Children’s bank account

[backofthewardrobe]

Does anyone have any recommendations for a children’s bank account?

I had a post office savings account and a little book as a child and loved it. It definitely taught me how to save. They don’t seem to do them these days but also our local post office closed and there are always huge queues at the next nearest one. DS wouldn’t appreciate having to wait half an hour to put a few pounds in!

So what I was thinking was a bank account where I’d put in a standing order of £5 a week and he gets a statement every month to see it grow. It’s so little that I’m not bothered about interest. He never gets money for birthdays or Christmas but if he ever did that could go in there also.

I’m not bothered about a card as I want him to see the amount grow and receive statements . He gets cash pocket money when we go out which he sometimes spends, sometimes saves in his money box. I want this so he can see how it adds up but no restrictions on withdrawals because it is his money and he can spend it if he wishes. Again, lesson learned if he can see a withdrawal! 😁

Would be grateful for any suggestions. He’s 4, nearly 5, if it makes a difference and we’re in a city so have all the major banks. (It would be good for him to go into the bank sometime and put money in or take it out. Not bothered about a cashpoint card but he’d enjoy that!)

www.moneysavingexpert.com/savings/child-savings-tax-free/

Mine had NatWest kids accounts from birth then card accounts from 11

I saw that Soola but they’re rating by interest and have minimum amounts you can put in and restrictions on withdrawals. We’e talking pennies on the amount we’re giving him to save, so I’m hoping for recommendations on other things!

Sign up for a Monzo or starling card in your name and he can view it on the app?

Am googling those, thanks. I do want paper statements, not an app.

I know Halifax and Santander provided statements when mine were younger but these dropped to one statement per year which I'm guessing is not what you are thinking of.
Are there any building societies local to you? These may provide the kind of service like you, and I, remember with passbooks etc. I actually think it's a great way to teach young children about money, that there isn't an unlimited pot and you can only take out what you put in etc. although I guess that's for a different thread.
I can't think of any way to find out about paper statements other than ask them individually but I would think a local building society would be a better chance to get what you want.

kamelo Yes, I think I’m going to have to ask individually. I don’t want to open an account, get a direct debit set up, and then find they don’t send monthly statements!

I know I can look on the computer but a 4 year old and a computer/phone is a liability when screen time is limited!

My son has the Halifax one. Been saving since he was born and its growing nicely. However that one is more of a surprise for him when he is 21 so hopefully I am able to keep it a secret.

I do recommend it though and you can manage it online. He will also get a statement addressed to him.

My son also has a money bank in his bedroom. He is 4, nearly 5.He gets £1 for things like good behaviour, doing well at school and helping around the house. I don't put a frequency on that but he probably gets about £10 a month to put in it. He loves seeing it grow and whenever I ask him if he would like to spend it he says no I want to get it to the top. Its one that adds it up as you put money in and holds around £1000 in pound coins.

The statements wouldn't interest my son at the moment. He is very visual so seeing the coins getting higher he gets excited about

Be aware that a lot of banks are trying to move away from paper statements for environmental reasons so that may be a stumbling block - all the banks that we/our children have accounts with are opting for/promoting online statements.
If you like the idea of a old fashioned payment book have you considered a credit union?

Nationwide do a passbook account, mine had them for the same reason. They only get updated when you take the book in though so not quite the same as a monthly statement.

My son has a Halifax pass book, for exactly that reason! I had one with the post office too and I loved it! X

My lo has a Halifax account. She gets really excited when the paper statement comes, as it means she gets some post. Only thing is, as they’re addressed to me, I always open them first and then put them on her bed. ( Has sudden idea about getting replacement envelopes...)

I've just opened a Nationwide account for my children and they have a passbook!