Savings Account Questions..

BenitoGraffagnino

I was going to apply for a Bank account/Savings account tomorrow at the local bank.. I'm only 15 years of age.. But here is my dilemma..

I do some work online and get paid via Paypal. I was hoping I could attach the savings account to my Paypal and withdraw the money straight to my bank account/savings card whatever you want to call it.

So basically I am asking is it possible with a Savings account to attach it to paypal and take the money?

Helix

You should be fine having money paid into a savings account direct from PayPal. You won't be able to make payments from your savings account using PayPal only from your PayPal balance.

You are not meant to have a PayPal account under the age of 18 though its against the terms and conditions.

BenitoGraffagnino

Sure,

But everyone does under that age.


So I guess I can transfer money to my account with paypal?

Thank you, By the way how many days does it take to clear?

Broke_Student

Hi. A good option for you is opening both a current account and e-savings account with either Natwest or Halifax. Both are pre-16 friendly and offer an efficient service. You should also recieve a Debit card with Solo payment options (I assume this feature will be valuble for you as you are dealing with online services).

You can link paypal to your current account so deposits are made into it and payments are taken from it. Any extra balance can be transfered to your savings account to earn interest.

It is your responsibility to check paypals T&C's regarding the minimum age but I can confirm that I was using paypal pre-16 with no checks being made. Not sure what the situation is at present.