Children’s Bank Account – BarclayPlus

Here’s a list of the most commonly used banking words and what they mean.

Account number
A unique number that only your account has. It’s made up of eight digits and no letters, like 12345678.

Sort code
A six-digit number, with a dash every two numbers, that’s unique to the branch where you opened your account.

PIN
PIN stands for Personal Identification Number. It’s a four-digit number that acts like a password for your card, so you should never share it with anyone. You’ll need to use it when you’re buying something with your card or getting money out of a cash machine.

Balance
The amount of money you have in your account.

Barclays app
Our app that lets you bank on your smartphone or tablet. You can download it from any app store.

Debit card
A bank card that lets you pay in shops, online and take out money from cash machines (if you have the funds in your account).

Cash card
A bank card that you can only use to take money out of cash machines (if you have the funds in your account). You won’t be able to use our app with this card.

Credit interest
An amount of money a bank gives you, just for keeping money in your account.

Security code
If you’re paying online or over the phone, you may be asked for your card’s security code. This is the last three digits printed on the signature strip on the back of your card. It’s sometimes referred to as the CVV or CVC.

Teaching your children good money habits now will help them when they’re grown up.

1. Debit card or cash card? It can be a big step for children to pay for things themselves with a debit card, but only you know if they’re ready for the wider spending choices it gives them. Our debit card will let them shop in store and online, withdraw money from cash machines (if they have the funds in their account) and use the Barclays app to manage their money.
   
   Alternatively, our cash card can only be used to withdraw money from cash machines.
   
   
2. Keeping their details safe. It’s important that children understand why they should never share their PIN or app password with anyone. And if they’re going to be shopping online, show them how to check that websites are secure. Start by checking that the address starts with ‘https’ or has a padlock symbol in the browser address.
   
   
3. Encourage saving. Saving is an important life skill, but the delayed gratification can be difficult for children. Giving them ideas for short-term and longer-term savings goals can help, as well as talking to them about the interest their money earns when it’s in their account. Sharing your own savings goals and the progress you’re making with your children can set a good example for them.
   
   
4. Let them make their own decisions. If you’re giving your children some responsibility and independence over their own money, you should let them choose how they’re going to spend it. The consequences of their choices – for example, not having enough for a bigger purchase – is an important part of learning about money management.
   
   
5. Be regular with pocket money. If you’re going to give your children pocket money, try to be consistent with the amount and timing of it, as this can help them develop budgeting skills.