childrens bank accounts

[Kiska]

hi all,

is it ok for my daughter to get a bank acc with a debit card. its one of these ones that you can use at the age of 11.

thanks

[scaredkez]

i think it should be ok kiska if she is the sole signatory, my eldest lad has one, he is 14 he had it before i went for iva, and i have no rights to the account, or name on it.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

It's frightening to think that 11 year olds can get these sort of accounts, but then I suppose if it is her money then why not! I am sure that you will be teaching her the importance of household budgeting and the dangers of credit, so maybe this could be educational as well?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[scaredkez]

melanie i wish i had the will power of my 14 yr old he won't part with anything, i think he has used his twice in all the time he has had it, i remember the first time he got his statement after he had used it, he had saved up for a golf club membership, with b'day money and xmas money etc, and was horrified his bank balance had dwindled, and said he would never use it again, couldn't get through to him thats what he had been saving for, didn't like it that money had come out of his account, lets hope he stays like that.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Oliver]

Yes this will be no problem at all.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[iva experts]

I dont think this will be a problem Kiska, after reading scaredkez's post it made me think that all youngsters should have accounts so that they can learn the value of money at a young age. [:D]

Best Regards. IVA Experts

[Kiska]

thank you for the replies.

my parents have been keeping a small ammount in the bank for her since she was small, but now she is starting 'big school' they thought it might be a nice grown up thing to do by letting her have an account that she can withdraw money from. just incase she needs something and we can't afford to get it her.

they don't know about iva but i'm sure they think something is up.

i was just worried in case they needed a gaurantor(spelling) and they credit scored me.

she is also very tight with money. years ago if she had £10 it would be gone on rubbish. she wanted some heelys that cost about £50 so she saved £40 of her pocket money. took her a few weeks had 1 more week to till she had all of it and her rich dad brought her some for no reason.. i did try!!!!

she still has the £40 though[:)]