suspect it is equally low.

My Electron limit is £250, always has been.

System

I have had solo and electron, they were both the same limit for withdrawals, £300 or so per day I think. I wouldn't say either card was better than the other, for being refused in shops etc.

crana999

Savvy_Sue wrote:

Hey, this is a girl we're talking about! She doesn't know! Plus even if you spot what you want and get the cash and go back, it may have gone, and then you've got the problem of putting the cash back in the bank (not trivial on a Saturday!)

I *am* a girl, you know...

I've never had a problem doing that. On occasion in a charity shop or somewhere, when the chances are a bit higher an item might go, I have asked the shop assistant to put whatever it is I wanted under the counter for 10 minutes while I go and get some cash and they have been happy to oblige.

Plus, for most bank accounts you can redeposit cash via ATM if you really have to.

I very rarely use my debit card for in-person purchases.. only if I don't have cash on me. I have used it maybe twice since I got it 2 years ago for in-person purchases and that's it. Before I got that, I could only pay in cash in shops. I have never used my credit card in a shop either. & I have never really had a problem just taking cash out when needed.

Savvy_Sue

crana999 wrote:

I *am* a girl, you know...

Sorry ...

Obviously the OP knows her daughter better than we do, but I think there are a lot of us who prefer to have 'enough' cash on us before we start.

But despite what Seven and gizmoleeds say, I think they will find that both solo and electron have very low daily cash withdrawal limits for the under 16s. I KNOW the solo limit is £20. I don't know if it goes up at 16. There isn't a limit on using the card as a debit card, apart from the fact that each transaction is checked by phone (found that out in another post!) This is good for youngsters, means they CANNOT accidentally go overdrawn.

Helen_from_yorkshire

My son has an Abbey account and, when it was first opened, he was concerned that he would only be issued with an electron card, however this is fine and is accepted at all the places he shops.

Slightly off topic, does your daughter have a p/t job as this would also help instill good budgetary habits.

Helix

Savvy_Sue wrote:

Sorry ...

Obviously the OP knows her daughter better than we do, but I think there are a lot of us who prefer to have 'enough' cash on us before we start.

But despite what Seven and gizmoleeds say, I think they will find that both solo and electron have very low daily cash withdrawal limits for the under 16s. I KNOW the solo limit is £20. I don't know if it goes up at 16. There isn't a limit on using the card as a debit card, apart from the fact that each transaction is checked by phone (found that out in another post!) This is good for youngsters, means they CANNOT accidentally go overdrawn.

I was able to take much more than £20 out on my solo card when I was under 16. I could take at least £100 out so i don't know when you got the idea it was only £20.

Savvy_Sue

Helix wrote:

I was able to take much more than £20 out on my solo card when I was under 16. I could take at least £100 out so i don't know when you got the idea it was only £20.

Well it's what the bank told me when each of my sons opened their accounts! :eek: at the thought my youngest could withdraw a whole heap of cash, he's hopeless with money! Please don't anyone tell him!

angelatgraceland

Whatever type of card etc you opt for, I think its a good habit to keep a spending diary. That way,
you know where the money went
you know when a guarantee has expired
you know where you bought your goods(for returns)
It teaches you good budgeting habits.
My son has a solo card which he has only had a few weeks from Halifax. Great cos he can check transactions online if he likes as well as the local branch and the ATM. Always carries just a tenner. Trouble is with ATM you cant get out less than £10 so he said if he only needs a couple of quid its better I lend it to him so he doesnt take out more than he needs and spend it! He's wise!

toastinbowl

Savvy_Sue wrote:

Sorry ...

Obviously the OP knows her daughter better than we do, but I think there are a lot of us who prefer to have 'enough' cash on us before we start.

But despite what Seven and gizmoleeds say, I think they will find that both solo and electron have very low daily cash withdrawal limits for the under 16s. I KNOW the solo limit is £20. I don't know if it goes up at 16. There isn't a limit on using the card as a debit card, apart from the fact that each transaction is checked by phone (found that out in another post!) This is good for youngsters, means they CANNOT accidentally go overdrawn.

Sorry to sound like a parrot but I also had a Solo card from I was 12 and I could take out a maximum of £200 a day from ATMs until I was 16, then it was £250. That was with the Bank of Scotland. Maybe your bank operates differently? In either case, I would take out the entire balance in branch, irrespective of my ATM transactions over the week.

Dave

Savvy_Sue

toastinbowl wrote:

Sorry to sound like a parrot but I also had a Solo card from I was 12 and I could take out a maximum of £200 a day from ATMs until I was 16, then it was £250. That was with the Bank of Scotland. Maybe your bank operates differently? In either case, I would take out the entire balance in branch, irrespective of my ATM transactions over the week.

Dave

OK, sounds like I'm out of date, so apologies all. But I'm getting close to phoning the bank: checked the NatWest website but there is no info there. Checked with middle son: he confirms he can withdraw pots of money if he's got it in the account (and he's not 16 yet). Don't want to alert youngest to this possibility: cash burns a hole in his pocket!

When we opened each account, it was definitely the case that you couldn't take out more than £20 at a time, and you couldn't go overdrawn, and it all felt very 'safe' and sensible, but with the plastic card usable in shops there was also the flexibility of spending your own money without having to have Mum in tow.

Trying to work out what you mean by:
"In either case, I would take out the entire balance in branch, irrespective of my ATM transactions over the week."

Do you mean you could go overdrawn? The chap in the bank did explain that it was technically possible - I can't remember how exactly, it involved using the card at non-NatWest cashpoints I think - but that it would result in the account being closed pdq.