Best bank to open an account with for a 16 year old

I have just got a job and so I am looking for a bank to open an account with. I am 16. I have heard that quite a few banks do pretty good student accounts.

Reply 1

yosrush

cheeseandbiscuits

I have just got a job and so I am looking for a bank to open an account with. I am 16. I have heard that quite a few banks do pretty good student accounts.

You can't get a student account yet - you have to be in uni/college, and be 18 to have access to overdrafts (the main difference that a student account has to othters), What you can get though is a current account and a solo/debit card. ATM, I'm with natwest - interest isn't great but online banking makes things easy when shifting money and no hidden fees, as long as you stay in the positve.

Reply 2

ArchedEdge

I got a Nationwide FlexAccount

Pretty good, and has e-savings which offers a decent interest rate.

But I think Alliance and Leicester offer an even better interest rate (10%), but you have to put in 250 a month, and I think you can only put in a max of 1000 overall.

Reply 3

username183935

lloyds do good online banking, savings account. And you get a Visa debit card which is particulary good if you go abroad.

Reply 4

whizzbee

I'm with Lloyds - Pretty good service from a larger bank; VISA Debit card when you're 16 is fantastic - much more widely accepted than Solo/Electron, and easy-to-use Internet Banking + Text Alerts.

You don't get a lot of interest on this (their Under 19s) account, but you have access to an Online Saver or Cash ISA, both of which give about 6% to start with, and there's no minimum balance (maybe £10 for the Cash ISA).

You can apply online.

Reply 5

SmilerNuts

All the banks offer near identical facilities for 16 year olds anyway so it doesn't really matter.

Reply 6

cheeseandbiscuits

What about Natwest because that it is who I was thinking of going with?

Reply 7

rainbow drops

i'm 17 and with natwest, and i haven't had any problems so far. if you stay with natwest up until you're at university (which i'm planning to do) then you'll get that railcard that gives you 1/3 off all train journeys.

Reply 8

noodles!

I had a Nationwide account then, it was pretty decent.

I'm with Natwest for my student account now though, and I've been told their other young people's accounts are pretty good.

Reply 9

cheeseandbiscuits

I went with halifax in the end just for the reason they offered me a Visa Debit card lol

I'm with abbey, you can do the online handling thing, have a visa/debit card as well as cash card and a cheque book.

Reply 12

SmilerNuts

^^ Abbey only offer a Visa Electron to 16 year olds.

Reply 13

onthetsr

nationwide smard account is a good account!

Reply 14

Jonny165

I have had several bank accounts but now I have decided to stick with Barclays and NatWest. Natwest's specific teen account is NatWest Adapt. .... Don't get it as this account is ********!!!! It wouldnt accept payments such as BACS so bad for EMA and job payments. Instead open a Current Plus account with them as this account lets ou have a chequebook and Visa Debit

I also have Barclays Young persons account: Visa Debit and Chequebook