Kids debit account with a linked savings account?

[40andlovelife]

I am looking to open up a bank account for my 13 year old. I would like him to transfer money from the debit account to a savings account that we won’t let him touch until he is much older. Ideally something with an app for him to track and transfer into the savings account himself. Please does anyone have any ideas? I have never opened an account for my children before

Monzo

We use GoHenry for our sons. They get a debit card and it has an app. You can assign pocket money and transfer money from current to savings and vice versa, and there's an app which kids can access. As parents you can control spending limits.

Halifax do one - can’t remember what it’s called, but it’s a current account with debit card plus savings account all managed through an app. But you do need to have an existing account with them to get it I believe.

Nationwide offers a FlexOne current account. You can then open a linked FlexOne saver which has a good return of 5%.

They get a cash card & can use the nationwide app for both accounts.

I have just opened up a Virgin M Power account for my 12 year old DS. Automatically comes with a linked savings account, app, debit card etc..not sure of the interest rate haven't checked. DH banks with them so was easy to open. Think most of the banks do kids accounts.

Be aware that DC can access some saving accounts from the age of 16.

I’m not sure that you’re going to find a savings account that he can have access to via an app but that he can’t withdraw from. Most of the suggestions made by PPs are accounts that he would have full access to so would be able to withdraw money.

Accounts that he can’t access/withdraw from are ‘in trust’ with (usually) a parent as a trustee so it’s the parent that would have any access to the account via an app.

@ChessieFL is right.

I have the nationwide account for my son's savings because of the 5% rate, but I keep the card & he doesn't have the app.

For day to day, my DS uses Monzo which is a brilliant bank. I also have a Monzo account and I can see his banking in my app.

The downside of separating them is your son won't be able to see what he's saving - not sure if that's part of the motivation, but to allow him access will require trust.

I do have a Monzo referral code handy if anyone wants it?

join.monzo.com/c/gk16zzgs

Yeah, as pp say impossible to get an account they can view online but not withdraw from.

In fact it's pretty hard to get any sort of un-withdrawable-from account that you can view online. Even as an adult I can withdraw from my limited withdrawals or you zap your interest rate accounts with just one extra click.

It depends what you are saving for and how accountable you want him to be. DS (15) has a nationwide FlexOne account and we’ve set up a linked savings account where he saves so much of his monthly pocket money / money for birthdays/xmases every month. He’s seen how quickly savings can build up even by saving £5 or £10 a month and he’s really into saving now.
We save for him in a child trust fund, which I know a lot of people on here are scathing about. We set the clear expectation that this is money for a house deposit and have supported older DC to drip feed the money into a LISA without any problems.