go henry or normal debit card?

[theendoftheshowshow]

dd is off to secondary in september, and i was thinking of starting to give her a small monthly allowance. Just wondered if there were any advantages to go henry type accounts rather than a traditional bank account.

Also wanted guidance on how much money to give. She doesn't currently get pocket money, so we fund books for her kindle, sweets etc but she doesn't yet really go out without us - that is obviously about to change! She will have a separate bus ticket and a finger print thingy for lunch. Not sure if they need/take/buy snacks at secondary.

[FireandBrimstone]

Our children (8 & 10) have Osper cards which I love as they don't fritter their pocket money away on rubbish, as they do when they have actual cash. We give 8yo £20 per month and 10yo £10 per month (as we also top up his phone £10 a month). They both save it up so they can buy fairly high value items - their choice. I guess the advantage of bank accounts would be interest payable but will definitely be interested to see what others say.

[wonderpants]

I opened a bank account for my DD on her 11th birthday with a debit card and she gets £20 a month deposited in it. I don't get why you would pay a fee for the others?

[bobinsky]

I had an Osper card for my eldest, but changed it to a normal bank account shortly after he turned 11. The only benefit from Osper was that I could see what he was spending his money on. But I felt that he is becoming more independent and I needed to show that I trusted him - tbf he has always been a sensible sort - that I could leave him to deal with his own finances so long as I could ask to see his account details every now and again if I ever felt I needed to. I like that he can now go and personally deposit his own cash rather than having to go through me. I can still add money from my account, I don't have to pay £10 a year and that if he stays with the Bank I've chosen he'll have the same account details always and that he'll have a full bank/financial history.

[theendoftheshowshow]

thank you - i think i'll just go with a normal bank account then

[pixZie78]

I had the exact same question! Can anyone recommend a current bank account for my 12 year old? I'm with First direct but it appears they don't offer this. It's not for savings - just pocket money etc - I think they feel grown up with a debit card bless em.

[Balletgirlmum]

Dd has a debit card with HSBC. it's from age 11 onwards.

[FarAwayHills]

We have an Osper card for DD and give her a monthly allowance which has worked really well. She has an app on her phone that shows her balance and account transactions. Also we can also monitor or top up if necessary online. It gives us peace of mind and it also works better than handing out pocket money, in terms of DD managing her own finances. It also saves arguments when she wants to buy something rubbish and I suggest she pays with her money - she soon changes her mind

[bobinsky]

We're First Direct too - annoyed that they don't do kids accounts, went with the Halifax in the end.

[Brighteyes27]

We're also with First Direct what are the Halifax like? DS in year 8 who is fairly sensible and DD in year 7 who is anything but. We stopped the pocket money thing briefly after it started when I discovered DD was buying the cheapest nastiest and biggest biscuits and crisps and eating them in her room!!! Also they squabbled over whose money was who's etc. Now they are both wanting money to go into town for lunch swimming or DD to spend on tat regularly. Would like to introduce them to using some money of their own wisely so they get used to managing it and the value of money and would also like them to save a small amount themselves and see it growing. Any top tips. Our two easily spend £10 on one day in town on lunch etc so £20 a month wouldn't last them and there friends seem to do the same.

[dementedpixie]

Dd has hers with bank of Scotland. Osper, go Henry, etc charge for theirs so I would use them for a child that is old enough for a current account with a bank (usually 11)

[dementedpixie]

Wouldn't * not would!

[Brighteyes27]

Also both do various sports clubs & activities requiring subs does the £20 a month include that? Thanks

[MyballsareSandy2015]

Barclays do an 11-15 account, can't go overdrawn

[Lemonsole]

We've gone with the Nationwide 11+ account. Gives 1% interest, but They can open a linked, special savings account that pays more.

[Kewcumber]

I use Osper for DS. The one thing that is brillient is that you can instantly transfer money to it using your phone - I don;t use phone banking so it works better for me.

[whinetasting]

Go Henry has been brilliant for DD- opened account for her 8th birthday and pay her pocket money in. Grandparents also drop the odd tenner in here and there! The app is great to show them how to save and you can set spending controls and limits as a parent.

[LearningHowToFly]

My two are with gohenry, the parent control is brilliant, I have the app and ds1 has a child's version on his phone.

[Brighteyes27]

Thanks how easy is it to get money out from these cards with most regular cash points with say go henry & the other standard bank accounts mentioned please? I have been spoilt with FD

[dementedpixie]

Go Henry charges a monthly fee

[LearningHowToFly]

With gohenry you can choose where your child can spend money including cash points, on line and in store. You can set daily and weekly spending limits and you get a text message whenever they spend. I personally think it's worth the monthly fee (£2.50), when DS is older I'll switch to a current account but as an introduction to debit cards and money management I think it's brilliant.

[JustDanceAddict]

Normal. I opened a Santander 123 account for DD and she gets her allowance paid straight in by standing order and manages it, but she is 14. No fee.

[TeenAndTween]

DD2 age 12 has a nationwide child's account with a cashpoint card. In 2 or 3 years we will change it to have a debit card.

[Kewcumber]

Osper is almost identical to Go HEnry I think will a lower annual fee (about £10)

Yes you can get money out of cashpoint or use online