Author Topic: UK Bank account for 16 yr old  (Read 2580 times)

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Offline bewva

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UK Bank account for 16 yr old
« on: May 30, 2011, 22:59:41 PM »
I am trying to find a good bank account for my 16 yr old son, he will be paying a salary in monthly. He needs a debit card. Ideally he wants interest on the balance as well.
Any suggestions welcomed.
Thanks



Offline Gorgeous_bird

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UK Bank account for 16 yr old
« Reply #1 on: May 31, 2011, 06:49:58 AM »
The debit card will be your stumbling block at 16 (not much choice)- HSBC offer a card with the account

http://www.hsbc.co.uk/1/2/personal/current-accounts/under-18s

Offline LoubyLou

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UK Bank account for 16 yr old
« Reply #2 on: May 31, 2011, 15:28:57 PM »
My son banks with Barclays - he opened it at 16 to pay his wages in. They also issue them a debit card, but do not give them any overdraft, so the card will be declined if they try to use it with no money in the account. However - he gets no inetrest on the money in there - but it doesn't stay in there long anyway!! If he wants interest I would then transfer the spare money into a savings acc****.

Offline Elsa Padfield

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UK Bank account for 16 yr old
« Reply #3 on: May 31, 2011, 16:59:49 PM »
What about NatWest.  Both my girls have had accounts with them since forever.  They have debit cards and also an esavings account which does give a little interest.  Also, if your son's thinking of going to college uni if the future, the give a free railcard (or they did).  It may be worth looking at www.moneysavingexpert.com for information.

Offline bewva

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UK Bank account for 16 yr old
« Reply #4 on: May 31, 2011, 22:49:52 PM »
Thanks for the replies I will look into those recommended.

Offline tony jenkins

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UK Bank account for 16 yr old
« Reply #5 on: June 01, 2011, 08:45:33 AM »
I would open current in one bank and savings in another bank. Interest rates are not payable on many current accounts and is so low as not to worry about! Having two banks on board may be a help in the future, when your son needs a mortgage or simular. ;)




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