Best Bank Account for 16 year old

JPizzle

You need to be 18 for one. You need to be 18 for all types of credit

username

bscousegit wrote: »

Thanks for your replies. Lloyds and Barclays appear the front runners. In discussing the accounts with my son, he says he wants an overdraft. Are there young persons accounts that allow overdrafts?

^^ As above for the age thing. But you have to ask - why does he want or need an overdraft at that age?

Rikki

username wrote: »

^^ As above for the age thing. But you have to ask - why does he want or need an overdraft at that age?

That's what I was wondering too.

Titch89

I agree with Lloyds TSB. I had that account for 2 years and had no problems with it. Why would a 16 year old need an overdraft?

JPizzle

I wouldn't want an overdraft at my age. I wouldn't want all the interest rates and all that stuff of being in debt. Even though I'm about to start a new, decently paying job soon, I still wouldn't want one.

bscousegit

Thanks for the replies. I was hoping that he wouldn't be able to get an overdraft at 16!
Have seen an Abbey 'Youth A/C' that pays 8 % and has the Visa card. Also looked at the Natwest's 'Adapt A/C' - the interest is lower at 3.15% but the benefits of 2 for 1 cinema tickets and pay £18 for a railcard giving you a 1/3 off train tickets seem good value.
Anyone had experience of these accounts?

JPizzle

I had the NatWest one, but the nearest cinema in that offer was about 90 miles away, so it was a bit useless. That has a Solo and the Abbey give you an Electron. From reading most posts on here, Abbey isn't very popular to say the least.

Do you use the train much though? Because trains are already quite cheap so you need to use the railcard often for it to make a difference.

For a higher interest rate than 8%, Alliance and Leicester give 10% for the first year (up to £1000)

Mrs7ones

Hi,
just to follow up on this - my 16yo som has just got his first weekend job and needs a bank account.
I was just planning on taking into Halifax co that's who I'm with, but am now considering Lloyds TSB.
Just one question - it says on the website that you may be charged to take cash from non-TSB cash machines... has anyone had any experiance of this??

JPizzle

Mrs7ones wrote: »

Hi,
it says on the website that you may be charged to take cash from non-TSB cash machines... has anyone had any experiance of this??

This applies to all debit/ATM cards. Have you not seen the cash machines in places like bars and corner shops that charge around £1.50 per withdrawal? These fees apply for all types of cards.

Molescroft

My son got a Nationwide Flexaccount at 16. He got this with a cheque book (limited use without a guarantee card) and an ATM card. At the time it was to manage his allowance from us, but this summer he was all set up for his summer job income. He monitors his account on-line and has an e-saver set up which he can transfer funds between the two accounts getting better interest when he wants to set cash aside for something he needs to save for. Because this is an adult account, he will not need to change again once he exceeds the age boundries. He would have liked a debit card but has not really found it to be a problem. He was told that when he has a track record of managing his account well he will be able to apply for a debit card.