School Leavers Bank Account

melpovey

Hi everyone!!! Can anybody give me some advice?!!
My son is 16 in April and will be leaving school in June....He has just received his NI card and can therefore now get a part time job.
Does anybody know which would be the best bank account for him to pay money in and withdraw?

Look forward to hearing from u!!
Mel x:p

Lokolo

HSBC
Lloyds

^^ my personal favourite. Both get a Visa debit card and internet banking.

Make sure he does get a job. Is he just going to be working when leaving or doing more education or an apprenticeship?

melpovey

Thanks for the reply!! He'll be going to further education, but would like a wkend/evening part time job too.:beer:

Lokolo

I should hope so to! Glad he is though. I am looking through placement and my previous partime jobs have helped immensely

withnell

Depends what he wants to do with it - if he's going to want to pay in cheques, then choose a bank with a branch near to you.

They're all pretty similar for service levels - for everyone on here who's had a shocking experience, there's someone else who'll swear by that bank!

mini_lidi

I like natwest for there young people account, can get deals and discounts on certain items
http://www.natwest.com/personal/current-accounts/g1/young-people.ashx

book12

Halifax is also good too.

Kavanne

I had Halifax and natwest accounts when I was a teen, both are OK. Natwest give a Solo debit card and Halifax a visa electron so he can buy things in many shops


Get him an ISA started now he's 16 so he can start building up a tax free savings pot that could be very useful in the future when he's a taxpayer!

norbert

I've just been looking into current accounts for my two 16 year olds who are leaving school in June. Here is a brief summary of the accounts I've found on offer for 16 year olds:

Lloyds TSB - under 19s account
Card: Visa debit
Age: 11-18
Interest: 3.30% AER
Internet banking: Yes if over 16.
Perks: Commission free foreign currency
http://www.lloydstsb.com/current_accounts/under_19s_account.asp

RBS - Revolve/Natwest - Adapt
Card: Solo
Age: 11-18
Interest: 2% AER
Internet banking: Yes if over 16.
Perks: Design your own card, 25% off Young Persons Railcard, Free texts & ringtones on Orange
http://www.rbs.co.uk/personal/current-accounts/g1/young/revolve.ashx
http://www.natwest.com/personal/current-accounts/g1/young-people.ashx

Halifax - Cardcash
Card: Visa Electron
Age: 16 or 17
Interest: 1.51% AER
Internet banking: Yes.
http://www.halifax.co.uk/bankaccounts/cardcash.asp

Abbey - 16-18 Account
Card: Visa Electron
Age: 16-18
Interest: 3% AER interest on balances up to £500, as long as you pay at least £50 into your bank account each month. 5% AER if you pay at least £50 a month and your guardian has a primary Abbey Bank Account. Otherwise 0.10%.
Internet banking: Yes.
http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210609166115&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

Barclays - Young Person's Account
Card: Visa debit
Age: 16-19
Interest: 0.10% AER
Internet banking: Yes.
http://www.personal.barclays.co.uk/BRC1/jsp/brccontrol?task=homefreegroup&value=12859&target=_self&site=pfs

HSBC - MyMoney
No info on website.
http://www.hsbc.co.uk/1/2/personal/current-accounts/under-18s

For me the winners are looking like Lloyds TSB and Natwest/RBS.

It would be nice to see a money saving expert article on bank accounts for 16-18 year olds. It would be particularly useful at this time of year given many kids will be leaving school in June and thinking about earning their own money for the first time.