Kids account with cash card

[annie0000]

Does anyone know of any childrens accounts with cashcard that are available for under 11s? I have trawled the net and they only seem to be available for over 11s.

Ideally I would like my kids to have their own current account with internet banking and cashcard, but they are only 8 and 7 and there just doesn't seem to be anything suitable.

I am trying to ensure that they are able to control and manage their pocket money and they have been doing this for the last year or two. They get an allowance and can choose what to spend it on, but I don't buy them any sweets, crisps, comics or toys - I give them a reasonable allowance and when it is gone it's gone.

I want to expand this to having them pay for their own trips to the cinema etc , gifts for friends and things (with an increased allowance) but it would be better if they had a proper banking facility - without overdraft option!!!

Any ideas?

[spudqueen]

I doubt you will find what you are looking for as banks would not consider children under the age of 11 as being responsible enough to look after either an internet account or a cashcard account. It would be all to easy for a child to let slip their account details or PIN number. Why can't they just manage cash at this young age, saving any left over money in an ordinary kids account?

[annie0000]

Thanks for your response spudqueen. They can already do that, but I want to take it a step further with them - we have been doing as you suggested for the last couple of years - they are interested in being able to control their money and I am actively encouraging it. The sooner they learn how it all works the better. The intention is that by the time they reach high school, they will get their monthly allowance and it will be up to them to budget and manage that appropriately in order to buy their own clothes, mobile credit, entertainment etc. together with their school meals and transport.

By that time they will be old enough to get their own cashcard etc, but I would rather they had a couple of years of using it in a closely supervised manner under their belt before then.

It is amazing the decisions they already make when they see that it is their own money they are spending. They have opted to get a subcription for their weekly comic as that works out cheaper, they have put off getting some toys as they felt that they were a waste of money. I certainly don't get pestered in the shops to buy them things as they know if they want them, they need to buy it themselves. I am not mean, they get a generous allowance for their age and I do buy them things for good behaviour etc, but they understood pretty soon that when their allowance is gone it is gone and if they chose to spend the lot on a video game, they had to do without something else for a while until next "pay day".

Your right, I don't think that they are going to be able to get what I would like, so we will have to persevere for a while with spreadsheets or something. They do have a savings account that can be managed online, but obviously they can't spend the money directly from that. I think that I can probably just transfer money from their accounts to my account and hand them the cash as an interim measure for now.

Thanks again.

[eyebrows]

i suggest opening up two accounst in your name, and them as named users.....thats the only way i can think....

[annie0000]

Thanks eyebrow, i'll look into that.

[eyebrows]

halifax in particular, i know thats what my mum and dad did for me...

[ummmm]

My son saves all his money in a pot and makes me pay for everything.

You sould like a good Mum.

[annie0000]

Oh I don't know about that Ummmm - I work in financial services and have seen the unfortunate consequences of people getting into debt and how it can devastate lives and can drive some to suicide.

We have also had quite a few bereavements in our family and a few kids left without a parent.

I am determined to do my best to ensure that my kids know how to take care of themselves and go through life with their eyes open. I don't think it is too early to have them understand how economics work and how money is earned and spent. Without going into specifics, I have explained to them what we do with the money that we earn and why we cant just go into a shop and buy anything that we want.

My mother used to sit on a Friday with her and my Dad's wages in cash and put it into little piles to pay everything and even now (she is 75) when the kids get money from her it has their name written on it on the edge as that is how she knows what money is for what. I tend to follow her example.