Cinnamon Posted September 19, 2008 Share Posted September 19, 2008 My 2 girls, aged 13 & 15 have both got savings accounts with Abbey,with a few hundered in,but I would like them both to have a bank account now as I want them to learn how to manage their money. Up til now we have paid them pocket money in cash, & will continue to do so,but my eldest is going to be getting a monthly allowence soon for all her expenses,so a bank account makes sense. They would need access to the money via a Switch/Maestro card - are there accounts with debit cards for under 16's? It also needs to be manageable online. Can anyone recommend an account that I can look into? Quote Link to comment Share on other sites More sharing options...
Tina C Posted September 19, 2008 Share Posted September 19, 2008 There is this one - I think the card thing might appeal to your girls? (its not a recommendation as I don't use Natwest but I just know this exists if you see what I mean) http://www.natwest.com/microsites/personal/adapt/default.htm Whoops forgot the link also - forgot to say - not sure if online banking is available for under-16s... Quote Link to comment Share on other sites More sharing options...
ubereglu Posted September 19, 2008 Share Posted September 19, 2008 I don't think that online banking is available for under-16s, but don't bank with Natwest, they are truly awful. All the reports I've heard of them have been very negative. I have a Smart account at Nationwide, this is for under 18s, but I don't know if you can get a card for it, but I was looking at interest rates the other day and they seem to be the best for an under 16s account though. Quote Link to comment Share on other sites More sharing options...
Snowy Posted September 19, 2008 Share Posted September 19, 2008 Again, not necessarily a recommendation, but HSBC do one. I'm sure ES opened his with them when he was 15 and got a debit card thingy. Quote Link to comment Share on other sites More sharing options...
Cinnamon Posted September 19, 2008 Author Share Posted September 19, 2008 As we bank with HSBC, it makes sense for their accounts to be there too. Thanks everyone Quote Link to comment Share on other sites More sharing options...
Paola Posted September 19, 2008 Share Posted September 19, 2008 They would need access to the money via a Switch/Maestro card - are there accounts with debit cards for under 16's? I think that the cards they would be given are Solo, which means that they can only spend the funds that are in the account. I think with Switch/Maestro the bank is not checked below a certain amount if the funds are available. Quote Link to comment Share on other sites More sharing options...
Geoid Posted September 19, 2008 Share Posted September 19, 2008 I bank with Halifax, Can bank online (very useful) They also give you a visa electron card. Been with them for a few years now, can highy reccommend them. Also have another account with Nationwide, you can get a card, but you can't use it in shops etc. Quote Link to comment Share on other sites More sharing options...
abwsco Posted September 19, 2008 Share Posted September 19, 2008 RBS do the RBS Revolve account that gives them a Solo card. My youngest finds it good. Quote Link to comment Share on other sites More sharing options...
jlo Posted September 19, 2008 Share Posted September 19, 2008 ES has the RBS revolve account. He has advised DD to put her money from the piggy bank into a proper bank account. His reason, "You get interest on your savings PLUS mum and dad don't keep nicking your money when they are short and putting IOUs in your piggy bank." He has got a point Quote Link to comment Share on other sites More sharing options...
Lisa Posted September 19, 2008 Share Posted September 19, 2008 Alliance and Leicester has some good account for children 16+. Building societies often have better interest rates for kids. My DD has one with the Nationwide. Quote Link to comment Share on other sites More sharing options...
Guest Posted September 21, 2008 Share Posted September 21, 2008 ES has the RBS revolve account. He has advised DD to put her money from the piggy bank into a proper bank account. His reason, "You get interest on your savings PLUS mum and dad don't keep nicking your money when they are short and putting IOUs in your piggy bank." He has got a point Interesting point - you should see James' money box. Lots of coppers, few 5p's and LOADS of IOU's! Quote Link to comment Share on other sites More sharing options...
Helly Welly Posted September 22, 2008 Share Posted September 22, 2008 I would have t recommend the co-operative bank. I'm pretty sure you get a cashcard once you hit 11, it's worth looking in to. DD has full control of her account at 9 and she likes knowing that the bank has such good ethical policies regarding investments. In fact, i liked it so much i switched my account to them as well. Quote Link to comment Share on other sites More sharing options...
rachel19 Posted September 22, 2008 Share Posted September 22, 2008 NatWest are great - can highly recommend them. When I was under 16 i had a visa electron which was rubbish at the time as a lot of shops didnt accept them for some reason - was the same with solos - think its a bit different now though. Alliance & Leicester were awful though and sent me a threatening letter when i was 14 or 15 saying I wasn't using the account enough - my parents were not best pleased and I moved to NatWest Quote Link to comment Share on other sites More sharing options...
TAJ Posted September 22, 2008 Share Posted September 22, 2008 I have banked with natwest for 30yrs and never had a problem. I have just got one of their new accounts designed for the under 18s for my teenager. It has a good interest rate on a current account (3+%) - they can pay £5 for a designer card (providing their own picture/design) or just stick with the basic card. The card can be used for debit card purchases in shops and in cash point machines. Internet banking is not allowed until they are older (I think 18). I think it is a great stepping stone - we intend to pay pocket money monthly directly into the account. Tracy Quote Link to comment Share on other sites More sharing options...
TAJ Posted September 23, 2008 Share Posted September 23, 2008 Here is the link - it is called an adapt account - only available for 11-18 yrs old http://www.natwest.com/microsites/personal/adapt/default.htm I think it looks a good step to managing finances for a teenager. Tracy Quote Link to comment Share on other sites More sharing options...
Cinnamon Posted September 23, 2008 Author Share Posted September 23, 2008 Thanks Tracy, I will look into it for my younger daughter. We went with HSBC for my eldest, as we bank there anyhow, & can link her account to my online profile Quote Link to comment Share on other sites More sharing options...
