Kids bank accounts....

[Badvoc]

Hi.
My dc are 10 and 4.
Ds1 had his birthday last week. He now has £150 burning a hole in his piggy bank :)
He did ask for money for his b day this year but when I asked him what he wants to spend it on he says he wants to save it in a bank account!

We have been speaking about a big trip in a few years when they are older and dh and I will have been married 20 years. We need to get saving and I think this is what he's thinking about! :)
I have been looking at hsbc as we have one in the village.
But one thing that did surprise me is that next year (at 11) he will get a bank card!
Is this normal?
Also, what's the best way to teach him about budgeting/saving etc.
He is pretty good at maths, unlike me!

Yes I think children's accounts often get bank cards nowadays.

What about finding a comparison of the accounts and look at them and see which is best?
Am sure money supermarket do comparisons.

It might be you go with the local bank as you could perhaps encourage him to visit to pay money in when he has earned it or been given some etc.
I remember the Natwest pigs with fondness, they certainly helped me save when I was a child.

Mine all have 2 nationwide accounts each. Older ones have a savings (with book) and spending (with card) .
Nationwide offered cards for a couple of years before we accepted them. Dd1 carries her own card but I manage dd2s

Thanks.
We have 2 - hsbc and Santander but I have heard bad things about the latter...

Yes, bankcards are normal at 11.

One piece of advice, open an account somewhere that opens on Saturdays. DD1 gets endlessly irritated that she can't put money in during term time.

(Mummy is usless and keeps forgetting )