We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Best bank account for 15 year old ?

Options
24

Comments

  • BlightyAndy
    BlightyAndy Posts: 264 Forumite
    3.3% is paid every quater (3 months) on any amount.
    HSBC pay that 6%... Well, i don't know.
    Hi, I've already asked and been granted for permission via PM for a Help for Heroes link. Pfft.

    As my previous signature said, I support Help for Heroes
  • gt94sss2
    gt94sss2 Posts: 6,089 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    AndyGrayUK wrote: »
    3.3% is paid every quater (3 months) on any amount.
    HSBC pay that 6%... Well, i don't know.

    Lloyds may pay interest quarterly but the annual rate of interest is 3.3% AER (not quarterly)

    HSBC is 5.75% AER (paid monthly) and the Nationwide cashcard account is 6.04% AER (not sure how often interest is paid)

    The account which pays the highest AER will pay you the most interest over the year - regardless of how often they pay interest through the year (annually/quarterly/monthly etc)

    Also don't forget to ask your bank for an R85 form if you dont currently get interest paid gross as its very unlikely you earn enough to pay tax!

    Regards
    Sunil
  • Kilty_2
    Kilty_2 Posts: 5,818 Forumite
    The best thing about LTSB is that they'll issue a Visa Debit card for the account when you are 16 - if you can stick with Natwest until then it'd be a good replacement for that account.

    Halifax offer the Expresscash account which gives you internet banking and a Visa Electron card - available from age 11+. Poor interest rate at 1.5% but you already have savings covered so it doesn't really matter.
  • bradc
    bradc Posts: 184 Forumite
    I have decided to move to HSBC from NatWest.

    I have completed application form and R85 form, I will take to my local branch tomorow.

    I have a a question, on HSBC website it says 'My Savings' account linked with 'MyMoney' account and funds can be easily transferred. Does this mean I will have 2 separate accounts, and will 5.75% interest be earnt on full balance? I already have a Halifax Save4it savers account @ 6.05%.

    Many Thanks
    Brad
  • gt94sss2
    gt94sss2 Posts: 6,089 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    bradc wrote: »
    I have a a question, on HSBC website it says 'My Savings' account linked with 'MyMoney' account and funds can be easily transferred. Does this mean I will have 2 separate accounts, and will 5.75% interest be earnt on full balance?

    Check with HSBC but I think the 5.75% is paid only on the 'My Savings' element with a lower rate on the 'MyMoney' bit - however, you can transfer money between the two instantly online, at a counter or a HSBC cash machine..

    Regards
    Sunil
  • Rikki
    Rikki Posts: 21,625 Forumite
    gt94sss2 wrote: »
    However, I'm surprised you would get a cheque book at 14 from Natwest..

    Regards
    Sunil

    It must be a Natwest trend, my son had a cheque book at 14 too.


    He used to write me cheques out just to see if they would honour them. :rolleyes:

    :think: Now he's eighteen and owes me money, I don't seem to see many cheques. :rotfl:




    Have you looked at bank accounts that can also use the Post Office to pay money in and out?:confused:
    £2 Coins Savings Club 2012 is £4 :).............................NCFC member No: 00005.........

    ......................................................................TCNC member No: 00008
    NPFM 21
  • bradc
    bradc Posts: 184 Forumite
    Sunil

    I have just called HSBC and they said that 5.75% is paid on the savings account and only 0.10% on bank account.

    So I can transfer instantly online ? If so then the low interest rate wouldn't be a problem as could just transfer as and when I am going to buy anything with card.

    Thanks for all your advice, appreciated.
    Brad
  • gt94sss2
    gt94sss2 Posts: 6,089 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    bradc wrote: »
    So I can transfer instantly online ? If so then the low interest rate wouldn't be a problem as could just transfer as and when I am going to buy anything with card.

    Yes, transfers between HSBC (and First Direct) accounts occur immediately.

    Regards
    Sunil
  • BlightyAndy
    BlightyAndy Posts: 264 Forumite
    Do HSBC have call centres in Asia? If so, this would hugely put me off...
    Hi, I've already asked and been granted for permission via PM for a Help for Heroes link. Pfft.

    As my previous signature said, I support Help for Heroes
  • gt94sss2
    gt94sss2 Posts: 6,089 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    AndyGrayUK wrote: »
    Do HSBC have call centres in Asia? If so, this would hugely put me off...

    HSBC have over 300,000 staff in 83 countries so have call centres all over the place, including the UK, Malta, India, Philippines and the USA.

    I tend to do everything online though - there website lets you do everything you would normally need to do.

    Regards
    Sunil
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture