Best children's bank account?

[PeteXXX]

What do we reckon is the best bank account for an 8 yr old to start teaching them about money in a responsible and fun way?

No.1 Daughter has looked at goHenry as a way forward. Not quite sure myself as it's just a pre-paid card, but it does seem to have lots of safeguards that go with it.

I would like her to have a 'real' account where I could put a few ££ into every now and then that has the option of her having controlled access to her savings.

Any thoughts, folks?

 

[Milkfloat]

£2.49 per month for goHenry to sit on your own money - not a hope. My kids (8 and 5) both have traditional accounts with a passbook, but keep a bit of cash on purses for their treats. We try to get them to pay for everything with cash so they understand what they are paying. My 8 year fully understands and the 5 year old has a very good idea.

 

[Spinney]

Would an electron card be of any use?
https://en.wikipedia.org/wiki/Visa_Electron

Cannot go overdrawn on it, so they could presumably have their own account (assuming a bank will give them one).

 

[PeteXXX]

£2.49 per month for goHenry to sit on your own money - not a hope. My kids (8 and 5) both have traditional accounts with a passbook, but keep a bit of cash on purses for their treats. We try to get them to pay for everything with cash so they understand what they are paying. My 8 year fully understands and the 5 year old has a very good idea.

That's one of my thoughts on the goHenry as well.

 

[fossyant]

My kids, 15 and 12 have cash cards with my wife's bank, and she has access. The kids get balance alerts every week, and we both pay into their accounts as 'spends'.

 

[DCLane]

How old is she?

Both my boys got Lloyds accounts at the age of 11. This comes with statements, a weekly balance and most importantly a Visa Debit card. Their pocked money goes in weekly by standing order. They get good levels of interest on their account and are learning to manage their money.

 

[PeteXXX]

Would an electron card be of any use?
https://en.wikipedia.org/wiki/Visa_Electron

Cannot go overdrawn on it, so they could presumably have their own account (assuming a bank will give them one).

Possibly, thanks, but it's the best account to have for kids that I'm after.

 

[PeteXXX]

How old is she?

Both my boys got Lloyds accounts at the age of 11. This comes with statements, a weekly balance and most importantly a Visa Debit card. Their pocked money goes in weekly by standing order. They get good levels of interest on their account and are learning to manage their money.

She is 8.
Edit: that does sound like the kind of thing I'd like for her. I've suggested to No.1 daughter to try Nat West etc to see what deals they'll offer

 

[summerdays]

How old is she?

Both my boys got Lloyds accounts at the age of 11. This comes with statements, a weekly balance and most importantly a Visa Debit card. Their pocked money goes in weekly by standing order. They get good levels of interest on their account and are learning to manage their money.

We did the Lloyds bank accounts for ours too. They have been able to access their money via the hole in the wall or pay for things online, and then moved money between each other with bank transfers....all except the youngest... The most reluctant....on the other hand, that means money seems to go in from us and not go out apart from to Amazon, he may be the most canny of the lot!

 

[accountantpete]

Slightly not what you asked for but possibly a Junior Isa?

These took over from Child Trust Funds and if I remember correctly interest is tax free but the money can't be withdrawn until the child is 18.

 

[Piemaster]

We didn't bother with our 2 until they started high school, then they got a Yorkshire Bank current account targeted at their age group with a debit card - that way they didn't have to carry much in the way of cash. They then also got a monthly direct debit from us at the time and soon learned the realities of being paid monthly.
They both also had a saving account but no access to it (or even knowledge of it) until they were 18.
Their school introduced cashless lunch payments with a card so it wasn't much of a step.

 

[PeteXXX]

Slightly not what you asked for but possibly a Junior Isa?

These took over from Child Trust Funds and if I remember correctly interest is tax free but the money can't be withdrawn until the child is 18.

Thanks, yes, she had/has one of those but it's access to her ££ now that I'm after for her.

 

[Over The Hill]

I would keep away from anything from NS&I - thieving b******* ripped off my kids for a few hundred each and went back on the main selling point of the account.

Why not do a DIY account? Give them a book each running the total (paid to you acting as bank) and you can pay out a decent interest say 1% per month or even allow overdraft at 2% per month with a monthly payment day. Then up it to a real account when they are a bit older.
Current rates are so low there is almost no interest to be had in the real world.