go henry or alternative

[Electric_Andy]

I've just looked at Lloyds bank and they offer an account for 11-17 year olds, they can choose a contactless debit card OR a cashpoint card. They get 0.5% interest which is more than I get! It has to be opened in branch with a guardian. Why would you ever pay for anything else? I think a paid-for kids account is a con

 

[wiggydiggy]

For ages 16+ I'd also look at 'Basic' bank accounts, they're typically for people with poor credit but also ideal as a starter bank account. You get a debit card, and it works a full bank account, but no overdraft or ability to go into debt. When I had one a few years back the debit card also did a 'hard' check before authorising the payment so no spending money you haven't got.

Virgin Money M Account has a linked 2.52% savings account so I'd recommend that one.

 

[cyberknight]

mrs ck was determined to use go henry in the end so any discussion was " yes dear "
mini ck 1 is still trying to spend money she doesnt have and last week i got a request for £350 ........

 

[presta]

My father started giving me 3d at dinner time to spend on sweets on the way back to school, but quickly realised that was the wrong way to go. Instead, he gave me 1s 3d a week pocket money (5x3d), and then I realised that if I saved it instead of buying sweets I could get a 1s 6d Airfix kit the following week. My first pay rise was 1s 9d a week (7x3d).

The other thing my parents did was whenever I asked for anything, the answer was always "save up your pocket money", "or wait and see what you get for birthday/xmas". Occasionally they'd give me half if I save up the other half.

Saving up also gives you time to think about what you really want, and deters impulse buying.

 

[Reynard]

My father started giving me 3d at dinner time to spend on sweets on the way back to school, but quickly realised that was the wrong way to go. Instead, he gave me 1s 3d a week pocket money (5x3d), and then I realised that if I saved it instead of buying sweets I could get a 1s 6d Airfix kit the following week. My first pay rise was 1s 9d a week (7x3d).

The other thing my parents did was whenever I asked for anything, the answer was always "save up your pocket money", "or wait and see what you get for birthday/xmas". Occasionally they'd give me half if I save up the other half.

Saving up also gives you time to think about what you really want, and deters impulse buying.

Was much the same here with the parentals. And yes, totally agree with saving up for things.

The only downside when I was at school (fee paying public, with me on an assisted place) was that my classmates were largely far better off than I, and as a result it was nigh-on impossible to keep up with all the trends / must-haves. It was the 1980s, so walkmans, swatch watches, battery-powered point-and-shoot cameras with zoom lenses, filofaxes and the like...

 

[BoldonLad]

Was much the same here with the parentals. And yes, totally agree with saving up for things.

The only downside when I was at school (fee paying public, with me on an assisted place) was that my classmates were largely far better off than I, and as a result it was nigh-on impossible to keep up with all the trends / must-haves. It was the 1980s, so walkmans, swatch watches, battery-powered point-and-shoot cameras with zoom lenses, filofaxes and the like...

"Character building" was how my parent (mother) explained this situation, under similar circumstances

 

[cyberknight]

Was much the same here with the parentals. And yes, totally agree with saving up for things.

The only downside when I was at school (fee paying public, with me on an assisted place) was that my classmates were largely far better off than I, and as a result it was nigh-on impossible to keep up with all the trends / must-haves. It was the 1980s, so walkmans, swatch watches, battery-powered point-and-shoot cameras with zoom lenses, filofaxes and the like...

i remember i got £4 a week mid eighties but i had to buy my own clothes etc out of it too.
When we had a school trip i couldnt go

 

[SpokeyDokey]

For ages 16+ I'd also look at 'Basic' bank accounts, they're typically for people with poor credit but also ideal as a starter bank account. You get a debit card, and it works a full bank account, but no overdraft or ability to go into debt. When I had one a few years back the debit card also did a 'hard' check before authorising the payment so no spending money you haven't got.

Virgin Money M Account has a linked 2.52% savings account so I'd recommend that one.

Santander has a linked savings account (Edge) running with 4% and maximum of £4k.

Handy for holding emergency money.

 

[SpokeyDokey]

My father started giving me 3d at dinner time to spend on sweets on the way back to school, but quickly realised that was the wrong way to go. Instead, he gave me 1s 3d a week pocket money (5x3d), and then I realised that if I saved it instead of buying sweets I could get a 1s 6d Airfix kit the following week. My first pay rise was 1s 9d a week (7x3d).

The other thing my parents did was whenever I asked for anything, the answer was always "save up your pocket money", "or wait and see what you get for birthday/xmas". Occasionally they'd give me half if I save up the other half.

Saving up also gives you time to think about what you really want, and deters impulse buying.

We had no choice but to save up when we were young as we were not a well-off family.

Mrs SD came from a very poor family and it was tough on the money front.

Many decades later we are in a hugely better financial position but, to some extent, the impact of old habits linger on...

... we don't ever have to save for whatever we want but we are both reticent about spending liberally. Crazy, when in truth, we have enough savings to see us out without even touching our annual income stream.

Not for on here but Mrs SD has some heart-breaking personal hardship stories when she was young.

One of the (many) things I admire about her was how she climbed out of that situation and did really well for herself - a tough lady and definitely not a quitter!

 

[wiggydiggy]

Santander has a linked savings account (Edge) running with 4% and maximum of £4k.

Handy for holding emergency money.

I've literally just opened them both lol £200 for switching offer as well ATM. It's 18+ though.

 

[Reynard]

"Character building" was how my parent (mother) explained this situation, under similar circumstances

It is, and the lessons have stayed with me since.

But at the time, it was not a pleasant experience, what with all the bullying because I didn't have what my classmates did. Usually it was a much cheaper clone or something older / more basic.

I did get a swatch watch for passing the competitive exam to get into senior school, but it got nicked from the valuables box during PE.

 

[cyberknight]

It is, and the lessons have stayed with me since.

But at the time, it was not a pleasant experience, what with all the bullying because I didn't have what my classmates did. Usually it was a much cheaper clone or something older / more basic.

I did get a swatch watch for passing the competitive exam to get into senior school, but it got nicked from the valuables box during PE.

i got " cant afford to send you to college get a job "

 

[Reynard]

... we don't ever have to save for whatever we want but we are both reticent about spending liberally. Crazy, when in truth, we have enough savings to see us out without even touching our annual income stream.

Much the same here. I won't spend money unnecessarily but I've absolutely no problems ponying up for things that I need.

 

[Reynard]

i got " cant afford to send you to college get a job "

I was on an assisted place, so a large chunk of my school fees were paid for me right up until the end of sixth form*. If there was one thing that my mother never begrudged me, it was education. Fortunately, uni, at that time, was still free, and you still got a grant.

By being careful and living at home, I managed to save most of my student grant.

* edited to add that the funding was dependent on my academic performance.

 

[pawl]

Flipping heck I must have had a deprived childhood.Paper round in the mornings.After school I worked in a Gentleman’s Tailors.Trouble was I discovered a pastime called cycling Had to fund it somehow.

Dad did suggest working for a chimney sweep Trouble was went for a trial I was a bit to big and got stuck up a chimney