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Anyone got early teen kids with their own bank accounts (with debit cards) or using one of these prepaid cards like goHenry? If so, what do you think? Is it teaching them to manage money sensibly, or not?!
We got them for both our girls. Natwest accounts. They couldnt go overdrawn and we put monies in when needed. Worked for them. Abigale is sixteen and still has hers. Katie is at uni and has switched hers as they have to at eighteen
Got a prepaid card for my mum, who is suffering form early stage dementia & is very susceptible to being ripped off by scumbag companies who phone her up etc. She has a weekly limit, which enables her to go shopping & I can monitor activity online. Max limit means if she did inadvertently give her PIN to someone, she wouldn't lose much, can't go overdrawn & can't set up direct debits etc, which alarmingly, unscrupulous companies have managed to arrange in the past. Don't you just love growing old!
Prepaid would obviously work well for kids too!