What bank account for 13 year old dd?

[Dancergirl]

I am completely clueless what the options are regarding bank accounts for teens.

We give dd £15 per month spending money plus we pay for her phone. She had a bit of birthday money recently from family so I would like to open an account for her to pay them into, and I'm also thinking of paying her monthly pocket money directly into it. I'd like her to have a card so she take money out.

She's actually quite good at saving and has a bit of a stash of cash in her room. What would you recommend for her?

My two (14 and 12) have a Barclayplus account. Not bothered about interest, but their pocket money/paper round wages go in and they have a debit card to use in the shops and get cash out.

Lloyds give you an account with a debit/atm card from 11 too, but you have to be 'introduced' by someone who already has an account (or at least at ours you do. Luckily my stepMIL banks there).

. Mine have always had a building society account to put spare Christmas money etc into
A coupl of years ago they both got a Lloyds under 19 current account. It pays 2.5% interest, not much but pretty good these days, I think it's a good lesson to see a little bit of interest in return for saving. In fact we moved their building society savings into the current account as the rate was higher.They also get a debit card and when they are 16 they can have internet banking.
I pay all their pocket money / allowance into the bank. DS2 has just started a part time job which means his wages will go in to the bank.

Mine has a Santander account with a debit card I pay her spending money into it by standing order each month.

I chose Santander because it earns a bit of interest (not that she has anything in there this month ) and they have a branch near to us. I think most of the banks do some kind of teen account with a card.

Thanks, will try Lloyds, 2.5% isn't bad.

littlesecret do you have to be an existing Lloyds customer as atia says above?

we used HSBC because it's the closest bank to us and school. I'm not worried about interest as they have 'high' interest accounts/bonds and isas. We just needed somewhere to store their money, rather than a piggy bank!

Nationwide have been great with ours...ever since they were about 8-9 they have had accounts.

Also they have made the transition from child account to teen account to adult with their own job accounts very easy and straightforward, not the slightest bit of hassle!

Go for a bank with a branch near your house is my top tip. Relatives tend to give teens cash or cheques still and my guys find it annoying when their bank was a bus trip away. We changed to the one nearest our place.

My DD has a Barclays one with a debit card that she can use online and in shops She has been very sensible with it so far (nearly a year)

One thing to remember is that some banks (Barclays included) have very limited opening hours which means that it is difficult to pay cheques in. DD has to either wait till the holidays or get me to pay hers in.

Sorry, just noticed that Derek's already made that point!

DD has a Nationwide Flex(?) which works well for her - it has a cash card for taking out money. She also has a separate savings book with them.

Luckily we seem to have all at the major banks close to where we live.

No you don't have to be a customer. I just made them an appointment because, as with all banks you have to go through the palaver of proving that you are not an international money launderer your identity.

I opened a Lloyds account for DS recently without being a customer myself - just picked it because it had the best interest rate and offered a debit card etc for under-16s, as well as being one of the closest banks to DS's school and his favourite music shop. We had to go in for a joint appointment with proof of ID, took about 20 minutes but very straightforward.

Yes, the money laundering thing was what they said to us! Seemed a bit daft on their part not to nab as many children as possible :)

Mine have always had the santanders 11-15 and 16-18 accounts but DD(16)'s is changing to a 123 mini account from july which could be a good idea? Basically means under £100 you get 1% interest, £100-£200 2% and £200-£2000 3% (I think). May not be brilliant interest rates now but means as soon as she gets a job and starts paying in more often her interest rates will increase .

The only problems I have found is first that DS1 is now 18 and due to go to uni The Lloyds account is for under 19s and so he will have to switch accounts.
The other issue was that his account tipped over £2000 he never spends any money and I found, hidden in the small print, the interest rate drops to almost zero on all of it if the balance is over £2k.

Go for one that gives you a debit card. Some (e.g Nationwide) only give a cashpoint card, and it means they can't use it in shops/ticket machines etc.

We went for Nat West for DS (mainly because DH banks there), and it is working very well. He has a phone app to check his balance and a debit card.

look at the lower section of this for junior savings rates:

www.thisismoney.co.uk/money/saving/article-1583863/Best-savings-rates-Junior-Isas-childrens-accounts.html

keep an eye on rates, they usually crash after a year.