Advice on pre paid debit card for children

12
Found 27th Dec 2017
Anyone got their kids a pre paid card? What experience did you have setting one up?
want to get my kids one each so they can buy games etc.. themselves instead of giving me cash but I can also top with pocket money etc.... Hopefully over the internet and not in any bank branch.
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How old are they? My kid had a fully authorised debit card attached to his own bank account at fourteen
As above. My son’s 14 and has hada Nationwide account for a few years now that has a debit card and internet banking facility. The monthly paper bank statements are sent to the house and I can see how much balance is still available.
psychobitchfromhell7 m ago

How old are they? My kid had a fully authorised debit card attached to his …How old are they? My kid had a fully authorised debit card attached to his own bank account at fourteen


Just turned 13. I want to limit the amount they can spend on the card.
Not sure you can do that.
This is a good first account where you need to impress upon them the responsibility of money management. But no harm in checking up on them occasionally
Toptrumpet4 m ago

Not sure you can do that.This is a good first account where you need to …Not sure you can do that.This is a good first account where you need to impress upon them the responsibility of money management. But no harm in checking up on them occasionally


No of course not. They have to learn to be sensible 😁.
They have a Lloyds account but can't remember if it's a savings account we set up when they were born or if it's already been changed to a current account. I'll have to pop into the branch to check.
Thanks guys
There is one advertised on parentpay, think it's called nimble. Cannot advise as my 15 yr and 12 yr both have Santander accounts.
postmang6 m ago

There is one advertised on parentpay, think it's called nimble. Cannot …There is one advertised on parentpay, think it's called nimble. Cannot advise as my 15 yr and 12 yr both have Santander accounts.


Thank you
richje10018 m ago

Just turned 13. I want to limit the amount they can spend on the card.


Might be pushing that. I'd have a look at a few kid based bank accounts and see if you can find anything that matches. A pre authorised card will not let you go overdrawn but it will let them spend all the money available.
I would avoid prepaid cards - they tend to charge fees to access your own money. For example, a Nimbl card costs £15 a year and you only get 1 free cash withdrawal a month (any additional withdrawals cost 50p). Whereas most high street banks offer a bank account for young people, with debit card, online and mobile banking and no overdraft for free. Some banks will even pay you to have an account with them, through interest, although probably not much. With these accounts you can only spend however much money there is in the account as there is no overdraft.
Get them some bitcoin, they will thank you in the long run
I had a bank account as soon as i understood what a bank is, although i had very little money in it i was taught to budget and use money myself as soon as i understood what money is. It has definately worked for me, as it taught me the value of money, to save for purchases and to keep it safe, otherwise it goes walkies!

if i had a kid, i would do the same, but i would go one step further and teach it to start investing as soon as he/she understands risks
yeah, my 2 eldest have bank accounts and have done since they were about 13/14

i'm pretty sure though they could not have internet banking until they hit a certain age

and its a great lesson to teach them how to manage money properly, my eldest now has a savings account linked that he puts a % of his wages into each month as he felt if it was sitting in his normal account, he would just waste it on rubbish(like many of us do)
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