Which bank account for 12 year old?

[fastwigglylines]

My 12 year old has asked for his pocket money to go into PayPal or a bank account so he can use it to buy things online. I see PayPal's not for under 18s, but kids can have bank accounts, can't they?

I think his idea makes sense as he's obsessed with Games Workshop stuff and wants to use it to buy figures to paint, which are pricey so he needs to save up for them. I'm hoping it will help him learn to budget and be responsible for his own money.

Can anyone recommend a bank account that would allow him to do this? Can 12 year old get a card they can use online? I had a bank account at 13, but this was long before the Internet!

What do I need to think about in terms of safety online? Is this actually a terrible idea for some reason?!

Thanks

Go Henry

My 14 year old has an Under 19's account with Lloyds.

Both mine have Santander accounts

How many of the debit cards mentioned here allow contactless payments? I opened an account for my DC with my own bank and was annoyed that they won't allow under-16s contactless cards - particularly in the current climate.

@Lunariagal

Does anyone know why most banks offer the choice of either a debit card or a cash card, but not both??

I want to open accounts for the kids but would prefer to have both.

Why would you need both?. A debit card is used like a cash card but had more functionality online/in shops whereas you cant use a cash card in shops or online

@redfairylights

How many of the debit cards mentioned here allow contactless payments? I opened an account for my DC with my own bank and was annoyed that they won't allow under-16s contactless cards - particularly in the current climate.

Think the santander ones have contactless cards - ds got his age 11

Nationwide flex one for both DC, they have a debit card with contactless.

Mine have the Barclays one too. It’s useful, they can view their accounts using the app, buy stuff online with their cards and use in shops. Mine were opened on their 11th birthday, but I am a Barclays account holder so I did a video call to ‘introduce’ them. You might want to consider your own bank just for ease.

Did has a Santander account. No cost to us and we opened on line. Not one too locally but I'll transfer to her account for cash.

I got ds1 a Santander account as it was considered best at the time in terms of interest.

Tbh, as money goes out as soon as he's saved up for a game or whatever, interest is a moot point.

He can use the card, buy online and check his balance easily which is the same for most accounts.

@redfairylights

How many of the debit cards mentioned here allow contactless payments? I opened an account for my DC with my own bank and was annoyed that they won't allow under-16s contactless cards - particularly in the current climate.

Santander definitely do, my DD only uses hers in this way, she doesnt know the pin

Starling.

App on our phone which is linked to our account and we can see every transaction. App on DS phone too. He has 2 accounts one for savings abd one for day to day.

It is brilliant.

@redfairylights

How many of the debit cards mentioned here allow contactless payments? I opened an account for my DC with my own bank and was annoyed that they won't allow under-16s contactless cards - particularly in the current climate.

Flex one does.

But actually DS uses a TransferWise card on the bus (well he did) which is a card meant for travel as you can load different currencies. It works really well because it's free to load cash on in the U.K. and I only put a tenner on at a time so no issue if he loses it.

Barclays allow contactless.

@ADayAlwaysHasToEnd thanks for your comment, which bank is that with?

DD's have Lloyds account with debit card (inc contactless). They also get interest which many accounts don't (nationwide flex doesn't iirc)

Dd14 has nationwide account which comes with debit card. I have the app on my phone

@MissSmiley HSBC

Have a look on moneysavingexpert to see what options there are