Best current and savings accounts for under 18s? Watch

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m8nmina0h4
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#21
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#21
Oh no I meant the Alliance & Leicester current account in comparison to the FlexAccount? Or is that what you were talking about?

So overall in terms of interest rates (and anything else important) is the Nationwide FlexAccount and e-saving better?

Also, I don't understand why everyone wouldn't just use an e-saving account rather than a current account if you can put money in, get paid 5% interest (or whatever it is) and withdraw whenever you want?

Finally.. I really do need a debit card for buying stuff online!
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ArchedEdge
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(Original post by KnightRider)
Oh no I meant the Alliance & Leicester current account in comparison to the FlexAccount? Or is that what you were talking about?

So overall in terms of interest rates (and anything else important) is the Nationwide FlexAccount and e-saving better?

Also, I don't understand why everyone wouldn't just use an e-saving account rather than a current account if you can put money in, get paid 5% interest (or whatever it is) and withdraw whenever you want?

Finally.. I really do need a debit card for buying stuff online!

Oh right, well, the FlexAccount has more features, like you can use it abroad for free and stuff, but the A&L account offers better interest. So you need to weigh up the pros and cons of each and just come to your own conclusion, based on what you're looking for.

And you need a current account before e-savings. E-savings is like an add on to it.

And debit cards for under 18s is, I think, not possible! May be very wrong here though.... :confused:
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gyrase
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#23
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(Original post by ArchedEdge)
And debit cards for under 18s is, I think, not possible! May be very wrong here though.... :confused:
Absolutely correct. No banks will issue a debit or credit card to under 18s.
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m8nmina0h4
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#24
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#24
Okay I did a quick Google search and it seems Lloyds TSB offers debit cards for under 19s: http://www.lloydstsb.com/current_acc...9s_account.asp , and as that is essential I guess I should go with them for a current account..

Would it be okay to use them for a current account, but then transfer any money to another savings account (with highest interest rate, possibly Nationwide?)

Also any chance you could tell me bad/good points about the account..

Thanks so much!
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flipshot
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(Original post by gyrase)
Absolutely correct. No banks will issue a debit or credit card to under 18s.
No thats wrong. Many banks offer debit cards to under 18s. Barclays, HSBC, Lloyds TSB, Halifax all do. It might be a Visa Electron or Solo which arn't accepted in as many places as Visa and Maestro but many places do still accept them. Lloyds and I think barclays even give proper Visa Debit cards to under 18s.

I think Natwest still offer debit cards to under 18s but I'm not sure they don't mention what card you get on the site anymore. I know Nationwide is over 18s only though.
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ArchedEdge
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#26
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Oo not a bad account actually

It ddoesn't seem to have any bad points, the interest rates aren't bad either.

And I think it is possible for you to transfer money to another savings account...do some banks charge you for this though, transferring to another bank? :confused:

EDIT: Lloyds TSB have an internet saver thing as well at 5% so you're fine with them.
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m8nmina0h4
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#27
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(Original post by ArchedEdge)
Oo not a bad account actually

It ddoesn't seem to have any bad points, the interest rates aren't bad either.

And I think it is possible for you to transfer money to another savings account...do some banks charge you for this though, transferring to another bank? :confused:

EDIT: Lloyds TSB have an internet saver thing as well at 5% so you're fine with them.
Perfect. Need to go into a branch then to sign up Do you think they'd give me account details and stuff straight away or would it take a few days?
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flipshot
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(Original post by KnightRider)
Okay I did a quick Google search and it seems Lloyds TSB offers debit cards for under 19s: http://www.lloydstsb.com/current_acc...9s_account.asp , and as that is essential I guess I should go with them for a current account..

Would it be okay to use them for a current account, but then transfer any money to another savings account (with highest interest rate, possibly Nationwide?)

Also any chance you could tell me bad/good points about the account..

Thanks so much!
That seems like quite a good account, no too bad an interest rate for a current account. One downside there might be is that I have heard people say that with this account you can only withdraw from Lloyds TSB cashpoints so you should check to see if this is the case.

You can use a savings account with another bank but you couldn't use the Nationwide ones unless you also opened a FlexAccount with them as this is a requirement. Other banks may also have these sorts of requirements on certain savings accounts (so you would also have to open another current account with them)
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flipshot
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#29
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(Original post by KnightRider)
Perfect. Need to go into a branch then to sign up Do you think they'd give me account details and stuff straight away or would it take a few days?
They will probably give you the Account Number and Sort Code straight away but obviously you will have to wait for the Debit Card and PIN.
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roots
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#30
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ive had no problems with a hsbc student account
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anyarian
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#31
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get an isa, that way you won't be taxed. Barclay's tax haven isa gives pretty good interest.
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ArchedEdge
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#32
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You might wanna read this first...

http://www.lloydstsb.com/rates_and_c...rnet_saver.asp

The interest rates are tiered, but I mean, it won't make much difference.
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gyrase
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#33
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(Original post by anyarian)
get an isa, that way you won't be taxed. Barclay's tax haven isa gives pretty good interest.
No need. You just need to fill a tax exemption form with a current account for tax free interest. Nothing beats online savings; Barclay's tax heaven ISA gives 6-6.5% p.a, Nationwide's e-savings gives 7% p.a.
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flipshot
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#34
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(Original post by gyrase)
No need. You just need to fill a tax exemption form with a current account for tax free interest. Nothing beats online savings; Barclay's tax heaven ISA gives 6-6.5% p.a, Nationwide's e-savings gives 7% p.a.
Nationwide e-Savings only give 5.05%. The Nationwide e-Bond gives 7.00% but you have to keep your money it it for a whole year and not withdraw it.
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BurningSnowman
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#35
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As noted, e-Savings is not 7%. Nationwide are good as a general bank, but Kaupthing Edge give more or less the best no-strings instant access savings account - currently 6.5% AER, paid monthly, minimum £100. Icelandic bank with a UK company (covered by UK protections).

Only semi-string is you link it to one bank (i.e. current) account and send money to/from only that account, with the 3-4 day delay you get with all bank transfers.

Nationwide's e-Savings is similar in that you can only go to/from a FlexAccount, but it is immediate because it's all under their roof.
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gyrase
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#36
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(Original post by flipshot)
Nationwide e-Savings only give 5.05%. The Nationwide e-Bond gives 7.00% but you have to keep your money it it for a whole year and not withdraw it.
Ah yeah fair enough.

Whenever it comes to high interest rates and savings, I always think of long term and to commit my money for a good couple of years as that way you get a good lump sum in the end, interest on interest and all that.
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StudiedOut
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#37
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There are some good offers like this one for regular e-savings accounts managed online
http://www.personal.barclays.co.uk/BR....te=pfs, but make sure to read the terms to make sure you get the most out of any account you choose
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suek
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#38
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(Original post by Mr lol)
I sort of know about the credit rating part. I think it's something along the lines of you open an account with a linked credit card but dont use the credit card at all- or just dont spend anything into your overdraft. This would make it look to all the banks that you behave and will/could pay back loans and stuff so they are more likely to give you a loan.
But the op wouldn't be able to get a credit card at all until they turn 18.
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BurningSnowman
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(Original post by StudiedOut)
There are some good offers like this one for regular e-savings accounts managed online
http://www.personal.barclays.co.uk/BR....te=pfs, but make sure to read the terms to make sure you get the most out of any account you choose
That's not an amazing rate even with the temporary bonus, and it's over 18s.
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Mr lol
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#40
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(Original post by suek)
But the op wouldn't be able to get a credit card at all until they turn 18.
Oh I didn't realise
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