How do I open a bank account for my child online?

How do I open a bank account for my child online?

It can be challenging to know where to start when opening a bank account for your child. There are many different options available and a lot of material to consider when thinking about what may be suitable.

 

This blog post will discuss the why and how of opening a bank account for your child and how this can benefit your child.

Can I open a bank account for my child online?

Generally, you can’t open a bank account for your child online, as they often need to perform additional ID checks. Typically, banks offer bank accounts and debit cards to children aged 11-13 years old or over, so this would mean that you would need to go into the branch with your child.

 

However, with GoHenry, you can have your child on the path to financial independence as early as six with a prepaid card for kids. Opening an account with GoHenry is easy, as we’ll simply need a few details to do a background check. You can apply online today.

What do I need to open a bank account for my child online?

To open a bank account for under 18s, you will generally need to provide certain identification documents. These are usually:

  • Proof of identity: This is usually a birth certificate or a passport 
  • Proof of address: This includes bank statements or utility bills.

You can sometimes provide proof via an online portal, although most banks will require you to pop into a local branch - especially if you don’t already bank with them. Once you've provided all the information needed, you’ll be able to open the account for your child. 

 

Rather than going into a branch to set your GoHenry account, you can simply apply online today. Signing up only takes a few minutes and we won't take any payment details.

Which children’s bank accounts are usually available online?

Some children’s bank accounts offer online access for both the child and the parent. This allows parents to monitor young people's spending, set budgets, or track progress towards savings goals. 

  • Current accounts: These accounts can offer the same features and benefits as an adult account, but with lower limits. 
  • Savings accounts: These accounts offer interest on deposits and are a practical way to teach your child about the importance of saving. With some accounts, you can set up regular savings plans to help your child develop saving habits.
  • Prepaid debit cards: Technically, these aren’t bank accounts. But, they can be a great option for children from the age of six to use and save their money, and offer a huge number of features than those offered with traditional bank accounts.

A GoHenry pocket money app has a broad range of features that give 6-18 year olds lots of flexibility while acquiring money management skills.

  • Earning: Features such as Giftlinks, paid tasks, and pocket money tools help children learn about earning money.
  • Saving: You and your children can set savings goals to help them learn about the importance of saving for something they want.
  • Safe spending: We provide a prepaid Visa card for children aged six and over. This can be used anywhere that accepts Visa, both online and in-store. This can help your child learn about budgeting and spending without worrying about them getting into debt.
  • Learning: In-app Money Missions helps children learn about money basics, investing, saving, compound interest, borrowing, giving, and more.

If you’re looking for an account that offers all of these features and more, look no further than GoHenry. Apply online today.

Why should I open a bank account for my child online?

The first thing you need to do when opening a bank account for your child is to decide why you are doing it. Do you want to help them save for their future? Do you want to teach them about money management? Or do you simply want to give them a place to keep their pocket money?

 

Whatever the reason, there are many benefits to opening a bank account for your child. One of the main advantages is that it can help teach them how to manage their money from an early age. This is crucial, particularly as recent studies have shown that financial habits are set by the early age of seven. The good news is that, with GoHenry, you can teach your children to be financially savvy from six years old with a prepaid debit card. GoHenry kids also get access to in-app Money Missions where they can learn about money basics, investing, saving, compound interest, borrowing, giving, and more.

 

Once you've decided on the purpose of the account, you can look at the options available and apply. 

Apply for a kid’s prepaid debit card with GoHenry today

GoHenry offers a safe and secure way for you to help your child manage their money. With our prepaid debit card, you can set limits on how much your child can spend each day, week, or month. Our online app also allows you to see where they're spending their money and see if they're staying within their budget. This makes it easy for you to teach your child about money management.

 

 

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Written by GoHenry Published Mar 2, 2022 ● 3 min read