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

Announcements Posted on
Four things that unis think matter more than league tables 08-12-2016
    • Thread Starter
    Offline

    0
    ReputationRep:
    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.
    Offline

    0
    ReputationRep:
    (Original post by 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.
    Offline

    0
    ReputationRep:
    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.
    Offline

    0
    lloyds do good online banking, savings account. And you get a Visa debit card which is particulary good if you go abroad.
    Offline

    0
    ReputationRep:
    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.
    Offline

    1
    ReputationRep:
    All the banks offer near identical facilities for 16 year olds anyway so it doesn't really matter.
    • Thread Starter
    Offline

    0
    ReputationRep:
    What about Natwest because that it is who I was thinking of going with?
    Offline

    2
    ReputationRep:
    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.
    Offline

    2
    ReputationRep:
    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.
    • Thread Starter
    Offline

    0
    ReputationRep:
    I went with halifax in the end just for the reason they offered me a Visa Debit card lol
    Offline

    0
    ReputationRep:
    Offline

    0
    ReputationRep:
    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.
    Offline

    1
    ReputationRep:
    ^^ Abbey only offer a Visa Electron to 16 year olds.
    Offline

    0
    ReputationRep:
    nationwide smard account is a good account!
    Offline

    0
    ReputationRep:
    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
 
 
 
Write a reply… Reply
Submit reply

Register

Thanks for posting! You just need to create an account in order to submit the post
  1. this can't be left blank
    that username has been taken, please choose another Forgotten your password?
  2. this can't be left blank
    this email is already registered. Forgotten your password?
  3. this can't be left blank

    6 characters or longer with both numbers and letters is safer

  4. this can't be left empty
    your full birthday is required
  1. Oops, you need to agree to our Ts&Cs to register
  2. Slide to join now Processing…

Updated: July 20, 2010
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Poll
Do you think you'll achieve your predicted A Level grades?
Useful resources

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Quick reply
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.