Pre-Teens Bank Account

W

Wandering_Dazed

Registered User
Messages
91
Hi All,
First up, I have done several searches and read the sticky posts but if I have missed something feel free to let me know.

My daughter's 12th birthday is coming up in a few weeks time and she is envious of her parents Debit/Credit cards.

I heard an ad about An Posts offering:

https://www.anpost.com/Money/Current-Account/Money-Mate

Seems ideal, where you have a parent and child app where we can pay her pocket money/chores into the account and monitor her spending. However not sure about the competitiveness of the fees etc. Been googling and I think PTSB over similar, but most results are UK based.

Hence I started searching AAM but didn't find any related threads easily.

So in short is AnPosts MoneyMate a decent offer or should I be looking towards Revolut or others?

TIA!
 
The main banks are very restrictive on what children can have. My 14 year old son has a bank account with AIB, which he never uses as it doesn't allow him to tap and go. They don't allow that until he is 16.

Like Gordon, we use Revolut. He has a junior card on my account, which does allow the tap facility, so he uses that instead. It is much easier to set up too.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
This is another example of the dinosaur pillar banks not keeping up with the digital age. Practically every young teen in the country would have a Revolut Junior card ay this stage. Certainly my son and all of his friends have them. Tap and go is second nature at this stage.

I'm sure Revolut are hoping to convert even a minor percentage of these users to full Revolut bank accounts in the coming years.
 
Pinoy adventure said:
Would a parent have too have a revolut account too ?
Click to expand...
If you want to keep an eye on spending and "manage" their account, then yes, you will need one. Not sure if there is a restriction on their account if under 16 / 18 years old.

I just swapped over to revolut in the last few months and find it great & also set up a junior account for my young teenager...

@Pinoy adventure - its VERY easy to set up, there is very very little to it - I use it mainly for small spending / transferring money to friends / online ordering... It's in addition to my main bank account with BOI.
 
Pinoy adventure said:
Would a parent have too have a revolut account too ?
Click to expand...
Yes, the junior account is a sub account of the parent's account.

I think my son's AIB card works if he puts it into the machine. Which is an age for a teenager who just wants to tap and go.
 
How are kids going to learn saving and the benefits of deferred gratification if it's such a big deal to put a card into a card reader as opposed to "tap and go"? Are they working 18 hours a day at child labour or something that those few seconds are critical?

Not their fault - this is the society we've accepted and are now handing to them. However, as parents we should look at the bigger picture. Have we equipped these children to deal with a potential future where conflict, food and fuel shortages could overshadow the inconvenience of having to enter a pin code?
 
Revolut as a tool is a far better one in terms of educating kids around money than anything I’ve seen from any bank.

Tapping vs entering a pin is simply a time saving exercise. Not many people down in the hospice will have regrets around the amount of time they spent at the PIN keypad.

Revolut is actually very good at pointing out how much money you spend on coffee etc.
 
Thanks all for the responses. I have to admit I am still with the dinosaur banks and have been since 1985. In my case AIB, and do not have a Revolut account. This is despite me advising my elderly Dad to sign up with N26 which he is super happy with.

Sounds like Revolut is the way to go....thanks again!

Edit: I assume due to my posting status I can't do a thumbs up on responses. But you all get one. ;-)
 
camlin90 said:
How are kids going to learn saving and the benefits of deferred gratification if it's such a big deal to put a card into a card reader as opposed to "tap and go"?
Click to expand...
Because one doesn't have anything to do with the other. It is merely a convenience. Learning how to save is something that a parent should teach a child and has nothing to do with bank accounts.
 
Another parent who recommends Revolut. For a number of reasons. Two in particular are the ability for a parent to set challenges ie clean the car and I'll pay you etc.. and secondly the ability for my kids to create "savings" for themselves. They can set a goal for themselves and move money into these goals on a regular basis. Much easier for them to manage than with the pillar banks.

Its interesting to see how my two teenagers use Revolut differently. My 17 yr old son only wants the bare minimum on it so he can only spend limited amounts. My 15 yr old daughter manages her money and has two separate savings goals for clothes and outings.

And yes the parent needs to have Revolut and the kids "accounts" sit under that. I would note there is no cost for a basic adult Revolut account with one child account. There is a cost if including more than one child on a single parent account. I understand its normal to avoid that cost by dad having one child on his account and mam to have another child on hers. Obviously only works if you have 2 children
 
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