Sheilaz Posted May 21, 2009 Share Posted May 21, 2009 There used to be incentives for first a/cs but now all look the same at first glance. Just wondered if anyone had good experience in opening an a/c just for a schoolchild to have a monthly allowance & a cash card. My 13 yr old seems ready for the responsibility & lesson in managing money. This will replace small pocket money & then asking for money for clothes etc, etc, etc! So, what's the Omlet "must have" regarding these accounts? I just can't see anything between them (assuming we have a branch). Thanks! Quote Link to comment Share on other sites More sharing options...
clootie Posted May 21, 2009 Share Posted May 21, 2009 (edited) You're right, there's nothing much between them so I opted for Lloyds because I've been with them for umpteen years. Such a shame that they don't offer any incentives nowadays to encourage savers. I seem to remember some student offers i.e. 18 years + and something for tiny savers but not the teens. My two (15 yrs and 13 yrs) have their own cashpoint cards and quarterly statements, haven't had any problems so far, fingers crossed. They've had them now for about 8 months or so. Oops, the cashpoint cards are also debit cards so can be used online and in shops too. Edited May 21, 2009 by Guest Quote Link to comment Share on other sites More sharing options...
Cinnamon Posted May 21, 2009 Share Posted May 21, 2009 My girls are with the HSBC, which seems reasonable to me. They have a Switch type card, & they get 2 accounts, one which the card works from & one for savings. They can access their accounts online, & I can too,plus transfering money is easy. We bank there too, so it made sense for their accounts to be at the same bank really. Quote Link to comment Share on other sites More sharing options...
Martin B Posted May 21, 2009 Share Posted May 21, 2009 I've been with Halifax for several years and never had a problem! Quote Link to comment Share on other sites More sharing options...
Geoid Posted May 21, 2009 Share Posted May 21, 2009 I've been with Halifax for several years and never had a problem! Same here! You can use the card in shops and online, not just at the cashpoint. Quote Link to comment Share on other sites More sharing options...
Lewis Posted May 21, 2009 Share Posted May 21, 2009 I've got an account (well about 4 for different things ) with Abbey and they're just sent me a Visa Electron debit card with chip + pin. The intrest rates are very different on them, 2 account with similar amounts, one get 2p a month, the other around £12 a year! One is a current account, the other saving, so you're best to get a saving account. Quote Link to comment Share on other sites More sharing options...
freddie Posted May 21, 2009 Share Posted May 21, 2009 Lloyds tsb have ten account with 2.5% interest tax free... Look into that, as most are pants now!! Quote Link to comment Share on other sites More sharing options...
Chucky Mama Posted May 21, 2009 Share Posted May 21, 2009 My 3 children 11, 13 & 15 all have accounts with Nat West and have Solo cards. Whilst they dont have internet access to their accounts, they get regular statements and we pay their pocket money in via the internet. What I like about a Solo card is that they can't spend what they don't have! Quote Link to comment Share on other sites More sharing options...
Geoid Posted May 21, 2009 Share Posted May 21, 2009 With Halifax you get a Visa Electron card - accepted everywhere (unlike solo) No overdaft or anything. Quote Link to comment Share on other sites More sharing options...
Cooks Posted May 21, 2009 Share Posted May 21, 2009 I have been thinking about this myself, but as we live in a village their access to a bank is limited unless I drive them there, which defeats the whole 'independence' thing, so I though about setting them up a post office account as there is a post office in our village. I would apprecaite pro's and con's of that also. We do have a lloyds in the next village but not cycling distance for them. They do also have a building society account each where their main savings are and some inheritance they were left. Quote Link to comment Share on other sites More sharing options...
Sheilaz Posted May 21, 2009 Author Share Posted May 21, 2009 Thank you to everyone for the replies, it really does help. Quote Link to comment Share on other sites More sharing options...
Lewis Posted May 22, 2009 Share Posted May 22, 2009 I though about setting them up a post office account as there is a post office in our village. I would apprecaite pro's and con's of that also. Do they still exist? Me & my brother had account with them a few years ago for similar reasons as you said, and they said it was closing and we had to transfer the money What about internet banking? Quote Link to comment Share on other sites More sharing options...
Cooks Posted May 22, 2009 Share Posted May 22, 2009 hmmmm you know I dont know if they still exisit I will have to ask next time I am in there. I just dont want them having a card that is also a debit card, not at their age and most banks seem to do this dont they? Quote Link to comment Share on other sites More sharing options...
Lewis Posted May 22, 2009 Share Posted May 22, 2009 hmmmm you know I dont know if they still exisit I will have to ask next time I am in there.I just dont want them having a card that is also a debit card, not at their age and most banks seem to do this dont they? They do. Mine is a Debit Card, and they're sending me a registration thing to have online banking. They do do books, and if you can do online banking with books, its not a debit card. Quote Link to comment Share on other sites More sharing options...
Guest Posted May 22, 2009 Share Posted May 22, 2009 Just to be different Nationwide building society. My eldest has book account and a card account. Also its one of those cards that if you go abroad they wont be charged to take money out. Never had a problem with them at Nationwide. He likes the book to see his money grow..but I have no idea if it is growing in his card account as thats his(he perhaps has created the national debt..now I am worried better check that one) Oh no worry as he is so mean!! indie Quote Link to comment Share on other sites More sharing options...
Geoid Posted May 22, 2009 Share Posted May 22, 2009 I have both a nationwide and halifax cards, I have to say halifax is much better than nationwide. Quote Link to comment Share on other sites More sharing options...
Sheilaz Posted May 22, 2009 Author Share Posted May 22, 2009 You've all been brilliant, it's helped a lot. You can get a cash card at some banks, which isn't a debit card. However, although that was my intention, we've settled on a carefully monitored debit card, but it's an 11-15 years a/c which won't let you spend if the money's not there. I think it will be good to learn budgeting. Sorting it out tomorrow. Yours pennilessly, Quote Link to comment Share on other sites More sharing options...
Cooks Posted May 22, 2009 Share Posted May 22, 2009 what bank does that account Sheila? Quote Link to comment Share on other sites More sharing options...
Sheilaz Posted May 23, 2009 Author Share Posted May 23, 2009 At Abbey. I'm not that keen on our local branch but it's handy for us & they offer 3%, or 5% if parent banks there. Quote Link to comment Share on other sites More sharing options...
