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Is there a childs bank a/c with debit card where you can set a daily withdrawl limit?

7 replies

Lifebi · 19/09/2019 13:34

I know you can do this with prepaid cards like GoHenry etc but their fees are £3 a month.

The daily withdrawl limit is really just in case somebody steals the card and forces the child to give the pin ... we live in London and that's not uncommon!

OP posts:
Beamur · 19/09/2019 13:36

Have a look at Nationwide. Their kids bank account is good but I'm not sure about this specific question.

Nat6999 · 19/09/2019 13:44

My ds is 15 & autistic, I got him a simple savings account with a debit card, I ping his money over in small chunks through the week otherwise he would blow the lot on the first day.

BarbaraofSeville · 19/09/2019 13:52

I assume this account isn't going to have that much money in it? Say tens of pounds, or maybe a hundred or two max?

If the card is stolen and they're forced to hand over the pin, then surely the trauma of that happening to them will be far worse than losing a reasonably small amount of money, should the worst happen?

I think I'd just get a normal teen account and just keep £100 or less in it and if the DC has any more money than that keep it in a separate savings account so it can't be stolen and move the money across by internet banking if they need to spend more than their normal 'pocket money' spending patterns.

Lifebi · 19/09/2019 14:03

Thanks Barbara, I guess that's an option.
It's just annoying that no bank has this option ... it can't be that difficult to implement.

OP posts:
Sunnysidegold · 19/09/2019 14:03

A revolut card might be an idea. It's not a bank account but you too it up with money and it connects to your phone so you can track expenditure. You can freeze the card from your phone. I have one that I used primarily for holidays but use it at home to breakdown my spending. You can withdraw only a certain amount in cash per month before getting charged - maybe 200 or something.

Lifebi · 19/09/2019 20:51

Any other suggestions?

OP posts:
Confuzzlediddled · 19/09/2019 20:54

It may be something that's possible but not advertised, about 20 years ago I asked my own bank branch (Halifax) to lower my withdrawal limit from 250 to 50 as I was poor and rubbish at managing my money and they set it at that, I just had to ask them when I was ready to have the decreased amount removed.

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