In the UK you need to be over 18 to open an adult account; however, many banks offer “mini” accounts for 16-17 year olds. You do not need parental approval to open these and can do so fully independently. I did mine with Santander at 16. Then, when I turned 18 it transitioned automatically into a basic account rather than a mini. Honestly, there were no difference between the account usage! Just how they categorise them I guess.
At the age of 16, your best bet is to open one of these accounts. Student accounts only really apply to university students and will not be what your looking for at 16. You’ll be after just a basic/ mini account for your wages to be paid into, not student financing or loans which is what student accounts are designed for. You wouldn’t be accepted for one of these right now anyway.
Unfortunately, for a while now and also due to the current climate, a very small amount of mini/ basic accounts offer interest. When they do, it’s pretty bad! The only time I have obtained interest with an account was when I banked with Nationwide and I had their premium account that cost me around £10 a month. (You have to be over 18 for these kind of accounts). These kind of accounts offer benefits like phone insurance and interest ect... However, I personally found it not to be worth it.
The only other alternative to paid accounts for interest are certain savings accounts, these are subject to the banks policies but some, do provide a decent-ish interest if you deposit a certain amount each month.
Again these are all down to the banks individual policies, but in my experience I have never obtained interest from a basic account. Unfortunately, it doesn’t pay to be loyal anymore! Especially with High Street Banks which is why I believe the rise of online based banks like Monzo and Sterling are happening.
Very valid point about accessibility to your money. Make sure you confirm this and also obtain a debit card. Double check withdrawal limits ect... This should be pretty easy to find out online when looking at different banks.
Your best bet is to just google “opening bank account at 16 uk” or something along those lines. Just have a read at what different banking society’s have to offer you. All the information you need will be there and when you’ve decided just make an appointment.
Honestly I made my appointment with Santander, we selected my account. Went over my ID and proof of address (I used my NI number letter). Discussed what the account would be used for, I said I was looking for a job so would be wages. It was set up. I received 3 letters, 2 containing online banking details and 1 containing my debit card. I activated my card at a cash point and changed my pin and it was done!
Very straight forward!
I am in no way an expert at this and this information is based on my personal experience. It does sound like the UK differs from where Vanessa is from so I just wanted to go over my experience in a bit more detail, hope this helps