Do your kids have bank accounts, what are your 'rules' regarding them?

Aimee and Lily both have one but they get control over them when they reach 7 years old and get a cash card when they are 12. Now, there is no way that they are getting anywhere near that money until they have something 'proper' to spend it on. Whether it is for a house deposit, car or university.

I am planning on removing it and putting into an account in my name before either of them are old enough to be given control over it, and will just leave a couple of hundred in their accounts to give them a chance to see how they manage money.

What are you doing/planning on doing?

x

Amelia has 2 bank accounts. One that Dave an I pay money into and her birthday /Christmas/Easter money goes into, and one that her Grandma and Grandad pay into (massive bone of contention with me. Pisses me right off that she has to have a special account for their money, it's only so that they can say here you go Amelia look what Grandma and Grandad have given you, grrrr!). Both Dave and I are named on her account. We only have a pass book for it so that we're in full control of it. We're planning on giving her control of it when she is 16 but if she wants something senisble before then we may allow her to have a little out of it. When she's 16 she still will not be allowed to fritter it away and if she intends on going to Uni I may keep hold of the book until she's 18. What I may do at a later date is open her another little instant access account and that will be one that she can control but her main savings will be looked after by Dave and I x

ha ha lisa im so glad its not just me, both mine have accounts mil opend, any money that side of the family give goes to her and she's like 'oh iv put it in their account' what about the account i have!!!

anyhow, no they dont have an account as of yet, only their trust fund, but i may open one for them when they get a bit older and start getting pocket money x

Who have you set up their accounts with Laura?

Wil has an account will build up a tidy little sum for him until he needs a house deposit, car, gap year or whatever else he does with his life. We are not telling him that account exists until he is ready to use it.

I am planning to open a little account with him when he is old enough to understand money that he can use and put pocket money and birthday money in.

My mum pays into A's & L's accounts but just gives me the money to put it in. Its silly that they want a seperate one for her.

Im worried that Aimee (very strong willed child) will go to the bank when she is 14, say she has lost the book and get all of her money out

x

Terri wrote:

Who have you set up their accounts with Laura?

Their accounts are with Nationwide x

Laura wrote:

Im worried that Aimee (very strong willed child) will go to the bank when she is 14, say she has lost the book and get all of her money out

x

my friend did that when she was 15...took out 6grand and has nothing to show for it x

Amelia's one with us is Nationwide too.

Gemz I refused to give Amelia's birth certificate over to MIL as I didn't want her having an account in her name that I wasn't in control over. MIL just guilt tripped Dave saying that we didn't trust her and that she was trying to do a nice thing and he said she could go ahead.

Grrr that is so bad Lisa, she is your daughter so it should be down to you to have control over them.

I am the only one with control over the girls, James wasnt with me so he didnt sign, which is probably a good thing as Aimee is richer than he is lol x

Haha Amelia has more money than me and Dave combined!!!!

Caelyn has one neil and i pay into we are trustees for, one my MIL opened for her and one my mum opened for her. TBH im not bothrred by her grandparents opening her accounts as it means hopefully we can try one account out and see how she copes before giving her access to the others pmsl. Neil and i's will probably end up being one she can use to get herself bits during her teens and her grandparents accounts for the future

gracie has one with lloyds and it works the same as lauras thing is i just wont tell her that she has control of it and wont let her have the card until she is 16 or 18 im a biatch of a mother x

We havent opened one for callum yet we was gonna do it from his 2nd birthday altho we have a piggybank in the front room with all the money he been given christmas/brithday wise frm family which will go into it when i gets open i would like to put it in where he cnat get it out untill 18 if its possible x
Were quite luckily ohs dad gives money for callum every x,as and birthdays so we can put it into account rather then opening a seperate one x

Arwyn has one so far for family paying into and any money she gets for birthdays and Christmas, but we'll be doing a seperate account for the child trust voucher that we'll pay into.
we have the same account for our nephew, he can take over the account when he is 8 (it's the Nationwide one too) but we're just not going to tell him about it and that'll be his 18th birthday present from us. though my OH has said if he turns out to be a wee shit we're keeping the money

See this sounded good in theory but I was 12 when I opened my first bank account... I have visions of Aimee taking herself off to the bank, giving her details to open a new account and the lady saying 'oh, you already have an account with us, here is ten grand'!!!

They would be obliged to tell her as she can legally take control of it.

I'm defo moving all of it bar a couple of hundred x

i have one for jj and its got £800 in so far.
naitonwide too.
we not going to tell him untill he 18 but not having it untill 21 and its only going to be for car, house or uni!!

I rememberhaving mine at 18 and I blew the lot so I'll be setting up one where I'm in control then I will pay for things like driving lessons and a car out of it

we have been saying since our babies were born that we would open them all an account, but we have only just got round to it new years eve
we have put their xmas money into it as we opened them, and any future bday/xmas money will be going in too. and we have set up a standing order for £10 each every 4weeks from our current accound directly into each of theirs.
thats with Natwest. i have no idea when they get a card and have control of it themselves, i didnt ask that nor was i told.
£130 a year each from me and oh and maybe £70 a year each from relatives for bday/xmas and when they are 18 they will have approx £3000, £3000 more than i did!