Bank account for 6 year old?

[Gooose]

My daughter is 6 and loves her own money and making her own decisions on spending, she wants a card like us but I can’t seem to find anything out there?

I would have thought there would be some options, she has a saving box with about £100 in but it just seems daft as we are going cashless.

It would be much better if she / I could log on, see how much money she has and if the latest LOL doll is worth the hit! Maybe if she uses her card I would have to authorise the purchase somehow?

I’m guiding her in the right direction with saving more than spending and it’s hard to get her to actually spend to be honest

Any ideas

[The Rotrex Kid]

Go Henry.

https://www.gohenry.com/uk/

[ZedLeg]

Just use her cash to get one of those pre paid mastercard gift card things?

[Percy Cushion]

I don’t think there any accounts set up for a six year old, that said, maybe you could set up a separate account in your name that your daughter could use? The app only accounts work well, Starling is what we use.

Maybe also suggest a Junior ISA to your daughter so she can see the benefit of investing?

[Darlo74]

Another vote for Go Henry.

There's a small - I think £2.50 per month fee - but your child gets a card and you can manage/limit any payments.

[Defcon5]

With go Henry can you set up a standing order to deposit money straight in to the kid account?

[Scrump]

My daughters have accounts with Natwest, called ‘First Saver’.
There doesn’t seem to be a minimum age on this account. It comes with a card etc.

[Mr Pointy]

This is the Which? summary of bank accounts for children although only Starling seem to start at 6 - most start at age 11:

https://www.which.co.uk/money/banking/bank-account...

[Gooose]

Scrump said:

My daughters have accounts with Natwest, called ‘First Saver’.
There doesn’t seem to be a minimum age on this account. It comes with a card etc.

Looks like what I’m after!

[anonymous-user]

Gooose said:

Scrump said:

My daughters have accounts with Natwest, called ‘First Saver’.
There doesn’t seem to be a minimum age on this account. It comes with a card etc.

Looks like what I’m after!

It states "Account held by child: you can only make withdrawals in branch. If you’re aged 11 years or over, you can also register for our telephone and online banking services"

My children both had a GO Henry account, I never liked it due to the monthly fee and the fact it is effectively a pre paid debit card and not a savings account.

They now both have Santander 123 Mini account, but you have to be 13 to get one. I now just transfer money straight into their accounts, they get a debit card and it pays 3% interest.

I can't see a bank is going to give a debit card to a 6 year old, otherwise GO Henry would have no market.

[bristolbaron]

Percy Cushion said:

Maybe also suggest a Junior ISA to your daughter so she can see the benefit of investing?

Unless you happen to time the markets appallingly like I did for mine!

[Gooose]

bristolbaron said:

Percy Cushion said:

Maybe also suggest a Junior ISA to your daughter so she can see the benefit of investing?

Unless you happen to time the markets appallingly like I did for mine!

Yes I have an stocks and shares junior isa set up with a fair few quid in it already, I don’t fancy telling her about that as she won’t be able to grasp the value yet. Money in 10’s to a hundred she can understand

[Gooose]

Joey Deacon said:

Gooose said:

Scrump said:

My daughters have accounts with Natwest, called ‘First Saver’.
There doesn’t seem to be a minimum age on this account. It comes with a card etc.

Looks like what I’m after!

It states "Account held by child: you can only make withdrawals in branch. If you’re aged 11 years or over, you can also register for our telephone and online banking services"

My children both had a GO Henry account, I never liked it due to the monthly fee and the fact it is effectively a pre paid debit card and not a savings account.

They now both have Santander 123 Mini account, but you have to be 13 to get one. I now just transfer money straight into their accounts, they get a debit card and it pays 3% interest.

I can't see a bank is going to give a debit card to a 6 year old, otherwise GO Henry would have no market.

Yes I have had a quick look at Go Henry before but nothing indepth. I did wonder why banks don’t do something like this and how Go Henry have a market.

[LimaDelta]

Revolut do free <18 accounts for adult account holders. Complete management of money into and out of their accounts, and notifications when their cards are used.

[hab1966]

Gooose said:

Yes I have had a quick look at Go Henry before but nothing indepth. I did wonder why banks don’t do something like this and how Go Henry have a market.

NatWest have bought RoosterMoney which was an alternative to Go Henry that i used for my daughter.

As i have a Starling current account i closed the Rooster Money account and gave my daughter a Starling Kite card, which we are both more than happy with!

[CorradoTDI]

Go Henry is a rip off and the Natwest account only pays 0.5% interest!

This is what I was recommended for when our daughter turns 6

https://hyperjar.com/pre-paid-card/kids-card

We also had Halifax accounts paying 5% for a year and then moved to a 123 Mini which is 3% up to £2000

https://www.santander.co.uk/personal/current-accou...

Edited by CorradoTDI on Monday 5th September 14:16

[rewild]

RoosterMoney is fantastic, and our girls have successfully saved up for toy purchases, and it has revolutionised chores in our house.

[anonymous-user]

HyperJar users here. Very impressed.

[Gooose]

MrBig said:

HyperJar users here. Very impressed.

My daughter has my old phone but no SIM card, does she need one for this, I don’t mind her having a phone, its just like a small iPad at the end of the day but I can’t say I fancy getting her a phone number?