first bank account for my 15 year old daughter

[mgfboy]

Anybody got any views whats the best first time bank account for my daughter, she already has a building soc account, but now wants a cash point card.

[PriorityOne]

Re: first bank account for my 15 year old daughter

I went for the Halfax Cardcash account for my daughter..... but only because I already had an account with them..... and that was because they were the only bank that I didn't have an unenforceable account with somewhere else in their systems.....



We have both now progressed to their Reserve account, which means they give us £5 for having £1K paid in every month. This amount has recently been dropped to £750 but you also need to have 2 direct debits on there and be over 18.

Cardcash would be a good one to start off with though..... It might be called something else now but the principle will be the same. Your daughter will get a cashpoint card and won't be allowed to exceed her balance, so no worries.

[ScabHunter]

Re: first bank account for my 15 year old daughter

If you are in the South East, the one I would suggest is the Metro Bank Cash account. For an adult, it is one of the poorest basic accounts on the market, as it does not allow you to set up Direct Debits to pay your bills. For a 15 year old, that is not really a factor.

The important factors are that it can be opened by anyone who is at least 11 years of age, and that it comes with full online banking facilities and a proper debit card. There shouldn't be much of a need to visit a branch once the account is open, but the opening times of Metro Bank are longer than any other. They are open on Saturdays and Sundays, making them a good choice for anyone in school.

It also seems that having a history of using the Cash Account helps you get a full bank account when the time comes. There is an example HERE of someone getting a full Metro Bank account, when Nationsnide turned him down.

SH

[Never-In-Doubt]

Re: first bank account for my 15 year old daughter

Anybody got any views whats the best first time bank account for my daughter, she already has a building soc account, but now wants a cash point card.

Speaking from experience (i.e. I opened an account for my daughter at 16) I used Nationwide. The reasons being they issue a very girly purple cashcard+ to begin with and upon her turning 18, they auto upgrade the account to a full NW Flex account with full debit card etc.

So in theory, it means she can stay with a Mutual until she is ready to make her own banking decisions, all the while NW remain impartial and offer a great service.

With my daughter, she paid in around (or rather we did lol) £150 per month and she then just used her debit card to spend it, which also helps them learn to look after their card/purse etc as without it - you can't get your cash etc.

But when little miss Niddy turned 18, about 3 months later they sent a letter with a new card, the account was moved to a full Flex Account with card reader etc... she didn't even apply.

I would therefore suggest NW as a good starting point. See here --> Nationwide: Savings, Mortgages, Current Accounts, Loans, Insurance

It's a Flex account (restricted) but when she turns 18 it gets auto-upgraded

I think you might be best waiting till she turns 16 though....