To be annoyed that Nationwide told our 10 year old that we have X'000s in a bank account for him?

[OnlyTeaForMe]

Grrr...

DS1 (age 10) has a savings account with about £150 in it - money from birthdays etc. He manages it himself with a passbook.

We went with him today to pay in some money from his grandparents, and while he was at the counter the woman said to him, "Do you want to have a chat about this other account - the one with £X,000 in it - 'cos the rate's changed and it's not earning much interest."

DH & I were . The 'other' account was opened in our names, but designated for him when he was 16/18 (can't remember) but we didn't feel that DS needed to know about it until he was older.
Now he wants to know all about it, and I don't think he is
a) old enough
b) responsible enough

Do kids 'automatically' become responsible for any accounts in their name at a certain age?

I think we will now need to move it!

I have never known any good come from children knowing the are to 'get' large amounts of money of a certain age. I would be more inclined to make it, when they are in a certain position/education/stage of life.

Age is so arbitrary

I really want mine to learn to fend for himself, knowing how much money he would eventually get would seriously jeopardise that.

Terrible that the cashier told him this.

If I were you I would just lightly say to him that you have put some money aside for him to buy books and a computer if he wants to go to uni, or something like that, to throw him off the scent.

maybe they thought he knew about the other account as he manages the original one himself. From checking online some banks let them take control of their own accounts from age 11.

agree with fleshwound, the common denom here is the shoddy service from nationwide. i get that aswell. thinking of changing.
she shouldn't have talked to him about it. to you. the account is in your name, your signatory. she should have said to you 'move to higher interest'.
But is is their underhanded , hard sell, the way the do it, that is unacceptable.
complain.

I do think that some people are getting a bit worked up here - I think it's reasonable to be slightly annoyed, and reasonable to write to Nationwide to inform them that you felt this wasn't handled appropriately and suggest that they change their policy in the future, but I think it's going too far to think that your son is ruined for life and will immediately begin a career of wine, women and song. If you sound too het up in your letter, I suspect it would be taken considerably less seriously by the managers.