Teenagers own bank account

[Onemoret1me]

Just after advice/thoughts on when a child should start having their own bank account

my DD is just turned 14. I feel now might be a good time to get her her own bank account. She uses cash at the moment and tends to just keep £20 on her when she goes out. She doesn’t socialise very often, occassionally pops to the shop with a friend or after school but I think she’d like the independence of having her own account and being able to start managing her money and saving rather than just in her piggy bank

just interested in what others have done with their children?

We opened one when they turned 11 with Nationwide as they get pocket money from Grandparents. You could open it online so it was really easy to do.

DS has always had his own, but got a debit card at 13. His account is with Santander. I pay his pocket money into each month. He uses online banking and buys stuff online if he wants. He's 16 now.

My two got Halifax accounts when they turned 11. Very simple process. The both do online banking now.

mine had them from age 11. So many places are becoming cashless now from theatres to public transport. It makes sense.

My two (ages 15 and 12) have both got current accounts with Nationwide. Really easy to set up and use. Good app and a contactless payment card. All's good!

Thanks for the recommendations. With her not going out much I’ve not even thought about it until now but think it’d be good to start teaching her some financial independence

Both mine got Santander accounts at age 11. Has a debit card and app

Mine were both 11 when they got their own accounts with debit cards. I think most if their friends were about the same. Certainly before they started high school.

We use Hyperjar - then when my son turned 16 I opened a Nationwide account for him and I will do the same for my daughter when she turns 16

Our DC all have Nationwide accounts from 11, it's a very impressive facility which convert to student account if they go to university.

All 3 of mine have had nationwide account since they were 11. They don't go out much either but they do get the bus to school and it's always handy to have a card (or now their phones) with them just in case. They can also buy stuff online which you can't do with cash.

Also Nationwide from 11.

Starling kite acct

Yet another 'Nationwide from 11'. DD is now 18 and they've been really helpful in supporting and advising around ISAs and savings.

Mine both got RBS accounts at age 11.

They come with debit cards and apps.

We pay pocket money in weekly plus birthday money, etc.

Mine have had Lloyds accounts with debit cards since 13, with their pocket money paid in there. Now they are older they have their wages from their part time jobs paid into there and savings accounts too so they pretty much manage their own money.

Dts have a nationwide account since age 11 with a debit card. Just turned 13 they now have Apple Pay on their phones. I think 14 is late to not have an account. I had a building society passbook back in the day from around age 10.

We were with Halifax at 11 but have moved to nationwide as you can have an associated savings. In the app you can see both accounts and transfer easily between the two.

Yet another Nationwide at 11.
He has savings account with them now and as he's just turned 19, I encouraged him to get a Credit Card to build his credit score.
They gave him one of them too.
He nearly had a fit when they offered him £3000 limit and opted for a much more sensible £500 😂

We did Metro Bank. I set it up jointly with DC when they were 11 and a savings account. Then at 16 moved over to sole account, then 18 with one with more options. Lovely staff and you have branches. I have read that Metro are withdrawing their credit cards. He has struggled to open 1 due to low earnings.

Mine have Halifax accounts. I have a Halifax account and it enabled me to open the money smart accounts with current account and savings for the kids so they can put money into savings or spending.

i feel we’re really late with it but it never even crossed my mind before. I guess she’s had no need for her own account. I’ve mentioned it to her and she’s keen so will get it sorted.

Revolut

We use hyperjar for ours, they get a card so can pay contactless. Teen DD uses it to pay for the bus to school so we can have separate jars for bus money and pocket money which is handy

Both DD and DS have a HSBC account, they started with a savings account then automatically got a bank account with debit card at 11. I didn't actually give them their cards until about 12 until they asked for them. We used the savings accounts for birthday/Christmas money.

It's grown with DD as when she started working at 16 she got her wages paid into it, she'll probably convert it to a student account when she goes to university or well look for a better deal.