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Does your teen have a building society/ bank account?

(22 Posts)
tatt Tue 21-Oct-08 19:29:48

Sent some money to a relative and they have to pay it into the parent's account as they don't have one. I was very surprised and suggested they open an account of their own. Do your teens have accounts?

Saggarmakersbottomknocker Tue 21-Oct-08 19:31:51

Yes. The dss have both bank and building society accounts. dd has a building society account and a post office account <hmm must find that passbook>

They need one if they claim EMA.

Lapsedrunner Tue 21-Oct-08 19:32:49

DS age 6 has one (albeit with me as the trustee).

snigger Tue 21-Oct-08 19:34:30

Yes, DSD has an account with an apparently permanent balance of 36 pence.

Whatever we pay in, she won't withdraw that bloody 36 pence, and it's bothering my OCD.

<<rocks to and fro muttering "Round it up or round it down, fgs>>

Seriously tho, I think it's an important matter - DDs have 2 accounts each, saving and spending, and they're 6 and 8.

BodenGroupie Tue 21-Oct-08 19:36:40

Yes, savings account from when they were born so I could put birthday money in before they were old enough to be trusted with it plus a card access account (Nationwide Smart?) which they can have from the age of about 11 or 12 - rarely anything in the Smart a/c though!

crkm Tue 21-Oct-08 20:40:08

dd (15) has a savings account for which i have the pass book. also a card access acount where i put her monthly allowance in. thought it useful to get her used to having a finite amount and deciding how to spend it for herself.

ds (7 and 5) and dd (3) just have savings accounts.

platypussy Tue 21-Oct-08 21:00:48

Yes dd has had an Alliance/Leicester 11 - 18 account (with a card) for years. Pays a small amount of interest too.

mumonthenet Tue 21-Oct-08 21:03:40

yes, account plus card. Never much money in it though!

AMumInScotland Tue 21-Oct-08 21:28:19

Yes, DS has an account with card (cashcard & electron) - you cen get them from about 12 I think, something like that.

tatt Tue 21-Oct-08 22:11:06

mine have accounts with cash cards and have had since they were old enough to open them. The money tends not to stay there very long but they do sometimes save up for a while.

We aren't totally peculiar then grin

themoon666 Tue 21-Oct-08 22:13:09

DS got an account with Alliance and Leicester about 2 weeks ago. He is 17. Its an account for 16 to 21 years olds.

He gets a card and a massive warning about overdrafts costing £3 a day!

MarsLady Tue 21-Oct-08 22:15:27

Yes! I put their allowance in each month. All of my children have accounts.

SueW Tue 21-Oct-08 22:35:13

Yes, DD has an account with card that her pocket money is paid into. She also has a PO savings account.

scaryteacher Wed 22-Oct-08 08:38:45

I've closed his UK account as we live abroad and it is easier for him to have a euro account here as that is the pocket money currency. However, he still seems to operate on the 'my mum, she pays' basis and hoards his money, or chooses that I buy something for him instead of having his ?20 per month pocket money. As I clothe him and pay for lunches, mobile phone credit, trips out and birthday presents for friends, I think that's about right amount wise.

brightwell Thu 23-Oct-08 11:46:28

Both my dc dd(14) & ds (10) have always had building society accounts, set up not long after they were born. They both have a savings account ( I hold the books) and a pocket money account (dd has a cash card, ds has a book)

SexyDomesticatedDad Thu 23-Oct-08 14:22:23

Probably all banks & building socs have accounts for young savers - these are all TAX FREE (but have an upper limit). When they get to 16 they are supposed to get these closed and open a different type of ac that will be taxable (you can claim tax back) - usually you can get a card type account plus a saver ac with better rates of interest. One issue that I just came across is that we set up a regular monthly saving that pays into a high interest ac at the end of the year the system sweeps this cash plus interest into their regular savings ac - it was a problem as we need to have the tax free account opn past his 16th birthday so the sweep process would work. BS just said keep it open and don't say anything as the last few months should have been taxed.

Try looking at the Martin Lewis site - theres a very good reference for young and not so young savers about what is good / bad debt etc.

Milliways Thu 23-Oct-08 18:33:19

Mine have Building Society accounts for savings, and DD has a Bank account for her part time wages.

MUCH easier to get a student acc/Adult bank account if you already have a chilrens account.

mumeeee Thu 23-Oct-08 22:25:48

Yes. all three of my chidren have had thier own bank account for young people with Nationwide from the age of 14

mumeeee Thu 23-Oct-08 22:27:17

I forgot to say before that age they had building society accounts which were registered under my name.

Starmummy Sun 26-Oct-08 17:47:44

We live abroad and you cant get a bank account under 21 hmm so I act as Ds (13) bank. No overdrafts, lol.

He has a UK HSBC card for when he goes back in the summer hols. Again no overdraft and we can top it up from abroad.

aGalChangedHerName Sun 26-Oct-08 17:51:50

Yes has had one for over a year so his wages from his part time job have somewhere to go. Tis a lot healthier looking than mine most of the time!!

RustyBear Sun 26-Oct-08 17:56:14

DD had a SmartAccount with Nationwide - it automatically turned into a Cashbuilder account a few months after she turned 18.
She now has a current account with a debit card & a higher interest account which her student loan is paid into - with a standing order to pay so much a week into the current account, so she isn't tempted to overspend.

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