Best card/savings account for a 16 year old....

SouthernSoftie

My son was 16 last September and has had an Abbey savings account since he was a child, of which I am a trustee.

He now really needs his own account where he can get his money out easier than having to get me to go with his payment book everytime.

He is still at school, and will be for a while yet and doesn't work.

Any suggestions other than an Abbey one? They have said he should apply for theirs as when he is 18 it will turn into a full bank account, but I'm not keen on Abbey at the moment.

When he is 18 he will also get access to about £8k so will need a good place to put that too.

martinman3

There is the Freedom account from Yorkshire BS
http://www.ybs.co.uk/savings/childrens/freedom/index.html

Good interest rate of 3.25% AER, currently, comes with a Link card and if under 18 a monthly withdrawal limit can be set. It can be held until age of 21.


The world is now entering a new era of restricted credit and current accounts with overdraft facilities may be more difficult to obtain for 18yr olds in the future. YBS don't do current accounts so it may be wise to keep your son's relationship with Abbey for when he needs one.

rb10

martinman3 wrote: »

The world is now entering a new era of restricted credit and current accounts with overdraft facilities may be more difficult to obtain for 18yr olds in the future. YBS don't do current accounts so it may be wise to keep your son's relationship with Abbey for when he needs one.

To help get a current account in the future, he could get a child's current account now (with restricted facilities) at pretty much any bank (something like this http://www.halifax.co.uk/bankaccounts/cardcash.asp). Then, after a few years, he will have proven to them that he can run his account sensibly (hopefully!), so should be easier to upgrade.