Nimbl for young people


#1

Any news on when young people might be able to bank with Starling?


#2

One of the issues with a mobile only bank is Identification and Verification with young people. Over 18’s have a credit record that makes it easier to Electronically Identify them, and in the case they cannot be verified, they usually have a proof of address such as a utility bill. (Which is one of the reasons opening a starling account currently is so quick and easy) You run into problems with under 18s as they won’t be on the electoral register, won’t have a credit record and won’t have access to utility bills.

The only way I can see this working is if there is a sub account attached to the parents.


#3

nationwide’s flexone is quite good. forget about nimbl, it’s a robbery.

https://www.nationwide.co.uk/products/current-accounts/flexone/whats-flexone


#4

Many high street banks open accounts online for under 18s

You don’t have a credit record, but you need to prove you are who you are, Starling do that anyway when you open an account, you take a picture of your ID.

With childrens accounts you normally need proof of where you live and that is just a bill in your parents name, that can be done automatically nowadays in most cases.


#5

My daughter currently has a FlexOne account from Nationwide. She will open a Starling account as soon as it’s available.


#6

Very good question @danmullen.

I would love to be able to open accounts for my two boys. They are currently 9 and 10 and they both have Stock and Shares Junior ISAs with HL but could really do with a current account with a debit card. It’s the best way for them to start learning about finances and the benefits of saving and managing their finances. Starling would be a great place for them to start.


#7

I’m not sure any bank offers current accounts with debit cards to under 11 year olds, so not sure if Starling would either.

I would assume there is a reason none offer under 11 year olds current accounts.


#8

Yeah 11 years is about the minimum. It’s understandable.

Gohenry is even younger but it’s a prepay card.

But if it was implemented the right way, the child’s Starling account could ultimately be controlled by the parent’s app. For instance you could freeze the card, block certain types of usage/transaction, set a maximum daily ATM withdrawal amount (£10?), receive notifications of transactions etc.


#9

@daedal can you let me know which banks offer online current account opening, I’m struggling to find any for my 12 year old. They all require going into a branch which is tricky to co-ordinate for me due to my work and her school. Waiting for the next school holidays…hardly 21st century.


#10

All banks require documents or proof, however some like RBS will confirm the details online where they can, so for an under 16 year a parent or guardian applies, if they can confirm the details from them, there is no need for a branch visit. Some banks will open an account online, but with restricted access until you go into a branch.

There is a few others apart from RBS, but that is the only one that immediately jumps out, I’m not at home so can’t check further at moment.


#11

hardly 21st century.

This sums up why the likes of Starling are doing so well.

Even when you do use some technology with traditional banks, it’s slow, clunky and sometimes still requires a branch visit or other rubbish.

Do banks need your kid there? Can you not just go in without her and set it up?

(I don’t have kids and I opened a bank account as a kid with my mum in 1996. So know nothing about how it works.)


#12

@Lewys yep need to bring my kiddo along and not just her docs. The tip from @daedal about RBS looks true for 11-18 yr olds, they hadn’t been in my list due to massive public IT failures and generally unattractive product but it will do as a stop gap until Starling or Monzo create a kids account.


#13

Theres very little decent options for children on current accounts, just the older type facilities/accounts, haven’t really moved on much in 40 years from getting a free piggy bank.

I will get my eldest to open a Starling account when she’s 18 next week ready for when she goes to Uni in September.

But it is a shame under18’s can’t.