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Bank Account for teens
https://www.elevenplusexams.co.uk/forum/11plus/viewtopic.php?f=38&t=56883
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Author:  PettswoodFiona [ Thu Jan 03, 2019 6:20 pm ]
Post subject:  Re: Bank Account for teens

Another thumbs up for Nationwide here. DD has had an account since she was 11. Great for encouraging independence. Also means they can help you more easily with ‘on the way home can you pick up...’ and I just transfer money to her account. She finds the mobile app easy to use and see an easy incomings vs outgoings graphic.

Author:  justkeepmoving [ Fri Jan 04, 2019 12:41 pm ]
Post subject:  Re: Bank Account for teens

Both my DD's are with Santander - current account with debit card and linked savings account - I think from age 13 and before age 19 its transferred into either adult account or student account with free railcard and free overdraft - can run account from an app on their phone - I pay into from a HSBC account - money always arrives instantly - they are very happy with it

Author:  mike1880 [ Fri Jan 04, 2019 2:55 pm ]
Post subject:  Re: Bank Account for teens

Daughter had an absolute nightmare with Santander, I would recommend avoiding them at all costs. They were mind bogglingly incompetent throughout. After a seemingly endless series of broken appointments to set up her account in the first place, once they finally managed to provide someone at the appointed time and place they assured her the account could be transferred into a student account. When it came to the crunch they refused to do so. She is now with Nationwide instead, who appear to be at least competent.

Also - be advised there is a time limit between opening the Santander student account and claiming the railcard after which it's gone forever. If I remember correctly it's two months but I may be wrong.

Author:  MedievalBabe [ Sun Jan 06, 2019 5:04 pm ]
Post subject:  Re: Bank Account for teens

Both DC have an account with HSBC which they have had for a few years now. It has a saving account attached and a dab it card. They both keep the majority of their money in the savings side and transfer money across easily using an app on their phone or online, the app even works like their debit card.

We transfer their pocket money in each month and then they sort it. They have both learnt how to be careful and sensible with their money and they are unable to go overdrawn.

Author:  Tinkers [ Sun Jan 06, 2019 5:18 pm ]
Post subject:  Re: Bank Account for teens

If your DC are over 16 but under 18 they can have both a child ISA and a normal ISA. This might be useful to know if you are saving money up for them for University and beyond, especially if you use up your own ISA allowance.

It’s worth checking accounts on a regular basis to check they are getting the best deals and be prepared to move to get better deals. DD has had savings accounts with various banks over the years. It’s also worth getting your DC increasingly involved in checking for this with you (and going through the application process together) so they get into the habit and realise why it’s important to do this.

Author:  Tinkers [ Wed Jan 30, 2019 3:33 pm ]
Post subject:  Re: Bank Account for teens

Word of warning for those leaving it maybe a little late for their DCs to open bank accounts.

I was talking to a colleague at work and none of his DCs have bank accounts. His oldest got a part time job and needed to open an account to get paid. As she was over 16 the bank (quite rightly) wanted the various proofs of ID, including proof of address.

Being over 16 and also the colleague not claiming child benefit etc, meant she had nothing with her address on. She doesn’t have a driving licence either.

He has ended up putting her name on the water bill just so she has something with her name on so she can open an account.

Author:  BucksBornNBred [ Mon Feb 04, 2019 9:50 pm ]
Post subject:  Re: Bank Account for teens

My sister had this problem with my nephew... took an age to sort out.

On the issue of pocket money is there a general concensus on an acceptable amount? Looking online it seems to be £6 per week but that seems high to me and my (apparently) poor DS.

Author:  scary mum [ Mon Feb 04, 2019 10:06 pm ]
Post subject:  Re: Bank Account for teens

Some years ago but we gave ours a pound for each year of their age, per month. It had the advantage of differentiating between them by age, plus "pay rise" each birthday. We did pay for clothes, cheap phone contract etc & cinema/meals if they were with us. Their pocket money really was money for extras.
None of them went out that much and it seemed to be enough. At 16 they all got part time jobs.

Author:  BucksBornNBred [ Wed Feb 06, 2019 6:29 pm ]
Post subject:  Re: Bank Account for teens

scary mum wrote:
Some years ago but we gave ours a pound for each year of their age, per month. It had the advantage of differentiating between them by age, plus "pay rise" each birthday. We did pay for clothes, cheap phone contract etc & cinema/meals if they were with us. Their pocket money really was money for extras.
None of them went out that much and it seemed to be enough. At 16 they all got part time jobs.


Thanks scary mum. Sounds like we might have short-changed DS based on that reply :lol: That is a brilliant idea though and I definitely think he is due some backpay now!

Author:  kenyancowgirl [ Thu Feb 07, 2019 9:53 am ]
Post subject:  Re: Bank Account for teens

Ours get £20 a month from my dad. We pay for their phones and essential clothes (sports gear, suits/uniform, shoes and basic wardrobe). If they want designer that comes out of their part time earnings (they both work). The odd nights out where there might be a cost (meal out or pub/club) I might contribute a £10 or £20 but they wouldn't expect it. We pay for DS1s petrol (an amount per month worked on journies to and from school) anything above that he pays himself - we pay the insurance, as he also transports DS2, so it is in lieu of bus fares or me having to do it.

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