11-16 Bank Accounts

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Freya
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Joined: Thu Jan 08, 2009 6:00 pm
Location: Wales
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Re: 11-16 Bank Accounts

Post by Freya »

It is amusing when there is a small diversion slightly off topic and then lots of distracting posts moaning (either way) about the off topic issue!

I've noticed that people tend to self correct back to the topic after a small number of diversions but the flow of a thread can be really thrown off by:
'ooh you're off topic'
'well actually I'm not really'
'here's a polite reminder anyway'
'what does the title say?'
'whose thread is it anyway?'
'la la la . . .'


. . . and now I've just added to it! :lol: :lol: :lol:

Bank accounts for children? Very good idea for all the reasons already mentioned. Thanks to the people pointing out various things like statement frequency and places where some cards can't be used. My DS (age 12) has a bank account where he puts all his money so he never has any on him and mugs me for cinema etc! :roll:
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Amber
Posts: 8058
Joined: Thu Sep 24, 2009 11:59 am

Re: 11-16 Bank Accounts

Post by Amber »

Off Topic of bank accounts but On Topic of Being Off Topic:

The only other forum I have any experience of is one for chicken keepers. There, the threads are so on-topic that only direct replies to a poster's query appear with that initial thread. This means that there are literally thousands of pages and it is hard to find anything you want, so you end up asking a question which has been answered before. This despite the fact that there is only a limited number of topics which come up, so much of the material is repeated.

I think on balance this (11+) one is pretty good, and can see why topics like 'Question 4b, paper 21x, subsection d' need to be tightly on topic, but feel the way discussions go on this section is more edifying and natural if allowed to drift a bit.

I promise not to post Off Topic on your thread again, Trumpet. :oops:
andyb
Posts: 645
Joined: Tue Dec 04, 2007 10:27 am
Location: Buckinghamshire

Re: 11-16 Bank Accounts

Post by andyb »

Where has the rest of this thread gone. I am just getting myself in gear to sort out an account with a cashpoint card for DS and all the useful info has gone :( . I am sure a couple of accounts were suggested - the 2 I have come up with are at Barclays and Nationwide, because he probably won't have regular credits I don't think he can have the one at Sandander that pays reasonably good interest?
KB
Posts: 3030
Joined: Tue Mar 04, 2008 3:28 pm

Re: 11-16 Bank Accounts

Post by KB »

The money saving tips chap on GMTV (the Lorraine Kelly bit) was talking about children's account last week. You mght find useful info on the web site?
Mine never have sufficient funds to worry too much about the interest rate :)
waterlily10
Posts: 2
Joined: Mon Jun 14, 2010 10:43 am

Re: 11-16 Bank Accounts

Post by waterlily10 »

Hi, I was wondering about these bank accounts, how much is a sensible amount to put in each month, and when withdrawing, is it from a cashpoint or the bank itself? does cashpoint only give £10 minimum each time. and also is this money their pocket money/and/or extra spending money. My daughter is nearly 13 and has been nagging for a card for ages now, and at the moment i am giving her money what seems like forever(plus still having to buy the latest must-haves)
, so would like to do a budget, but just cant work out a good figure.
Thanks in advance.

p.s i have posted previously on other 11+ stuff, but couldn't access the a/c so had to set up another(waterlily)
KB
Posts: 3030
Joined: Tue Mar 04, 2008 3:28 pm

Re: 11-16 Bank Accounts

Post by KB »

waterlily

They can get money from a cashpoint but the machines dont have anything smaller than £10 notes these days :(


As to how much/ what it is for that seems to vary from family to family.

Some give a little cash each week for incidentals like sweets/magazines & then monthly to the bank account to encourage children to save for larger items.
Others only make a monthly payment to the bank account.

As was discussed earlier in the thread it can be quite a job to work out with the offspring what is their responsibility & what you will still pay for.
My feeling is that when you first start, especially for a younger teenager, the monthly amount should be relatively limited & intended for luxuries like make-up, cinema trips, magazines, CDs etc. When you are happy they have 'got the hang of it' you can increase it to include non-school clothes & so on as you feel they are able to manage OK.
The aim would be to have them 'in control' by the time they go off to Uni :lol:

The amout seems to vary greatly so no need to feel you are being mean whatever DCs might tell you- bet there will be someone paying less than you as well as several paying more!
More important I think is to be clear about what the amount has to cover & be tough about not helping out if they spend it all too quickly & then miss out on something at the end of the month. Thats the bit I find hard :)

Sorry if that all sounds a bit bossy! Just our approach & intended to give you food for thought....
Amber
Posts: 8058
Joined: Thu Sep 24, 2009 11:59 am

Re: 11-16 Bank Accounts

Post by Amber »

Sorry to be resurrecting an old topic, but could anyone, without advertising too blatantly, tell me which banks offer these card account for 11 -year olds? I rather flippantly offered to allow my older 2 to open one some months ago and sadly they have not forgotten, so we are hoping to go and do so this week sometime. I have searched on the internet and found only one, which used to be a black horse, offering it. Any recommendations?
gloucestermum
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Joined: Sat Feb 03, 2007 5:14 pm
Location: Gloucester

Re: 11-16 Bank Accounts

Post by gloucestermum »

My recommendation would be Lloyds TSB.2.5% interest,open with £1,get given a cashpoint card if under 16 and a debit card if 16.The account is called an Under 19s Savings Account.Interest paid monthly,also statements every month too. The interest rate is only paid on balances up to £2.5k.

We closed DS Bradford&Bingley account(now Santander) as the interest rate was 0.3% I think,rather measly.This was one of the best we could find with instant access.

GM
Amber
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Joined: Thu Sep 24, 2009 11:59 am

Re: 11-16 Bank Accounts

Post by Amber »

What an amazingly quick reply, and local too! Thank you very much GM...3xDC saw this come in as we were trying to get tickets for the test match - to spend all their lovely money before it even gets to the bank. I shall investigate forthwith.
kentsussexborder
Posts: 247
Joined: Mon Sep 21, 2009 8:01 pm

Re: 11-16 Bank Accounts

Post by kentsussexborder »

The account I opened with DS last week (with Santander) offered 5% (as I am an existing customer) with instant access, a visa electron card, monthly statements and also internet/telephone banking. It was the best on offer both for ease of keeping track of money and interest rates.

I also tried Lloyds (as bank there too) but their 11-16 account would only give a yearly statement, no internet access and a lower interest rate, although it did have a debit card. It seems different people at different branches get offered different things with Lloyds!
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