Bank account for DC

[Illbefinejustbloodyfine]

Following on from my pocket money thread...id like to open bank accounts for my 2 dc for their pocket money. Id like them to have a debit card, and "pots". Is there such a thing as having a pot for daily spends, accessed by debit card, and a pot for "saving up" that isn't accessible by the card?

Also, can they buy stuff online (robux....)

They already have proper savings accounts for the long term.

How old are they?

My DC had hyperjar accounts when they were smaller which gave them a card and enabled them to move money around between 'pots' to hit specific savings goals and enabled me to restrict which pots they could spend from.

BUT we only lasted a year before switching - the app was a bit of a faff, and they weren't earning any interest, which sort of negates the point of saving. Plus they don't generate statements for the kids' accounts which caused us big issues when we needed proof of a transaction that DC2 made and hyperjar literally couldn't provide it.

They now have Nationwide kids current accounts with an attached savings acc paying good interest which they can transfer to easily on the app and (while you don't have oversight of their account unless you log in as them) is much more practical. Much better.

They're 8 snd 10 . They have nationwide savings accounts already, but this isn't for savings really, only for "saving up".

Ah - that's what my DC use the Nationwide savings acc for - saving up pocket money for bigger purchases.

Any "proper" savings inc gifts from family are going in ISAs etc.

Hyperjar definitely does what you're after, and is free unlike GoHenry etc. But the app needs work, and it also bothered me that there was a lot of pushing brands, discounts etc.

At 11 they can have a proper kids bank account with a debit card. Mine use Nationwide accounts. Prior to that age, the only kids cards are apps with monthly fees, Natwest Rooster and GoHenry.

However what normally happens is they see something they want whilst we're out, they don't take their cards. I end up paying and they make a bank transfer from their bank apps to me.