Teenager debit card or Go Henry card ?

[BeaLola]

Yes I am in posting here but really need traffic and experience from others please

DS is 14 We pay for all his clubs/activities and phone contract , clothes etc and are happy to do so.

He gets £10 pocket money each week - invariably over last year he doesn't get hard cash and it mounts up to go towards paying off his debt for his very expensive pc - we paid just over hslf and the rest he saved up birthday and op jet money for.

So to allow him more independence , help teach him a bit more re value of money, let him make his own mistakes etc we are thinking of him having a debit card that we put the £40 a month on & could add odd gift money to etc

I hear a lot about Go Henry , not so much about Santander 123 - any thoughts please ? Thank you v much

I just opened a young person's account at Barclays who I bank with which has a debit card. No fees and easy to transfer money so if he's in town and sees an item of clothing he can ring me and I transfer the money straight away if I agree to his purchase. Safer than carrying cash around.

@BarefootHippieChick

The thing is, whether we like it or not, card payments and app payments are the future. Eventually cash will be used for very little. Todays children and teenagers will be at the forefront of any new technology regarding money payments. Remember those things called cheques we all used to write 20 years ago? That will be cash in years to come...everyone has some in a drawer somewhere if they can just be bothered to hunt for it 😁

Card, app, and even wearable device (eg smart watches) payments are for many already the present. I am far from being a teenager and I only use cash if I have to - its usually my watch/phone or occasionally a card.

DS (11) got his own bank account a few months ago and we immediately set up contactless payments on his phone - its the only thing he uses (he never has cash or his card on him).

Always a normal bank account, and hyperjar while it's still free until they're old enough for a normal bank account. Do not waste your money on go henry, it would be a massive example or poor financial literacy.

Lots of places around me that kids would want to spend their money in but only take cards, cafe's in local parks and places mostly.

GoHenry is really only suitable for tweens. I have found it expensive and not an entirely transparent system to use (money seems to come out of our account at strange times and the fees are really not justified for the level of 'service' provided). It really doesn't suit DD's needs and doesn't really give her the flexibility to learn about spending/saving money that goes with teen territory.

DS(14) has HSBC current account and savings - 2.75 per cent. Most of his savings are in an isa though.
He’s very sensible and I don’t have concerns that he’ll transfer the savings into the current account and blow them - although technically he could go this.
I put his pocket money in the current account and birthday money etc goes in the savings - that’s what he wants.

the reason why I’m not transferring savings from the hsbc savings account into the ISA at the moment is that the interest rate is better on the hsbc account.

We use Santandar 123, I'm not paying Go Henry for them to access their own money. You can open a Santandar account online once they are 13.

Another vote for a proper bank account, preferably with a savings account as well.

All high street banks offer a 'basic' account which means an account without an overdraft, which also means no charges.
I have a few accounts, Nat Wet let you pay contacts in your phone from the app.

At that age proper bank account for younger siblings hyperjar which is like go henry but no fees

Normal bank account. DD has one with nationwide.

Avoid Go Henry at all costs, regardless of the fees they charge the Sky Brown adverts are appalling.

I just got our eldest a normal bank account with debit card at 13. Not paying Go Henry.

Mine both had HSBC debit cards from 12 . They can have a debit card account .with no overdraft and a parallel savings account. Both had birthday gifts paid into the savings account.and pocket money into the debit card . They transferred money across to buy something bigger if needed on the phone app. Having this made opening my sons student account easy and he still keeps most of his cash in the savings account to stop himself going overdrawn. Currently he's They only one I his flat not using an overdraft and he has a smaller loan and parental contributions than the Welsh and Irish students