first bank account for a 16 year old

bmewsd

Hi,

My son has asked me to help him find a bank account. Ideally, he'd like something he can put his money into, earn some interest and have use of a debit card so he can make occasional purchases.

My plan is to try and find a suitable account and give him £1000.00 which i've been saving up for him for the past few years.

Any Ideas, advice and recommendations most welcome.

bmews

Lokolo

I wouldn't try and get him to try and get him to save and get as much interest as possible just now.

High street banks have poor interest rates, but I am sure you'd rather go there for savings.

HSBC are very good for internet banking and branch (as long as you are good with your account, end up going overdrawn etc.etc. they're a ****)

Lloyds too, internet banking not as good.

Both the above you get a VISA debit card.

You can open an e-savings with the banks and transfer money across back and fourth.

I think once he has got used to having a savings accounts you can then help him to set up accounts with other banks which have the best rates to then get maximum return.

However when hes ready for best rates

http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

wallbash

You will get others offering advice on interest rates , special introductory goodies etc

My advice pick a Bank which has a branch near you and /or one that banks on line ...... teenagers seem to do EVERYTHING on line

Blackpool_Saver

My son has just got started with natwest adapt and we are very happy with it, have a look on line...... http://www.natwest.com/personal/current-accounts/g1/young-people.ashx?CMP=KNC-Natwest+adapt&HBX_PK=NWTEENPPCBRADPT&HBX_OU=50

and also http://www.natwest.com/microsites/personal/adapt/default.htm