Childrens current account with card
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I have a financially precocious 7-year-old child. They receive £2 a week pocket money, plus money from birthday or other gifts. I look after the money for them, but they know at any time exactly how much money they currently have! It's never a huge amount, but at present is over £60.
They have a junior savings account with Halifax, which is used intermittently, but I'd like them to have a proper current account with a card. Mainly so they can get used to their money being in the bank, rather than 'bank of Mum and Dad', and so they can get used to having a cash card to withdraw sums as needed, or even use the card in shops. All will, of course, be supervised - we will look after the card for them.
It seems that few, if any, banks allow such a current account with card for under 11-year-olds. I've seen the Santander Mini 1-2-3 account allows you to open the account in trust for an under-11 - can anyone confirm that in this case, you do still get the card to use?
I could also open another account in my name, and make that 'their' card. But I'd really rather it was specifically their own account.
Or are there any other suggestions/recommendations?
They have a junior savings account with Halifax, which is used intermittently, but I'd like them to have a proper current account with a card. Mainly so they can get used to their money being in the bank, rather than 'bank of Mum and Dad', and so they can get used to having a cash card to withdraw sums as needed, or even use the card in shops. All will, of course, be supervised - we will look after the card for them.
It seems that few, if any, banks allow such a current account with card for under 11-year-olds. I've seen the Santander Mini 1-2-3 account allows you to open the account in trust for an under-11 - can anyone confirm that in this case, you do still get the card to use?
I could also open another account in my name, and make that 'their' card. But I'd really rather it was specifically their own account.
Or are there any other suggestions/recommendations?
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Comments
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There's something called go Henry that gives kids a card but think there is a montly fee for that.
7 is probably a little young, think most banks will allow a current account from aged 11-13 but has to be jointly held with parents until they are 18£2 Savers Club for 2022 #120 -
Go Henry is good. But remember its plus 50 pence per top up.
However the service is pretty good and card does most stuff a proper debit card can.0 -
why a current account why not eg a savings account with a card such as ybs cashcard. it has an atm card and online banking.0
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wearingjohnnies wrote: »Barclays will do it. They even do contactless for kids.
Not for 7 year olds. Minimum age is 11£2 Savers Club for 2022 #120 -
I use Go Henry for my 3 kids. Works well, and the features, restrictions and tasks the app provides are worth the fees in my opinion.0
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Nationwide offer their Smart account (with ATM card) from 7+0
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Maybe they will - I would want to with mine to get them learning.
Besides, the Smart Account (savings account) doesn't necessarily come with a card, and if it did it's only a cash card.
1) would be great to teach your kids some financial stuff yourself. You can show them what you do with your bank accounts.
2) I can't imagine any responsible retailer accepting a debit card from a child.0
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