Kids bank accounts / Cards
Discussion
Our 12 year old is signed up for a trip to France with her school in early 2020, her first trip abroad without us. Currently she only has a savings account with no attached card but this seems like a good time to open her a "proper" bank account, rather then sending her off with a pocketful of cash. She is mature and sensible and can be trusted.
I've had a look online and none of the kids accounts seem to mention use of cards abroad and fees associated with this. Anyone got any experience of kids accounts and cards being used abroad?
I've had a look online and none of the kids accounts seem to mention use of cards abroad and fees associated with this. Anyone got any experience of kids accounts and cards being used abroad?
how about a Revolut account/card?
use my link and get it free (normally £5):
https://revolut.com/referral/paulzjr7
use my link and get it free (normally £5):
https://revolut.com/referral/paulzjr7
Edited by superpp on Tuesday 15th October 12:20
hacksaw said:
Our 12 year old is signed up for a trip to France with her school in early 2020, her first trip abroad without us. Currently she only has a savings account with no attached card but this seems like a good time to open her a "proper" bank account, rather then sending her off with a pocketful of cash. She is mature and sensible and can be trusted.
I've had a look online and none of the kids accounts seem to mention use of cards abroad and fees associated with this. Anyone got any experience of kids accounts and cards being used abroad?
GoHenry is one I've seen, here's links for questions re going abroad.I've had a look online and none of the kids accounts seem to mention use of cards abroad and fees associated with this. Anyone got any experience of kids accounts and cards being used abroad?
https://uk.community.gohenry.com/s/topic/0TO4H0000...
https://uk.community.gohenry.com/s/article/gb-Can-...
superpp said:
as app based and preloaded with a set amount I would have thought perfect (assuming they can take/use phones on the trip).
Phones are fine and I agree, Revolut was my first thought, however, the card would be in my name (or mums, depending) and you're supposed to be 18 to have one.ZOLLAR said:
GoHenry is one I've seen, here's links for questions re going abroad.
https://uk.community.gohenry.com/s/topic/0TO4H0000...
https://uk.community.gohenry.com/s/article/gb-Can-...
I looked at GoHenry, looks good, however, £2 to draw cash out or 2.75% charge on top of a crap exchange rate seems a bit strong for a kids card!https://uk.community.gohenry.com/s/topic/0TO4H0000...
https://uk.community.gohenry.com/s/article/gb-Can-...
Looks like we could be compromising somewhere with this.
My lad has had a HSBC account with a card since he was about 10. He can use that just the same as any debit card. Abroad, everywhere. Europe, Caribbean, USA, etc. He's even linked it to his Samsung Pay on his phone.
It's quite clever, because it won't allow use for any 18+ stuff, like betting sites.
It's quite clever, because it won't allow use for any 18+ stuff, like betting sites.
If you just want a UK account with ATM card, we opened this one for my son a few months back. It also pays 3% interest.
Obviously it won't give the best overseas rates, but you can 'lend' your Revoult for this?
https://www.santander.co.uk/personal/current-accou...
Obviously it won't give the best overseas rates, but you can 'lend' your Revoult for this?
https://www.santander.co.uk/personal/current-accou...
Surely if it is a school trip, they will have a “banker” member of staff?
Ours never had to take lots of their own cash on multiple trips....& most cards like Monzo would not be allowed for 12 year olds, I’d have thought.
That said, we got them started with a Santander junior account around then (which then grew in functionality as they got older). No idea if it allows use abroad....
My son enjoyed a “gap year” all over the planet with an STA cash card: we were able to load up remotely if needed...but today that would perhaps be met by the Monzo stuff....although those banks often limit any cash that can be withdrawn each month
Ours never had to take lots of their own cash on multiple trips....& most cards like Monzo would not be allowed for 12 year olds, I’d have thought.
That said, we got them started with a Santander junior account around then (which then grew in functionality as they got older). No idea if it allows use abroad....
My son enjoyed a “gap year” all over the planet with an STA cash card: we were able to load up remotely if needed...but today that would perhaps be met by the Monzo stuff....although those banks often limit any cash that can be withdrawn each month
Converse2020 said:
Nationwide does children accounts that give interest, debit card that can be used abroad with no fee (from what I read). Might need to be 13 though.
The flexone is from 11 up: https://www.nationwide.co.uk/products/current-acco...No fees for overseas withdrawals: https://www.nationwide.co.uk/-/media/MainSite/docu...
hacksaw said:
Perfect, this is spot on, many thanks.
I'm sure there will be a solution in here, and a good chance to get them early into 'handling' money/cards........but I have to ask again - have the school not told you how that kind of thing can be managed by them?
I doubt they would expect a class-full of 12 year olds to organise their finances for a school trip.
Usually for that sort of thing there would be a recommended amount that the kids can take, and that the school would happily manage it - there would only be limited times they would have to spend money on such a trip, and it is much easier to let the school take the lead, I would have thought!
By all means, educate your children with the sort of accounts discussed, but I personally wouldn't encourage them to be the 'odd one out' with a private source of income!
I think a lot of banks let kids have cards from age 11 now. I recently opened accounts with HSBC for mine - they only get savings accounts until they turn 11, and then they get a current account with a debit card as well. Same with Santander, I'm pretty sure with their 123 mini account you can have debit card from age 11. Obviously, you'll have to be careful how much you leave in the account to stop them spending too much, although I have a feeling the HSBC one has a daily limit on it.
mikeiow said:
I'm sure there will be a solution in here, and a good chance to get them early into 'handling' money/cards....
....but I have to ask again - have the school not told you how that kind of thing can be managed by them?
I doubt they would expect a class-full of 12 year olds to organise their finances for a school trip.
Usually for that sort of thing there would be a recommended amount that the kids can take, and that the school would happily manage it - there would only be limited times they would have to spend money on such a trip, and it is much easier to let the school take the lead, I would have thought!
By all means, educate your children with the sort of accounts discussed, but I personally wouldn't encourage them to be the 'odd one out' with a private source of income!
I'm sure the school will, we're still waiting on final details, but it seems like a good point in time to start to introduce her to the responsibility of looking after some of her own finances. ....but I have to ask again - have the school not told you how that kind of thing can be managed by them?
I doubt they would expect a class-full of 12 year olds to organise their finances for a school trip.
Usually for that sort of thing there would be a recommended amount that the kids can take, and that the school would happily manage it - there would only be limited times they would have to spend money on such a trip, and it is much easier to let the school take the lead, I would have thought!
By all means, educate your children with the sort of accounts discussed, but I personally wouldn't encourage them to be the 'odd one out' with a private source of income!
superpp said:
If you just want a UK account with ATM card, we opened this one for my son a few months back. It also pays 3% interest.
Obviously it won't give the best overseas rates, but you can 'lend' your Revoult for this?
https://www.santander.co.uk/personal/current-accou...
This is what our children have, which works wellObviously it won't give the best overseas rates, but you can 'lend' your Revoult for this?
https://www.santander.co.uk/personal/current-accou...
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