Barclays Childrens Savings Account

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Every parent would want his/her child to understand the value of money and savings at a young age. It is always wise to get your children interested in savings at a young age since it would have a positive impact on their financial habits later on in life.

Fortunately, today in the UK it is possible for parents to open children’s bank accounts which would give them an opportunity to learn more about the banks, about savings and the benefits of savings. Children’s banks accounts are not exactly profitable when compared to the other types of bank accounts. However, they are mainly used with the intention of incorporating a positive habit in the child at a young age.

Barclay’s Children’s Savings Account

There are several different banks which understand the importance of having a savings account for children. For this reason, many of the leading banks in the UK provide this valuable service like Barclay’s children’s savings accounts.

Whether you want your child to save themselves or want to save on behalf of your child, the Barclay’s children’s savings account has plenty of benefits. There are several benefits which are provided by Barclay’s for account holders like a very low amount of 1 pound for opening an account, tiered interest rates and no charges for instant access to the saved funds.

BarclayPlus

The BarclayPlus savings account is ideal for children from 11 to 15 years of age. The account holder is provided with a debit card or a cash card in order to allow them to access their money easily. Parental consent would be needed in order to provide a connect electronic debit card. The account features a tiered rate of interest. What this means is that the more the child saves, the more the interest would be provided on the savings.

The account can be opened with just an amount of one pound. The account holder would be provided with a Barclays cash card for withdrawing money from any of the Barclays cash machines.  A debit card can also be provided to the account holder if the parents consent. The cash can be deposited straight into the account without any hassles. There are no monthly fees or any maintenance fees on the account.

Teen Bank Account

Another savings account offered by Barclay’s is the teen bank account. This bank account is especially designed for children who are 16 to 19 years old. The account holders are provided with a debit card for easy access to the account money. basically, the account allows the children to save, enjoy and spend money they way they want.

The debit card allows the account holder to shop anywhere or even online and withdraw an amount up to 300 pounds from any of the Barclay’s cash machines. online banking options are also available. Payment options are plenty, through electronic transfer, cheques, standing order or through direct debit. There are no monthly fees or the account and no fees for the debit card transactions.