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  • FIRST POST
    • ThumbRemote
    • By ThumbRemote 9th Jan 18, 2:55 PM
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    ThumbRemote
    Childrens current account with card
    • #1
    • 9th Jan 18, 2:55 PM
    Childrens current account with card 9th Jan 18 at 2:55 PM
    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?
Page 1
    • StokieBecks
    • By StokieBecks 9th Jan 18, 3:09 PM
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    StokieBecks
    • #2
    • 9th Jan 18, 3:09 PM
    • #2
    • 9th Jan 18, 3:09 PM
    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
    • Samsung_Note2
    • By Samsung_Note2 9th Jan 18, 3:49 PM
    • 462 Posts
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    Samsung_Note2
    • #3
    • 9th Jan 18, 3:49 PM
    • #3
    • 9th Jan 18, 3:49 PM
    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.
    If my appalling spelling offends you that much...dont read my posts.
    • 18cc
    • By 18cc 9th Jan 18, 5:00 PM
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    18cc
    • #4
    • 9th Jan 18, 5:00 PM
    • #4
    • 9th Jan 18, 5:00 PM
    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.
    • StokieBecks
    • By StokieBecks 9th Jan 18, 8:09 PM
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    StokieBecks
    • #5
    • 9th Jan 18, 8:09 PM
    • #5
    • 9th Jan 18, 8:09 PM
    Barclays will do it. They even do contactless for kids.
    Originally posted by wearingjohnnies
    Not for 7 year olds. Minimum age is 11
    • alan_d
    • By alan_d 9th Jan 18, 8:15 PM
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    alan_d
    • #6
    • 9th Jan 18, 8:15 PM
    • #6
    • 9th Jan 18, 8:15 PM
    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.
    • SPalin
    • By SPalin 10th Jan 18, 5:42 AM
    • 171 Posts
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    SPalin
    • #7
    • 10th Jan 18, 5:42 AM
    • #7
    • 10th Jan 18, 5:42 AM
    Nationwide offer their Smart account (with ATM card) from 7+
    • Gary_Dexter
    • By Gary_Dexter 10th Jan 18, 9:19 AM
    • 1,328 Posts
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    Gary_Dexter
    • #8
    • 10th Jan 18, 9:19 AM
    • #8
    • 10th Jan 18, 9:19 AM
    Nationwide offer their Smart account (with ATM card) from 7+
    Originally posted by SPalin
    This is a savings account, not a current account
    • Nick_C
    • By Nick_C 10th Jan 18, 9:35 AM
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    Nick_C
    • #9
    • 10th Jan 18, 9:35 AM
    • #9
    • 10th Jan 18, 9:35 AM
    This is a savings account, not a current account
    Originally posted by Gary_Dexter
    Yeah, but a 7 year old surely isn't going to need to set up STOs or DDs?
    • Gary_Dexter
    • By Gary_Dexter 10th Jan 18, 9:45 AM
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    Gary_Dexter
    Yeah, but a 7 year old surely isn't going to need to set up STOs or DDs?
    Originally posted by Nick_C
    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.
    • Nick_C
    • By Nick_C 10th Jan 18, 10:27 AM
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    Nick_C
    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.
    Originally posted by Gary_Dexter
    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.
    • Gary_Dexter
    • By Gary_Dexter 10th Jan 18, 10:55 AM
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    Gary_Dexter
    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.
    Originally posted by Nick_C
    Why?

    The cards provided on 11+ accounts are debit cards - why would the retailer not accept it?
    There's no overdraft on those accounts and they cannot go overdrawn
    • ThumbRemote
    • By ThumbRemote 10th Jan 18, 1:01 PM
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    ThumbRemote
    Thanks for the suggestions. I'll probably give the Go Henry one a miss - ideally I'd like to transfer pocket money in by standing order, and 50p charge for a 2 top up is a bit steep.

    The Nationwide and YBS ones look a good call though, they might do. I'll investigate them further.
    • SPalin
    • By SPalin 10th Jan 18, 1:20 PM
    • 171 Posts
    • 41 Thanks
    SPalin
    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.
    Originally posted by Gary_Dexter
    It comes with an ATM card (if selected) and has a sort code/account number for incoming credits e.g. gifts.

    What DDs or SOs do you realistically expect a 7 year old to have or want to setup..?
    • Gary_Dexter
    • By Gary_Dexter 10th Jan 18, 2:16 PM
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    Gary_Dexter
    The Nationwide Flex One account comes with either a cash or debit card:

    https://www.nationwide.co.uk/products/current-accounts/flexone/choose-your-card#tab:Choosingyourcard
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