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Topic: Children and Money  (Read 966 times)

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Children and Money
« on: April 05, 2021, 11:49:46 AM »
Hi All,

I was thinking about smart steps to help my daughter (12) get started in life here. She has lived in the UK for nearly 3 years now and is a UK / US citizen.

We give her pocket money and for now it's cash-only, but she tends to build it up and let it sit for longer times. I was wondering if I can get a bank account for her? Is there any advice you know of for setting your children up for financial success in the UK?

Thank you!
Staci
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Re: Children and Money
« Reply #1 on: April 05, 2021, 12:36:23 PM »
I’ve heard good things about Go Henry. My kids are younger so haven’t looked into it properly though.


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Re: Children and Money
« Reply #2 on: April 05, 2021, 02:15:07 PM »
Getting your daughter ready to handle money is really a good thing for you to be doing. When my daughter was young, we were able to find a bank (Bank of America) in the USA that would give her a "student" account at age 14. (No other bank would do so.) She was given a debit card on it, and I put money in her account every month. It really was a good way for her to get used to budgeting. So many of her friends just frittered their pocket money away, but she could see where hers went every month by the statement. So I say Kudos to you for trying to help your daughter get on her feet and learn the skills they do not teach in school!  ;D


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Re: Children and Money
« Reply #3 on: April 05, 2021, 02:32:57 PM »
Getting your daughter ready to handle money is really a good thing for you to be doing. When my daughter was young, we were able to find a bank (Bank of America) in the USA that would give her a "student" account at age 14. (No other bank would do so.) She was given a debit card on it, and I put money in her account every month. It really was a good way for her to get used to budgeting. So many of her friends just frittered their pocket money away, but she could see where hers went every month by the statement. So I say Kudos to you for trying to help your daughter get on her feet and learn the skills they do not teach in school!  ;D


Thank you! Very similarly when we lived in Texas she had a Super Saver account where the local bank had saving accounts that if they put so much money into the bank put in a certain amount (VERY small amount but still). She loved it.

My main idea was to open a bank account for her that had a debit card attached. Just like I have as an adult, but after some googling, I didn't know if that was a possibility. I wouldn't want any overdraft and I would want her to be able to view her money just like I would on an app or website.

Hopefully by opening something of the sort not only will it help her understand finances a bit better, but would it have an impact on her credit score? Not sure when those really begin, but I want to start her with a positive note. Obviously in America as soon as you have a SSN you can have credit, but I am unsure how it works here.


I like KFdancers suggestion, but I am unsure if I want to pay a monthly fee (yeah I know I know, I am a cheapo)
SECOND APPLICATION- Spousal Visa:
Applied online:21 April 2018
Bio-metrics and Docs mailed: 01 May 2018
Arrived in Sheffield (via UPS): 08 May 2018
Email confirmation from Sheffield: 08 May 2018
Decision made: 15/06/2018
Docs returned: 17/06/2018
Decision: Approved

FLR(M)
Applied:16/02/2021
Biometrics: 16/03/2021
Decision made email: 18/03/2021
BRP received: 25/03/2021

ILR:
Life in the UK Test:27/03/2021 Passed
Application made:


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Re: Children and Money
« Reply #4 on: April 05, 2021, 02:54:33 PM »
I'm not sure if they still do it, but when I started secondary school (1994), Lloyds Bank came to our school with information about childrens' accounts. So, I was able to open a bank account with them at the age of 11.

I believe I got an ATM card with my kids' account so that I could withdraw money from a cashpoint or the local bank branch, but I don't believe I was able to use it to pay for anything in a shop (and we didn't have the internet back then anyway).

I don't think I was allowed a proper debit card until I was 18 and also I don't think credit scores/reports start until you are 18 either.

One other thing you could look into if she wants to try to save money is an ISA savings account - I had an ISA account when I was a kid as well.


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Re: Children and Money
« Reply #5 on: April 05, 2021, 04:29:31 PM »
Looks like Nationwide will give a debit card from 11!  You are good to go!  Free, supposedly!


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Re: Children and Money
« Reply #6 on: April 05, 2021, 07:01:17 PM »
We used something very similar to Go Henry  (osper) for many years and it worked very well, until they started charging a lot each month and we cancelled.  The we got the kids a special HSBC account for kids, that comes with a debit card.  Internet access, contactless transactions, they seem to get everything we do and I think it is free.  It's super easy to transfer money weekly for allowance as well.  My boy got his when he was 11 I think.  He's American and it was no trouble.   


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Re: Children and Money
« Reply #7 on: April 05, 2021, 07:32:07 PM »
Tips on teaching kids to save and other need-to-knows from moneysavingexpert.

https://www.moneysavingexpert.com/savings/child-savings-tax-free/


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