At what age do you think is appropriate for a child to have their own transaction account? I.e. Not a savings account.
What about an appropriate age for having a keycard to access money at ATM's / EFTPOS?
Or even a debit card that allows online purchases and PayPass?
it depends on the child and what you mean by having their own.
practically ? most banks are at or around.
keycard = 13
smart card ( paypass/online uses ) = from 14 - 16
morally ?
teach them young , 13 is good for , how to use a atm / eftpos, really could be younger if parents heavily restrict their access to funds.
online 16 is about right if you taught them the basics.
Well if you really want to start young and be like the rich kids, buy them shares :)
started allowance/cash since my kids @year 1 as they started to pick up coins and cash around the house like treasure hunt ^_^;
cash at primary and card at high school.
I think it depends on the childs maturity. Even some adults should never have a transaction account
Depends on the kid, not really their age. If they're asking and you think they aren't ready, go through what they want it for. Maybe think about getting an account not linked to their savings to put money in to test their budgeting skills. For example, if you're expecting them to pay their phone costs, or buy their own clothes, then put in their allowance for that plus money they earn and work with them to plan to not spend it all on chocolate. :) If they're <12 then I'd say no go.
Slightly off topic, but I opened a pair of these St George accounts for my 7 and 5 y/o kids earlier in the year.
https://www.stgeorge.com.au/personal/bank-accounts/transacti…
I deposited $250 in each account, and St George then added $50 to each account.
It took about 5 minutes to open - all over the phone. I did have to eventually go in to branch to show birth certificates to get all options enabled.
I teach my children about money, they are too young to understand its value right now but its better to start them young. I will give them a card as soon as they are able to get one with a very tight leash until they have established my trust.
ANZ issue a Debit Visa at age 14.
ANZ