This is a commissioned post for TSB.
When it comes to managing money, we all want our children to learn good habits, don’t we? From the early days of pocket money and piggy banks, right through to the financial independence of young adulthood, as parents we play a crucial role in helping our children understand the importance of being in control of their finances.
When your child reaches an age where they’re ready to move on from the piggy bank, setting them up with their own bank account tailored to their age is the obvious next step. It’s a secure way to help them learn to manage money for themselves, while still allowing you to be there in the background keeping an eye on things.
For our digitally savvy children, being able to manage their bank account online is the natural expectation. TSB has recognised this fact with their Under 19’s Account, which offers a current account with online banking to 11-18 year-olds. There are a host of sensible features built in, all designed to suit the digital habits of today’s younger generation while still helping them learn to safely manage their money.
You can tailor the account card to the age of the child, with the choice of a Visa Debit card or ATM card. There’s an emphasis on mobile banking, with free weekly balance alerts and a mobile banking app, but there are also regular statements, and free internet banking. Telephone Banking is available to children 16+ , and mobile banking for children `13+.
It’s not just a clever current account either; there’s an incentive to save too, with a competitive variable interest rate which is paid every three months.
How to stay safe online is obviously something we’re all super-keen to teach our kids, and having an online current account adds an extra dimension to the issue. TSB have created a guide to staying safe online, aimed at helping children understand how to bank safely and keep their money secure. It covers things like keeping security details safe, recognising secure websites, and dealing with suspicious callers and emails – all good advice for adults too actually!
Helping children to take their first steps in ‘grown-up’ money management can feel pretty scary, but it’s this hands-on responsibility that really helps them to develop good habits. If you’d like some help with how to manage your children’s finances, why not join me at the TSB young savers twitter party?
I’m co-hosting the chat with Tots100 and Jen from Mum in the Madhouse, and we’ll be sharing lots of tips and ideas for helping children learn to manage their money. There are some great prizes to be won too, with five £50 vouchers being given away during the party. To join in, just follow the hashtag #TSByoungsavers. Hope you can make it!
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