11-16 Bank Accounts
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Re: 11-16 Bank Accounts
Just spoken to one high street provider who tells me that for their account DS will need his birth certificate - no problem - and a letter from his teacher confirming he is in full time education!! He is 11 and I can just see the school being really happy to provide this!!!!!! Do his passport and birth certificate not confirm his age and ID? The world has gone mad.
Knowledge is knowing that a tomato is a fruit, wisdom is not putting it in a fruit salad !
Re: 11-16 Bank Accounts
Hello all, have just sorted out current accounts for both my 12 year old and my 16 year old. Yes I know I should have sorted the 16 year old out ages ago but he's my first born (everything happens later for them) and money goes from his pocket the minute he has it, so no need for an account before now!!
Both accounts were opened using one piece of ID for the child (young adult). I already held accounts for both of them as a trustee so I think that helped, as I didn't have to provide residence evidence. I researched all the building societies and banks before deciding that the ideal one was going to be the one in the best location for my children, i.e. near the shopping centre, cinema etc.
One piece of advise, thought, my 12 year DD wanted a debit card but I found out that there is a possibility of going overdrawn with this and if she did go overdrawn (even by just a few pence) the bank would charge her £25, which she could not afford, so with both my DS and DD they opted for cashcards.
Good luck with the choice of bank.
I'd like to know what happened to all theuseful incentives they used to give out to open accounts that I had many, many years ago - there is only so many plastic piggy banks your child wants!!
Both accounts were opened using one piece of ID for the child (young adult). I already held accounts for both of them as a trustee so I think that helped, as I didn't have to provide residence evidence. I researched all the building societies and banks before deciding that the ideal one was going to be the one in the best location for my children, i.e. near the shopping centre, cinema etc.
One piece of advise, thought, my 12 year DD wanted a debit card but I found out that there is a possibility of going overdrawn with this and if she did go overdrawn (even by just a few pence) the bank would charge her £25, which she could not afford, so with both my DS and DD they opted for cashcards.
Good luck with the choice of bank.
I'd like to know what happened to all theuseful incentives they used to give out to open accounts that I had many, many years ago - there is only so many plastic piggy banks your child wants!!
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hermanmunster
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Re: 11-16 Bank Accounts
breakfast ... 3, Lunches at home ... about 8, packed lunches for school ..11, supper if they didn't like what we were having ...11.trumpet wrote: At what age did you start letting them sort out own lunches and bits and bobs?
Re: 11-16 Bank Accounts
Hmm interesting. Do they get credit checked? Already thinking about getting one for my DD.
Impossible is Nothing.
Re: 11-16 Bank Accounts
No credit checks are performed on the child. If you open an account where you bank, then proof of address not needed.
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hermanmunster
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Re: 11-16 Bank Accounts
Gman wrote:No credit checks are performed on the child. If you open an account where you bank, then proof of address not needed.
DS just needed his passport.
Re: 11-16 Bank Accounts
These days you'd either have to have very generous parents or an incredibly high-paying account to end up with annual interest of over £100!hermanmunster wrote: A child only has personal allowance if the money is from sources other than the parents, otherwise only the first £100 is tax exempt and so the parents would have to know to ensure that they coughed up to HMRC
Someone mentioned a Sa*ta*de* account - seems to pay .4% gross, so unless you had £25,000 in it, Inland Revenue wouldn't be bothering you. Then again, if my offspring had access to £25,000, I'd find it a more lucrative home.
Certainly as a way of learning to manage weekly pocket money and basic financial planning, I think a card account which doesn't allow you to go overdrawn is a great idea. However, like trumpet, I'd prefer to be consulted before an account is opened (should be safe there, as offspring wouldn't know where to find passports, birth certificates, current passbooks etc.).
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hermanmunster
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- Location: The Seaside
Re: 11-16 Bank Accounts
Think it is the cases where the money is actually the parents but held in the kids name to make use of the kids personal allowance. - would be the first there if it was allowed!!cinnamon wrote:These days you'd either have to have very generous parents or an incredibly high-paying account to end up with annual interest of over £100!hermanmunster wrote: A child only has personal allowance if the money is from sources other than the parents, otherwise only the first £100 is tax exempt and so the parents would have to know to ensure that they coughed up to HMRC
.).
Re: 11-16 Bank Accounts
Its a bit scary what our kids can do without telling us. Opening a bank account, having an abortion, using contraception and the list goes on 
I wonder what will happen if the child has a card where they can get overdrawn and then those charges start mounting. Will they just ignore it as it is an 11year old or will they start hounting the parents? Banks seem to play by rules that satify their own agendas. 
I wonder what will happen if the child has a card where they can get overdrawn and then those charges start mounting. Will they just ignore it as it is an 11year old or will they start hounting the parents? Banks seem to play by rules that satify their own agendas. Impossible is Nothing.
