Bank account for kids

[bmwmike]

Hi

I want to open a online bank account for my kids, ages 9 & 11.

I'm with HSBC, and they would be the obvious choice, except they require me to send a "selfie video" of each of my kids plus a photo of each of their passports to a service called Jumio. I questioned HSBC on their privacy policy in respect to this service and they didn't seem to know what i was on about because its a "new service" because covid.

So having read the Jumio privacy policy myself, they do not cater for under 13's and even state "will never knowingly collect personal or other information from anyone it knows is under the age of 13". So quite WTF HSBC require me to send my kids data to them I can't quite tell, and neither it seems, does HSBC.

HSBC online help said to bring the kids into local branch and do it face to face - great - except they are only open 10am until 2pm mon-fri and none are open on weekends.

I want savings accounts with interest, and a day to day spending account (if allowed) with a card for my kids, all accessible online.

Any recommendations please? Ideally something i can setup online, directly with the bank in question.

Thanks
Mike

[XJSJohn]

mine is too young to be thinking about bak accounts yet, however Monzo card may fit, as they can create "buckets" for savings etc, although not so sure what actual interest they will earn.

[guyvert1]

Santader offer this for kids 11+, they get account/online + card

[PushedDover]

I am trying for similar for my 7 yr old, but drawing a blank

[thecopster]

I literally did this last week for mine 13 and 15.

2 Accounts opened with Santander online with everything sorted by uploading documents. Be aware that you need two forms of ID for each child of which one needs kids names and address on.

Cards came within a couple of days and they are up and running 👍

[dontlookdown]

Nationwide kids current account is what my daughter has. Contactless debit card and online banking. Was simple to open but admittedly that was pre-Covid.

[silentbrown]

TSB's OK for the 11yo. Needed a branch visit when we set one up, but that was pre-Covid.

https://www.tsb.co.uk/current-accounts/under-19s-b...

[Aiminghigh123]

I opened nationwide account for my son when he was 1.

I did it all online and the only time I went in was for the first deposit and had to take a passport just to show them.

Then linked his account to mine so I can view it through the app.

[mikeiow]

Ours are now in their early 20s, but at a similar age we went with Santander.
The account built up nicely over the years - with the capabilities it offered then: that they started with VERY limited access to funds, then it grew as they did.
By the time they went to Uni, it was the obvious account for all students (railcard!). Each hop up was a simple thing.

Is it the best now? No idea (although they still have Santander accounts....as do we, amongst others). Just check how things change as they get older: use it to help encourage their financial education!

[ben5575]

I've tried this several times for mine but all the banks require passports or trips into town, which is great if you live near town or they have a current passport.

We use GoHenry https://www.gohenry.com/uk/ which does the job. You top up the account then transfer pocket money to the kid's account. They have their own app, you have the same one with parental privileges.

It also notifies you when they use their card, which is good for finding out they're in McD rather than the swimming pool like they told you...!

Downside it costs £2.99/m. Plus side is it's very easy to set up.

[bmwmike]

Thanks all, lots of great info.

I'll check out santander (have 123 account already setup) and go from there.