Accounts for 16 year old students?

Whits

Hi everyone, I've been reading the forums for a while and I've picked up some really good tips.

Can anyone guide me on what bank account to choose for my 16 year old who is starting college in September?

I've been onto various banks sites to have a look but nothing seems that good to be honest

He's going to be in full time education for several years and is about to apply for that EMA thingy so he should have around £20-£30 per week going in.

He would also like some sort of free gift, discounted or free train travel isn't needed as we only live 10 minutes from the college.

Thanks in advance

techno_geek

I'd reccommend the Lloyds TSB Under 19s account -- it offers 3.30% AER interest, and offer a Visa Electron card for purchases and cash withdrawals. It's the account I would have opened when I was 16, except I went with HSBC...


However, if you'd rather sacrifice the interest rate for a free gift, HSBC's Right-Track Account offers the "standard" 0.1% interest but gives you a free BSM driving lesson and a range of discounts available through a link in their Internet Banking website.

Hope this helps!

Lord_Chris

im 16 and also starting college next year.. Nationwide are best, great service and the highest interest, but i also have a Halifax account because they issue a Visa Electron debit card

if hes going to be buying stuff on the net go with Halifax, otherwise Nationwide Flexaccount is good.

The free gifts that come with student accounts, ie the MP3 player from Natwest was really crap, and i suspect most gifts will be similarly low quality.

Dont let him forget to fill out an R85 form (just ask in branch) so he doesnt get taxed for his savings.

techno_geek

Lord_Chris wrote:

im 16 and also starting college next year.. Nationwide are best, great service and the highest interest, but i also have a Halifax account because they issue a Visa Electron debit card.

Looks like the Lloyds TSB option is the way to go then... you get the high interest rate and the Visa Electron Card :beer:

I can't vouch for the Lloyds TSB customer service, though, as I don't bank with them...

Definitely make sure you fill out the R85 form... I didn't for nearly a year and it turned out that I lost out on about £10 interest!! Once I filled the form out, my bank (HSBC) kindly credited the lost interest back

book12

I read a thread on this forum about Lloyds TSB abolishing VISA electron cards.... Can't find the thread for some reason.....

On the bank website, it says VISA debit card not VISA electron/Electron debit card though.

Zinger549

I have an account with Natwest and there ok. You get a solo card with it

Lord_Chris

Even if it says Visa, it will be a Visa Electron otherwise they wont issue it to a 16 yr old. Only Electron, Solo and Maestro (***i think***) can be issued to under 18's - thats why Nationwide dont issue debit cards to under 18's because they are actual Visa Debit cards.

Helix

I would reccomend natwest card plus they give you a Solo card and have 3.40% AER interest. I used to be with the halifax until they replaced solo with visa electron and I had problems with not as many places acception visa electron as they did solo. I don't know if this has changed now though.

Lord_Chris

thats still true in shops, but most websites, even if they say they only take Visa, not electron will accept the electron cards anyway lol

SmileBeHappy

i would say solo natwest card, i love it. i can buy in most shops withit and the obvious drawing money out. Im 16, and i think its really good.

Laura

Savvy_Sue

the other thing to think about is where is it going to be convenient to pay any cheques in and withdraw cash? NatWest don't let you withdraw cash at the Post Office, whereas most of the other 'big banks' do. If there's a convenient 'no charge to use' cashpoint somewhere else then that may not be a problem, but if getting to ANY bank branch is a problem then do see if you can get postal paying in facilities!