To think secondary aged children need access to bank accounts

[allthethinkz]

My DD is 11 and starting secondary school next month. As she will be travelling to school independently I tried to open an account for her today. It seems that most if not all of the High Street banks have withdrawn the facility to open new accounts for 11-12 year olds at this time. Are other people aware of this? Its as if they see it as a novelty for these children rather thsn an essential. But it will put children at risk if they lose or run out of money for bus/train and end up having to walk home or wait alone somewhere. AIBU to think this should be seen as an essential service, and that if pubs and swimming pools are open then the banks should be able to provide child accounts?

Practically, yes it makes sense.

Also...

I was an only child and my mum was a widow. When I was 14 she was taken ill and had to go into hospital for weeks. I couldn't access any money at all.

Have you tried Nationwide?

How does having a bank account help them if they have lost their wallet & phone?

Agreed but I couldn't get one 2 years ago so don't think this is a new thing.

We went with Go Henry which works really well for us.

Here you are:

personal.natwest.com/personal/current-accounts/adapt_account.html

11-18 account

www.barclays.co.uk/current-accounts/childrens-bank-account/

11-15 account

Are these unsuitable?

Have opened accounts for both my children with TSB this week. Did it as didn’t want them using cash when they are back at school. They are12 & 13.

Banks are still allowing you to open accounts as far as I can see. Who has told you they aren't?

We have had the same issue. The trouble is making the appointment because no banks are doing it. Thanks for the tsb tip above though!

We looked a couple of weeks ago and all looked good on their website, but nationwide and one other said you can’t actually do it now for children’s accounts. We’ve gone for Nimbl instead.

Just opened 1 for dd at Halifax

My bank (HSBC) isn't offering children's accounts at the moment and we couldn't get an appointment at Barclays which is our local bank

I feel your pain

When I opened DS account with Santander 3 years ago (he was 12) it was all done online. I didn’t have to take him into a branch.

Thanks for suggestions. I have tried quite a few banks. Its not that the products don't exist: my DS 12 has his own account. Its that they have withdrawn the service of opening new accounts.
@worldweary45 how long ago did you open your Halifax one. I just looked online and it says no new accounts for 11-12 year olds

I just opened one for my 11 Yr old this week. 5 week wait for an appointment which consisted of a 1 hour phone consult and a 1 hour appointment at the bank! Don't do contact less for under 13's either which was kind of the point, however he can use apple pay contact less. This was after he tried to buy lunch with a friend and they wouldn't take cash which is obviously becoming more common.

Ah crap I’ve just checked and they’ve changed it so you have to go to a branch for under 13s.

I’ve just opened one for my 15 yo at Nationwide but every time I go with his passport etc they are closed!

I think it has to do with how such accounts are set up and verified rather than being seen as a novelty.

At 13+, they can do it themselves online and just need ID checked (which if they have a passport can be done online too now), whereas at 11 it needs to be done in branch, with both parent and child, which isn't going on right now for obvious reasons. It's frustrating, but I can see why banks are halting accounts that require that.

I do agree that it's better when young people have access to money, whether by bank card or otherwise.

Go Henry is really quick and simple to set up and ideal for that age group

My dd has just opened a new one online as it had better interest and services.
She went with Santander 123? I think. Took no time but she needed id and a bill with address.
She used something of ours I think either TC/CB or Council tax.
She is 16 though.

DD has a phone app for bus travel and it's linked to me so I pay for her bus tickets. Yes, much safer and it doesn't all go on sweets

Yes, Go Henry is brilliant mine had this when younger.

Yes, I think all secondary school-aged youngsters should have their own bank account, especially those over the age of 12. It's pretty important for children to learn how to manage their money, how to budget and how to save up for things that are otherwise unaffordable from their income.

Children need to learn those vital life skills before they reach adulthood and leave home. Personally, I think money-management and budgeting should be a compulsory subject in schools.

Both of my children had full financial autonomy from the age of 14. We paid them a monthly allowance, of one twelfth of what we reasonably expected that we would otherwise spend on them (we worked out how much we would spend on clothes, outings, treats, entertainment etc in a year and divided it by 12. We didn't include food that would be eaten as meals in the family home, but we did include sweets, snacks and meals out).

They soon learned that it's easy to feel "rich" at the beginning of the month when your money is paid in, but if you spend it all in the first week there is no more until the next month, so when friends want you to go to the cinema with them or to order a pizza for a sleepover etc, you have to say no because you can't afford it until the next month!

Opened with Halifax 2 weeks ago -wouldn't let us apply online but they did it in branch

My kids have Osper accounts

I've just sorted my kids (10 & 13) go Henry cards! Seems an easier option than setting up a bank account

Online ones are good because you have an app so that you can set up regular pocket money, see what they've spent, can't go overdrawn and all sorts of stuff. They also come with a debit card which I like. Mine have Nimbl as its a cheaper monthly fee than GoHenry but does the same job.