account advice required

surfergirl_3

Hi folks

Son has under 19's (he is 17) current account with Lloyds Tsb from which he pays a D/D each month into a Nationwide Isa.
He knows he is spending too much, ::) so would like an account that sits between the current a/c and the Isa.Into which he can move some of his money and hopefully remove the temptation to spend it so easily but have it available for things like birthdays, xmas etc.
Question is which pays a good rate of interest but is easy and quick to transfer in and out of.
He has access to the internet from home but has not used any online facilities.Would this be easy for him to use and how long do transfers take between accounts?
Are transfers quicker if he set up on online savings account with the bank he is already with? ???

Phew, thanks for reading and for any advice posted.

Cheers

Surfergirl

Robert_Sterling_3

Transferring money from one account to another is not spending.
If he is spending too much he needs to spend less or earn more or both.

surfergirl_3

Pale rider while i agree with your comments.

What he is trying to do is remove the temptation to spend because he knows the money is there.If he had to go to the trouble of transfering it back to his current account before it was available the immediate availablility is removed.

The important thing is that he recognises that he is spending too much. and requires some help.

Unbelievable_2

surfergirl

Your son could consider an Egg account - it's all on-line, really easy to use and has a great interest rate for the first 6 months and an okay one after that. If he registers for on-line banking with Lloyds he can do all his transferring using the net by BACS, which normally takes three working days ie. money leaves on Monday, arrives Wednesday.

If he has a debit card on his Lloyds account he can use that to deposit money into the Egg account and earn interest faster.

If he sets up a savings account with Lloyds the transfers will be quicker, maybe too quick (same day/next day) but the interest rate will be pants.

Another advantage of opening an Egg (or other savings account) is that he starts to build a financial history with more than one organisation. May be useful to him in the future

surfergirl_3

Unbelievable,
Thanks for all the info
Hadn't thought about building an account history with more than one bank, a very good point

Will look into the egg account especially.

Cheers

surfergirl