Bank account for an 11 year old - advice please?

[FrogPrincess]

DD just started year 7 and we are thinking of opening her a bank account (my mum wants to put money in it every month, but probably more as a small savings account than a basic bank account).

It also appears that 'lots' of people in year 7 have bank accounts and debit cards and store cards... Have I been depriving the poor girl until now? Cash seems to have worked very well so far, but I am thinking maybe I need to move on and set up a normal bank account for her and a savings account. Store cards are obviously a big no-no.

Now which banks are good for these children type accounts? And all general advice gratefully received on this topic.

thank you

My DS1 13 has a basic Barclays account which his pocket money gets paid into once a week. It does come with a debit card but can only be used to withdraw money out at the bank.

thanks Tortoise, so no savings account linked to it? I'm guessing no overdraft facility on it?
I'm also guessing it's a free account?

Most u-18 accounts will be similar in that they will be issued a debit card to withdraw cash, but can't get a debit card to use for paying for goods until they are 18.

Best to get an account which is at the same bank as yours. I've had my account for 22 years now (since I was 7) and it's helpful if my parents or I need to transfer money to each other as it's instant with the same bank.

Also, banks won't give under-18s an overdraft facility, and it's rare to have banking fees these day, unless it's for an account which offers mobile phone insurance etc etc. Again, these are usually for adults.

thanks Comtessa, v useful. Sounds like I need to have a talk with Barclays then!

You're welcome. It's also good for her future credit rating to have (eventually) been with one bank for a long time. I've used other accounts as my primary account for different reasons over the years, eg better student overdraft rates with other banks, but I've always kept my first one open and now use it as my main account again.

good point comtessa, and she will be thrilled to get a bank account as another indication she is growing up and learning to manage her money.

Hmm, that's odd. I got my current bank account at 16, and was given a debit card that worked in the shops straight away, I think (I've been with the same bank for 4 years and they automatically did my student account when they knew I'd got a place at uni).

No, no saving linked to it and no overdraft facility. Just a basic no frills account.

DS has had an account since he was about 12, which comes with a Visa Electron card - it can be used in many shops, though they don't all accept it. He also has his own Amazon account now which accepts his card.

Under 18s can't have store cards, as they are all credit cards. I guess they may have an extra card on a parent's account, but that always seems dangerous to me.

All three of my DCs have an account with NatWest. Under the age of 12 they can only access the money over the counter with one of us present. Over that age they get a cash point/debit card. No credit facilities.

This works really well for us.

DD1 (aged 15) gets an allowance and is able to use the card to buy clothes online but she always checks with us. DS is restricted on his spending as he would spend every penny he had given half a chance. He has a card but we keep it. DD2 is a complete tightwad. I dont think it will matter when she gets a card in a few months as she spends almost nothing.

We pay pocket money weekly to the younger DCs direct into their accounts. DD1 gets a monthly allowance.

The bank accounts really make the DCs think before they spend on anything.

DDs have HSBC current accounts with linked savings accounts. Debit cards for cash withdrawals, which can be used in shops etc from age 13.

Works well, pocket money goes in monthly automatically, and if they're buying clothes or running errands for me, I can top it up online from my account and it credits theirs within minutes.

Thanks for your replies, it sounds like things vary a bit between banks, I might start with Barclays as we have our accounts there, but it's useful to know what other banks offer.
I like the idea of her getting used to having an account, and withdrawing money from the cashpoint, but no more than that at the moment. She is quite good with money but still needs to learn how to prioritise her spending!

The Co-operative do a great range of children's accounts which they have access to, and have the added advantage for your average 11/12 year old of being ethical - so something they can be proud of. Do check with them, but I think they can have a card from 9 years old, but certainly 11.

Hi I opened a RBS account for my daughter last year, you can open from age 11. She has card - chip and pin but cant go overdrawn and no cheque book. Its really handy and safer than her carrying cash around, and really teaches her that you cant spend what you havent got in your account.