Teenagers bank accounts?

MATH

My 13 year old (soon to be 14, going on 25, LOL) son has been taking a lot of interest in our financial processes recently and has started to help me find good car insurance, house insurance, he understands credit cards etc. Hopefully we're educating him the "moneysaving" way. He now wants to open his own bank account and we think it would be good for him to get used to using a card and budgeting. His intention is to put spare money (he already has a savings account) and use the card to pay for purchases or to get his cash. I know there are accounts like this out there but I can't find any advice on this site, I found childrens savings and students accounts but my son is somewhere inbetween.
Can anyone point me in the right direction or give me any advice please?
Thanks

BruceyBonus

Lol - he sounds like I was at that age!

I had an HSBC account since I was 13. You get a Visa Debit card (previously Solo) plus internet banking. The account doesn't really have any freebies but I've been more than happy with them and service has been pretty good. You also can't go overdrawn on this account (according to their website).

Tamesider

16 year old daughter has a Lloyds TSB Under-19's account. Interest, online banking. "Hole in the wall" card to withdraw cash. We have been more than happy with the service

JoKay_2

We opened a Halifax Easycash account online on my DDs 11th birthday - online banking and Visa Electron card with it - no problems at all!

rb10

JoKay wrote: »

We opened a Halifax Easycash account online on my DDs 11th birthday - online banking and Visa Electron card with it - no problems at all!

The Easycash is now only for age 16+.

It's the Expresscash that the OP's son would want. It has very good online banking, and a high rate too of 1.5% (which could well be higher than his savings account).

withnell

Open one at a bank that does online faster payments - then he can grab a savings account wherever he wants with the highest rate, and can move money quickly (if the savings accepts FP)

MATH

Thank you all for your suggestions. My son has created himself a spreadsheet and is currently surfing the net looking for young people's accounts to find out the name of the account, rate of interest, freebies, opening balance, nearest branch, how to pay in (in branch or on line). That should keep him quiet for the afternoon, LoL. We can look at his results and he can decide which accounts he wants to open

whitewing

My DS has an HSBC account and Lloyds. HSBC has internet access, so I much prefer that.

At the moment DS is only 12. He has a regular amount per month but that goes on his mobile. When he's 13 and can legally work, he'll use the HSBC account so that we can check online regularly and he can learn to budget under supervision.

In my mind the crucial thing is learning to budget. Saving a set amount is a step in the right direction but managing money of a daily basis and thinking about it is the most important thing (and what I never did until I joined this site).

Kavanne

When I was a teen I had a Natwest Card plus and Halifax express cash. both gave me a debit card (solo and visa electron respectively) and let me manage my finances. HOWEVER I don't believe the natwest account will let him use internet banking until he is 16, I'm not sure about halifax though.

willo65

He can get offers on cinema etc with Natwest Adapt account http://www.natwest.com/microsites/personal/adapt/default.htm but as kavanne said no internet banking until he's 16