I just opened one for my child hoping that it would have an account number so I could pay a cheque in, but sadly not. So it doesn’t seem to add any value over and above the linked card he already has on my account anyway. So what’s the point?
So to pay in a cheque from Nationwide, which is made out to my child as its their child trust fund (I know right…), I will probably have to go through the pain of opening them a kids account with a legacy bank. What a first world problem.
But seeing as they already offer a parent linked child card/pot, I presumed that the only difference could be that it has a proper account number, otherwise as I say, what is the difference/point?
I’m pretty sure that it’s possible to pay a cheque into an Under 16 account, I can’t remember the exact process and I’m on sabbatical this month (I’m also conscious that it says here that you can’t do this - however I know one of our frontline overnight COps recently asked the question and was told that it is possible. There might be some limits on this though, depending on the value of the cheque and I believe it was very much a process that was being tested - hence the official guidance saying it isn’t possible.)
It’s worth getting in touch via chat, because I think the discussion that was had was that if you provided a copy of the child’s birthday certificate via chat (no need to send it in, just an electronic copy in-app) and then some details are needed on the back and I can’t remember what those were. You’ll have to post it in, as I believe we can’t process these electronically.
Please don’t do any of this without double checking with chat tho. I would chase it up internally for you, but I’ve deleted Slack off my phone for the length of my sabbatical. I just can’t stay away from the community!
BurnyCubbers77
(🔥 Watching things burn from the sidelines. Is this the end?)
8
There is no such thing as a “parent linked child card/pot” feature. If you have created a pot and attached a Virtual Card to it, that is just using the virtual card feature. While you COULD use it for that purpose, it is not designed for it. Giving your child access to your Monzo account to monitor spending on the pot is also not ideal either as they would have full access to your account.
The Under 16s account gives the child their own child friendly app, with only stuff they can access via their own U16s account, while letting the parent access the child’s account and their personal.
You’re quite right, looks like we already have the U16’s account.
I think another bank (maybe Starling) had a child pot with a linked card.
Anyway, whatever.
My 11- and 13-year-old daughters received £50 cheques from Nationwide because I hold savings accounts for them. They have NatWest Adapt accounts, and since there’s a cheque imaging option, I was able to successfully pay in their cheques.
It takes a few minutes to open kids account with NatWest… everything online. They will need child selfie and passport
Thank you. Same here. Nationwide paid their pointless profit share to my 15 year old, but not to their CTF, because that would be sensible, and apparently we don’t do sensible any longer.
Anyway, Monzo have confirmed that if I post the cheque to them, include a magic code on the back, stand on one leg at just the correct time in the moon cycle, then it’ll be paid in. Fingers crossed.
Similar here. Older two it went into their FlexOne but the younger one got a cheque as they only have a Junior ISA. I assume the reason they don’t put it into Junior ISA’s or CTF’s is because there is no option to withdraw it until they’re 18 and they don’t want to take that option away from people. Also not sure I’d call it pointless, moneys money after all
