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The two youngest SB-lettes are now 13 and taking themselves off into town to meet friends, etc.
They each have a Nationwide account with a couple of hundred in built up over a few birthdays, etc.
I'd like them to have a card each to give them more responsibility and access to this money but the NW yoof account still allows them to withdraw £300 a day which would be disastrous!
Anybody know of an account that gives a card but were you can limit the cash withdrawn each day?
Why not go in to the branch and ask them to just adjust it?
Bank should be able to put a daily limit on the account or move cash to savings and keep a minimum in there.
get them a secondary account that you can syphon money off into,
Just tell them not to withdraw it all? My daughter knew by that age the value of money and how difficult it was to acquire it. She makes me look like a spendthrift!
Just give them some cash - this adds to the sense of responsibility as there's a proper limit to what they can spend!
yoof account still allows them to withdraw £300 a day which would be disastrous!
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I do give them cash but they complain that I don't give them enough!
I'll look into whether NW can apply a limit, otherwise I suppose I could monitor it using online banking. Second account is an option also although a bit clunky.
It's a self-imposed limit - the default is usually £250 / £500 although you can request it set lower - the maximum allowable is £5000! I've never seen so much ever taken from an ATM though! It guess it would have to come out in chunks.
Don't let them near the internet, they will open a PayPal account, link it to the bank account and spend online till the Bank goes bust.
🙂
My 2 had Nationwide accounts at that age, I'm sure the type of account didnt allow them to withdraw more than they had.
The account they have will be linked to yours as the Parent, you can set any limit on the account you feel is acceptable.
Just ask your bank to impose your request. Should be done there and then.
Its very simple.
Pre-loaded cash card instead?
Deffo the second savings account linked to the current account.
a) you can pay any money directly into the savings acct so the kids will have to do the leg work to shift some out into the current account
b) means you can limit the amount in the current account too so thats your hard stop in terms of cash being taken out
c) gets them used to the concept of earning interest, even the miserly amounts these days, and they might get savvy with best accounts for interest.