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Teenagers

Parenting teenagers has its ups and downs. Get advice from Mumsnetters here.

Original poster

Does your teen have a building society/ bank account?

21 replies

tatt · 21/10/2008 19:29

Sent some money to a relative and they have to pay it into the parent's account as they don't have one. I was very surprised and suggested they open an account of their own. Do your teens have accounts?

OP posts:
Saggarmakersbottomknocker · 21/10/2008 19:31

Yes. The dss have both bank and building society accounts. dd has a building society account and a post office account

They need one if they claim EMA.

Lapsedrunner · 21/10/2008 19:32

DS age 6 has one (albeit with me as the trustee).

snigger · 21/10/2008 19:34

Yes, DSD has an account with an apparently permanent balance of 36 pence.

Whatever we pay in, she won't withdraw that bloody 36 pence, and it's bothering my OCD.

BodenGroupie · 21/10/2008 19:36

Yes, savings account from when they were born so I could put birthday money in before they were old enough to be trusted with it plus a card access account (Nationwide Smart?) which they can have from the age of about 11 or 12 - rarely anything in the Smart a/c though!

crkm · 21/10/2008 20:40

dd (15) has a savings account for which i have the pass book. also a card access acount where i put her monthly allowance in. thought it useful to get her used to having a finite amount and deciding how to spend it for herself.

ds (7 and 5) and dd (3) just have savings accounts.

platypussy · 21/10/2008 21:00

Yes dd has had an Alliance/Leicester 11 - 18 account (with a card) for years. Pays a small amount of interest too.

mumonthenet · 21/10/2008 21:03

yes, account plus card. Never much money in it though!

AMumInScotland · 21/10/2008 21:28

Yes, DS has an account with card (cashcard & electron) - you cen get them from about 12 I think, something like that.

Original poster
tatt · 21/10/2008 22:11

mine have accounts with cash cards and have had since they were old enough to open them. The money tends not to stay there very long but they do sometimes save up for a while.

We aren't totally peculiar then

OP posts:
themoon666 · 21/10/2008 22:13

DS got an account with Alliance and Leicester about 2 weeks ago. He is 17. Its an account for 16 to 21 years olds.

He gets a card and a massive warning about overdrafts costing £3 a day!

MarsLady · 21/10/2008 22:15

Yes! I put their allowance in each month. All of my children have accounts.

SueW · 21/10/2008 22:35

Yes, DD has an account with card that her pocket money is paid into. She also has a PO savings account.

scaryteacher · 22/10/2008 08:38

I've closed his UK account as we live abroad and it is easier for him to have a euro account here as that is the pocket money currency. However, he still seems to operate on the 'my mum, she pays' basis and hoards his money, or chooses that I buy something for him instead of having his ?20 per month pocket money. As I clothe him and pay for lunches, mobile phone credit, trips out and birthday presents for friends, I think that's about right amount wise.

brightwell · 23/10/2008 11:46

Both my dc dd(14) & ds (10) have always had building society accounts, set up not long after they were born. They both have a savings account ( I hold the books) and a pocket money account (dd has a cash card, ds has a book)

SexyDomesticatedDad · 23/10/2008 14:22

Probably all banks & building socs have accounts for young savers - these are all TAX FREE (but have an upper limit). When they get to 16 they are supposed to get these closed and open a different type of ac that will be taxable (you can claim tax back) - usually you can get a card type account plus a saver ac with better rates of interest. One issue that I just came across is that we set up a regular monthly saving that pays into a high interest ac at the end of the year the system sweeps this cash plus interest into their regular savings ac - it was a problem as we need to have the tax free account opn past his 16th birthday so the sweep process would work. BS just said keep it open and don't say anything as the last few months should have been taxed.

Try looking at the Martin Lewis site - theres a very good reference for young and not so young savers about what is good / bad debt etc.

Milliways · 23/10/2008 18:33

Mine have Building Society accounts for savings, and DD has a Bank account for her part time wages.

MUCH easier to get a student acc/Adult bank account if you already have a chilrens account.

mumeeee · 23/10/2008 22:25

Yes. all three of my chidren have had thier own bank account for young people with Nationwide from the age of 14

mumeeee · 23/10/2008 22:27

I forgot to say before that age they had building society accounts which were registered under my name.

Starmummy · 26/10/2008 17:47

We live abroad and you cant get a bank account under 21 so I act as Ds (13) bank. No overdrafts, lol.

He has a UK HSBC card for when he goes back in the summer hols. Again no overdraft and we can top it up from abroad.

aGalChangedHerName · 26/10/2008 17:51

Yes has had one for over a year so his wages from his part time job have somewhere to go. Tis a lot healthier looking than mine most of the time!!

RustyBear · 26/10/2008 17:56

DD had a SmartAccount with Nationwide - it automatically turned into a Cashbuilder account a few months after she turned 18.
She now has a current account with a debit card & a higher interest account which her student loan is paid into - with a standing order to pay so much a week into the current account, so she isn't tempted to overspend.

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