whats the best bank account for 16 yr old

moneysavingfamilycomp

hi my son will be starting college in sept this year and although he has a good childrens savings account that pays high interest he will need a current account so that he can access his EMA payments each week. does anyone know which are the best accounts for this. there will only be aprox £30 each week going into account which he will need to use for travel expenses etc so he wont have much of a balance on account however he wont need an overdraft. iv tried to search accounts but student accounts are 18yr+ and the best deals on current accounts seem to need aprox £1000 a month payed in or DD set up. any help would be appreciated.

TheEffect

Lloyds TSB Under 19's Account - Visa Debit Card/Cheque Book/Linked Savings Account (Don't have to use it)

HSBC MyMoney Account - Visa Debit Card (Replaced the Solo Cards this year) - Cheque Book - Automated Payin and Withdrawal Machines - Friendly Staff - Linked Savings Account (Don't have to use)

Barclays Young Persons Account - Visa Debit Card - Cheque Book

Alliance and Leicester Premier 21 - Visa Debit Card - 10% interest (12 months) - Cheque Book

I'd go with either Lloyds TSB or HSBC if I were you. Barclays customer service is terrible in my opinion, and Alliance and Leicester isn't great as they have limited branches and need to post cheques etc to them (or use post office).

456789

I'd recommend the HSBC one - staff are more helpful than other banks in my experience

Mike1989

All of the above provide good accounts and cards that you can pay for goods in store. However, at college I did not get a visa debit or electron card. Instead, I had the Yorkshire Building Society Freedom account. This account comes with a card, it cannot be used in store, but it can be used at any link machine and you can get money out. It also pays about 3.50% interest on any balance you have in the account.

For me, it depends on whether you want your child to have access to an account they can pay for goods in store or online. Or whether you just want your child to have an account that the money can be paid into, and can be used at cash machines in case of emergency or to get out money for the week at college.

Totally depends, but of any of the accounts if you are not bothered about your child having a visa card. I would advise the Alliance and Leicester Premier 21, I don't have the account myself, but it pays 10% interest on balances and you may as well make some money on your money.

withnell

While A&L don't have branches, you can pay cheques in at the post office. I've found them to be efficient!

TheEffect

I think everyone has varied opinins on Alliance and Leicester. I personally wouldn't touch them with a bargepoll.

ben500

The bank of dad, I've got four that wouldn't dream of using any other.

bitterSTAR

I just wanted to add that I have never had a problem with Barclays customer service, I started with a Young Persons Account in 2002 and have been with them ever since. That have always treated me very well

book12

I would also recommend the following accounts:

• Natwest Adapt (2% AER).
• Halifax/Bank of Scotland Card Cash (1.51% AER)

Lokolo

I have both HSBC and Lloyds accounts so either one of those.

PurpleK8

as there probably won't ever be much money in his account (if hes good at saving he can transfer to his savings account) I would consider the convenience/location of the bank above everything else. My teens both bank with HSBC, firstly for their pocket money and now their wages (bless them, no free rides in this house!) just because its in the village, very convenient, friendly and never had any probs with accounts x