11 Plus Exams Forum

I am considering opening a bank account for my dd (now 11) she has some birthday money she wants to save for now and I am thinking about paying some pocket money in once a month. There are 2 accounts I have looked at - one with a cash card and the other with a debit/cash card. They both appear to only pay if there is money in the account and no option for an overdraft which is what I would want. Does any one have any experience positve or negative of teens with such an account and any tips.(or- am I mad to consider it?)

I've done this for my 12 and 14 year olds as I was sick of forking out money which seemed reasonable in isolation but which was costing me a fortune in total! It has resulted in both of them having a more sensible view towards spending. For example, they now take the bus (free) rather than the tube (hideously expensive now, thanks Boris!) when they are not in a hurry, and generally think twice about whether they actually need to meet at Starbucks first etc. One caveat though, they are always told to have £10 emergency money on them at all times, in case (when!) they lose their Oyster card/lunch card or the card 'won't work'.

DS1 (age 13) has had a card account with Halifax for a couple of years. He can withdraw cash from the machines and pay for stuff in shops using the card but he can't make internet purchases (as we discovered when he wanted to pre-book cinema tickets). He can only spend what he's got and we have had no problems. However, the credit interest is miniscule so if your DD is going to use the account mainly for saving then maybe it's not the best choice. HTH.

Thank you for the replies - looks like we are going to open an account tomorrow!

I think Santander does one of these accounts.It would be handy for getting them to learn how to manage their money instead of just spending it all in one go.

ooh thank you i hadn't found that one

I opened bank accounts only last week for my 11 & 13 year old. At first I couldn't decide whether they should just have cash cards or cash/debit cards. Many banks won't let them have a debit card until they are 13 however at Lloyds they can have them from 11. They aren't able to go overdrawn as the payment would just get rejected (and if that happened to DD in shop she would be mortified so good deterent anyway).

In the end I couldn't think of any reasons why they shouldn't have debit cards. Have been through all the normal stuff not to tell anyone their pin numbers, to keep it in a safe place and to tell me straight away if they loss it or can't find it.

We have already said that it will be DD who mislays hers - I mean which purse and which handbag did she last leave it in

My DC also had a debit card.
I have found it useful when my OH accidentally borrowed my credit card and forgot to put it back in my purse. DC paid for the shopping - well temporarily at least!

We've just done the same for our 11 and 13 year old. I wasn't aware that there was a debit card option and ours is just a cash card.

We need a like button for G54's post!