Bank accounts for kids

[joshandjamie]

My children are nagging and nagging to have their own bank accounts. They want somewhere to put money safely when they get any for birthday/Xmas presents or for doing chores. They want to be able to access their money when they want it, rather than a long term investment thing. When I was growing up Barclays gave out BOB cards to kids which did exactly this. But I can't see anything like that now. Every account needs them to be a lot older than mine (7 and 8) and they cost about £10 per month in bank charges and require fixed monthly deposits.

Is there anything out there less expensive that's available to kids?

I have just opened accounts for the kids at our local credit union. Try that maybe- they're a great idea and help the community as well as usually paying interest for the children's accounts

thanks I'll look into that

I got my ds a northern rock account but when I looked a lot if them are on line. I really wanted a book like the good old days!

Or those nat west piggies.

exactly, my boys want to be able to go to the bank and get their money/put it in

I wanted a pass-book account for them, but they no longer exist. The idea that they had a book to see how their money looked and watch it build up would be really helpful and it would ve entirely their responsibility. Halifax used to do one but no more. The best I can find is with a ATM card which isn't really what I want. Everything seems to be aimed at parents paying money in monthly and not at children learning how to manage it. So I'm watching with interest.

Cheltenham & Gloucester do an easy access savings account for
kids with a book, no charges though the interest rate is pretty poor

The northern rock one is postal no book but pays three percent!

Thanks for that tip about C&g I'd like ds to have one when he is older.

I'm trying to teach him to be careful with money unlike his mum

You don't have to pay a set amount into the northern rock too I use it for Christmas & birthday money.

Mine have a passbook account at nationwide but I am the signatury on it, think they could be at that age though
I regret it actually
In the past, the values of 'saving' and 'banks' were good but now they're putting their money in the hands of thieves and it would be safer and cost no more to keep it under their bed
Well, that's my cynical view of banks these days anyway.

Mine have a passbook account at nationwide but I am the signatury on it, think they could be at that age though
I regret it actually
In the past, the values of 'saving' and 'banks' were good but now they're putting their money in the hands of thieves and it would be safer and cost no more to keep it under their bed
Well, that's my cynical view of banks these days anyway.

Nationwide here too. Dd1 has a cash card now as she is 12 and her pocket money is paid into it.

Nationwide is still a building society too so not as evil as the banks!

Nationwide here as well, and ds also has a HSBC account at his request! He is very proud that he has an account somewhere that dh and I don't! He is saving for a drum kit hence the HSBC, didn't want to get his savings muddled up!

My DD has an account at a local Building Society. There are still a few about. She has a passbook and it gets a reasonable rate of interest. Try moneysupermarket.com.

www.which.co.uk/money/credit-cards-and-loans/guides/credit-unions/

I hope I have managed to put the which link to credit unions here. Like the mutuals they offer an alternative to the big banks; unlike most mutuals these days they are truly local. Definitely worth looking into- both for kids, but also for loans!

Weird. I opened up an account for 8yo DS with Santander about 6 weeks ago. They were very S L O W at processing it & didn't really seem bothered if we opened it or not!! DS is the first of my DC to really get saving, the others spend it too fast to worry about it.

Chose Santander over a local BuildSoc because DS could get a cashcard at 11, rather than 13. Live in a small town, so few physical branches to choose from (Nationwide moved out 2 yrs ago). No charges. I didn't worry about rates of interest, it's almost purely an exercise in learning principles of banking, the rate of interest is no worse than if he put it in his piggy bank. Santander is so massive, too, one of the least likely to go down.

Our local credit union is only open like 3 hours every other Tuesday, so again, just not convenient for small child.

DS has a Northern Rock Account with a passbook that he opened a couple of months ago.

All B Socs, and I thought all banks do accounts that children can have, it's just that below a certain age (I thought it was 7, but maybe it's now changed to 11 ?) you need to be a signatory on it. For it to be a passbook, it needs to be a B Soc.

This seems so silly if the banks not to offer better kids' accounts.. Especially as DH, DB and I still bank with our respective banks that we joined as children!

there's a gap in the market here.... who's up for opening a bank for kids? Don't think the profits will be huge but it could be a social enterprise to help kids learn to save so that the country doesn't always end up in the pile of poo it's in now

We have something like that with Lloyds. It is attached to DH's account, we can transfer money in online, but they (or DH) can only get money or cash out in a branch. Costs nothing. My kids were 9 and 10 when we opened them I think.

I think maybe you can only do this if you have a lloyds account but worth checking maybe.