Parents - Bank accounts for your children

[Lopéz]

My parents set up Post Office accounts for us all when we were kids and then I think we all set up our own bank accounts when we were old enough to have proper ones. I remember going into the Midland Bank around the corner from the cinema in Harlow when I was about sixteen to open my first real account. I think they called them student accounts back then.


I don't know what this means.

I only know because of memes

My sister also "doesn't know" if he has a passport. Really?

 

[Zefan]

It's very easy to say, as I don't know them or their circumstances, but they/she sounds pretty irresponsible to me

How can you not know if your kid has a passport?!

 

[Lopéz]

It's very easy to say, as I don't know them or their circumstances, but they/she sounds pretty irresponsible to me

How can you not know if your kid has a passport?!

This was pretty much my response. Judge away.

 

[sad099]

just opened a bank account for my 13 yo today as it happens, all done over the phone which was nice.

As a few places are card only these days then it made sense to do it sooner than later.

They've all had savings account setup since birth to put money into each month to give them a decent start when they turn 18 for a car or something (not a new car). Don't really notice the money going out each month but they'll appreciate it when they get it all I am sure.

Hi

Which bank was that with ?, trying to open cash card account type account for my daughter but they all want me to go in and complete forms etc
thanks

 

[peterwalkley]

In the olden days (1980's) I didn't have one until I was 18 and heading off to University. Banks didn't really do child accounts then.

We opened one for my oldest at 13 with the Nationwide and will do the same for the other one when she's 13. She has a debit card, but it won't let her go overdrawn.

 

[sandys]

I didn't have a bank account until I was 16 with my first job, finances and money money management were never discussed in my house, with my daughter at 11 I set her up with a bank account @ Natwest and pay set amounts in each month, with that she has to cover her necessities like school bus done by NFC off of phone and lunch plus the things she wants to use her pocket money for like clothes, comics, games, anime subscription etc. we don't do it for her.

Its been good, she checks her account on the phone when out shopping etc, works out what she can afford after things like funimation come out, she already has better money management than I did as a young adult.

 

[happy_2008]

Had my first bank account when i was 11/12 which i am still using now. For my son, i opened an account for him when he was born and have put all the money he receives from family in there and also put in a standing order every month from my salary.

 

[JamesH85]

All 3 of my children (11,2,2) had a bank account since birth, all get a weekly deposit and the account will be handed over when they are 18.

I did it purely because I had nothing when I was young and I'd like to be able to give them something to start when they hit 18.

 

[sandys]

I am waiting for our 'considerably richer than you' members to post and say all the things they are doing for their children, accounts, savings, trust funds etc and then say they will not going into details because it' is crude to talk about money.

That's why you have to teach them early, so when the trust fund kicks in, it doesn't get blown on dib dabs and ice cream

I did set up a CTF when she was born, free money from gov ernment so why wouldn't you, that has become a stocks and Share Junior ISA where we put deposits for her rather than just a bank account and because I can't raid it she is doing a lot better than mine she will have access to that at 16 and will need a level head about money.

 

[Gray2233]

Hi

Which bank was that with ?, trying to open cash card account type account for my daughter but they all want me to go in and complete forms etc
thanks

I opened an account with Halifax recently and it was entirely online, I'm not sure if it'll be the same for a child but it's worth checking out.

 

[OldKitMan]

Hi

Which bank was that with ?, trying to open cash card account type account for my daughter but they all want me to go in and complete forms etc
thanks

Nationwide, they did it using docusign. We already had an account open though so all the proof of identity stuff was already in place.

 

[tomparker95]

I had Natwest come into my school around 10ish years ago (im 25) and encourage to set one up so did that. With Monzo now mind, great online system etc

 

[Dis86]

I was 11 or 12. Had a paying in book and a cheque book.
I think when I turned 14 I got a debit card but it was restricted until I turned 16.

Edit: think the card could only be used to withdraw cash, not pay.

 

[Danthus]

We created a Go Henry account. https://www.gohenry.com/uk/

 

[Werewolf]

I think my parents opened my first account when I was something like 10, and I got a Visa Electron card a few years later, then a proper debit card at about 16.

From memory the Visa Electron was a very limited card and many retailers didn't take it (including Tesco until quite late), so it was mainly used for paying money in and taking it out via the banks own atm's.

 

[ianh]

Maybe showing my age a little but I think mine was a post office account called a POSB opened when I was 13-14 and, as many have mentioned, my pocket money/bob-a-job/newspaper delivery money all went into it to give me a little financial independence for things I wanted to buy.

I absolutely think that "everyday finances" etc should be a mandatory subject taught at school from 14+ to give kids a practical understanding of money/savings/loans etc.

 

[paradigm]

Mine was opened when NatWest visited my high school whilst I was in year 7.

Both my kids currently have a savings account that is in mine and their names, once they reach 10~ then I’ll open them accounts solely in their names.

 

[Digital X]

Savings account since 5. Not sure when I had a regular one whatever they're called.

 

[Sirrel Squirrel]

I got my first account when I was 16 as I started working.

My kids have child trust funds, which they can't access til they're 18.

They do have gohenry cards though, which are Visa, so they can use them anywhere and I just top them up as and when. I like it as I can track what they're up to.

 

[jrwagh333]

I pay my kid in Bitcoin