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Secondary education

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Original poster

Bank accounts and bank cards for teenagers - anyone researched this lately?

30 replies

taugenichts · 18/02/2011 15:44

We're looking into our teenage dc having bank cards so they can withdraw money when out and about, up to a daily limit. Last I heard was that Barclays was the best provider for this. The dc are 13 and 17. They need the dosh for getting meals while out etc. Anyone done this recently please?

TIA

OP posts:
SexyDomesticatedDab · 18/02/2011 16:18

I think most of the banks / BS cater for this now to get them hooked in early.

The MoneySavingExpert site is good and there's a good teenage money education pdf you can download too.

Maybe they could go to who you bank with?

Original poster
taugenichts · 18/02/2011 16:23

Thanks, Dab. (Have you stopped being a dad to become a fish??)

We don't like who we bank with much! And intend to change once we get around to it.

When we tried once before through a building soc we were told they couldn't have cards.

OP posts:
Ponders · 18/02/2011 16:27

DS2 (17) used to have a Halifax account which he had a card with - he used that until our local branch suddenly closed down, then he opened one with Santander.

I think any of the banks will let your 17-yr-old have a card but maybe not the 13-yr-old (but Halifax def will)

hocuspontas · 18/02/2011 16:30

My dds have Nationwide smart accounts. I load their accounts (in theory!) with fares and lunch money on Sunday on-line, then when they need it they can go to any hole-in-the-wall to get money out. They have passbook accounts for savings; the card accounts never have more than £20 in them, just incase they get lost or stolen. I have no idea whether the interest rate is any good or whether there are any freebies, but it works perfectly for us.

grumpypants · 18/02/2011 16:30

dd is 12 and has a card with halifax, which she can also use as a solo type card in New Look!

Original poster
taugenichts · 18/02/2011 16:44

Yeah, New Look, tell me about it! Thanks. I looks like there's a lot more around than when we last tried.

OP posts:
magentadreamer · 18/02/2011 16:57

My DD aged 13 has an account with HSBC which gives her a combined cash/visa debit card. This means DD can use it in any store. She can not go over drawn on it.

OesMorDdreng · 18/02/2011 17:10

I'm 17, and I've had a Nationwide Smart Card since I was about 13. You can withdraw money up to a limit from cash machines, but you can't spend it in shops. I want to get a HSBC account now though, so that I can use the card directly in shops. It would be more convenient for me. The Smart Card is probably better for younger teenagers though.

LadyGlencoraPalliser · 18/02/2011 17:15

DD1 has a Nationwide Smart Account and we've just opened one for DD2. We pay their allowance in by direct debit and they can withdraw from cashpoints - they can't use the card as a debit card though.

circular · 18/02/2011 17:33

DD1 (13) has had a Santander a/c with cash card since she was 11. Understand debut card available on that account, but not till age 15.

Tinuviel · 18/02/2011 18:22

DS1 has a Santander account with a cashpoint card. He was offered a debit card as well but on finding out that "he has known of shops accepting it when there aren't funds in the account" I refused. I wasn't aware that an overdraft situation was even legal for an under 18!! I was also very Shock when the man said to my son that he could change to the debit card by just asking at the counter! And that the account didn't need a signature from me when he was only just 13.

I pay him a monthly amount by standing order, which he has to manage - he pays for t-shirts, Scouts, one dance class, a church activity and phone credit (rarely uses his phone).

HSMM · 18/02/2011 18:48

My DD has a debit/cash card from Barclays. If she has run out of money, then it is rejected by shops and cash machines.

bruffin · 18/02/2011 20:05

MY DCs have a Natwest account with a solo card since they were 13.

roisin · 18/02/2011 21:22

ds1 (13) had account with Lloyds. He gets a DD every month with his lunch money, bus fare money, plus his allowance/pocket money. Then it's up to him to manage it.

We started this when he was 12.5 and it works really well. Saves me having to faff about with cash for school dinners and bus fares every week!

I'm going to set one up for ds2 (nearly 12) in September as well!

chopchopbusybusy · 18/02/2011 21:31

DD1 has a lloyds account with a debit card. Works well for her. I do tend to pay her cash for lunch, clubs etc but when she has a surlus of birthday/Christmas money she pays it into her account ready for shopping. She has just got a part time job and they will pay her wages straight to her account! She is very excited.
DD2 is 14 and watches far too much news on television and so doesn't trust the banks. Refuses to open an account. She does have a savings account courtesy of her gran, but she doesn't know about it. I think she would have sleepless nights if she did.

Original poster
taugenichts · 18/02/2011 21:39

Oh, thanks for all this advice. I'll have to go through it properly over the weekend.

We've also worked out a schedule about they are to pay for, and what we will fund.

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marriednotdead · 18/02/2011 21:59

Have recently opened BarclayPlus accounts for DS (14).

Has a debit card option with parental permission so he can order games etc. online much to his delight.

I still pay his dinner money daily in cash though.

Jellykat · 18/02/2011 22:06

Have just done exactly the same as marriednotdead , for DS2 (13).

Original poster
taugenichts · 18/02/2011 23:34

I think that's what one of their friends has - that's why I was thinking of Barclays.

Online ordering though - you still have to OK each purchase I imagine?

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Jellykat · 19/02/2011 00:12

No i don't think you do,but i presumed that the 'verified by visa section' of online ordering must have some form of age notification,(the Barclaycard plus is only available up to 16)to stop them ordering 18yr old games,etc

It didn't worry me as DS is at school or asleep when the post arrives,so i know what is delivered before he does,and the same at his friends houses.

The DC are offered a cash card as bog standard,you can stick with just that option if you are worried.

Original poster
taugenichts · 19/02/2011 00:35

Well, it's more impulse buys I'd be worried about - like emptying the entire account because a tee shirt was irresistible. Hmm That could happen in my family!

OP posts:
roisin · 19/02/2011 01:50

ds1 can use his card without any parental permission/approval if he needs to.

I was unsure how it would go, but it actually has encouraged him to be very careful with his money. He rarely makes impulse buys and often checks purchases with us first - by choice.

Because he gets to keep his balance, it's also taught him to be more canny at lunchtimes at school!

So over the year or so that he's had the account he's built up a tidy little balance (he also puts birthday/christmas money into the account as well). He does now have considerable spending power in there, but I don't worry that he will suddenly go and blow it on some frippery. (ds2 might do that sort of thing though!)

Original poster
taugenichts · 19/02/2011 02:11

You're up late, Roisin!

(I'm an insomniac.)

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CrosswordAddict · 19/02/2011 08:09

Can I join this thread as I am wondering about cards for my two DDs aged 12? I wonder if you can open an account in your own name but give the card and password to DD? Would that work OK? As long as she had the pin-number would it matter who put the money into the account? I'd only put a very small amount of money in OF COURSE.

roisin · 19/02/2011 08:51

I wouldn't crosswordaddict - I think that's a route for confusion and possibly would count as fraud!

What advantages do you foresee having your name on the account?

When we opened ds1's account there were various options for various levels of parental control/supervision of the account. But we actually gave him complete freedom with it, because we knew that would be fine with him.

ds1 actually manages quite a considerable budget, as he has £21 per week just for lunches and bus fares. So we have to trust him with that.

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