Best Savings Account for Teen

elliott789

Hello,
Does anyone have any advise for my 14 y/o as he's been saving quite a bit latetly!! :j
The primary use would be to save and so the best rate is what I'm really looking for.
However any of these are welcomed:

Online banking (is this possible for teenagers - transferring between diff. accounts?)
Welcome gift/cashback
Debit card that can be used online or in store.
Card to withdraw

Thanks in advance! :T

trigga

I think Abbey National is the best. Or if he gets a account barclays he can have a debit card and savings which are seperate. All mangable online of course.

elliott789

Thanks Trigga,
Do you know what the rates are?
And when you say managable online, do you mean he can check is balance online or he can withdraw and deposit to different accounts etc?

rb10

It depends on how good your son is with money, but for many kids it's simplest to start them off with just one bank, with a childrens current account and a good rate savings account at the same place - that way they have just one online login, and can see both accounts at the same place, and transfer money instantly between them.

A good place to start is Halifax, with an Expresscash (child's current account), which gives a debit card (so can use in shops/online/at ATMs [although you can set a low ATM withdrawal limit if you'd prefer that he can't get £300 cash per day!])with full online banking facilities. So he can transfer money to your account online if he owes you money, and get wages from a part time job/EMA when he goes to college paid straight into this account.

For a savings account, the Web Saver Extra has a rate of 2.8% - so not quite market leading, but right up there amongst the top accounts. This gives one penalty-free withdrawal a year - so a real incentive to him not to withdraw money unless he needs to - but allows an unlimited number of deposits.

elliott789

rb10 wrote: »

It depends on how good your son is with money, but for many kids it's simplest to start them off with just one bank, with a childrens current account and a good rate savings account at the same place - that way they have just one online login, and can see both accounts at the same place, and transfer money instantly between them.

A good place to start is Halifax, with an Expresscash (child's current account), which gives a debit card (so can use in shops/online/at ATMs [although you can set a low ATM withdrawal limit if you'd prefer that he can't get £300 cash per day!])with full online banking facilities. So he can transfer money to your account online if he owes you money, and get wages from a part time job/EMA when he goes to college paid straight into this account.

For a savings account, the Web Saver Extra has a rate of 2.8% - so not quite market leading, but right up there amongst the top accounts. This gives one penalty-free withdrawal a year - so a real incentive to him not to withdraw money unless he needs to - but allows an unlimited number of deposits.

This sounds great, I'll look into it!

scott_lithgows

trigga wrote: »

I think Abbey National is the best.

It,s Xmas not April fools day.

elliott789

Thanks rb10, I've signed up to both of the accounts via the website.
When I come back from family visits, I'll send off my sons identification details to the bank .

Have a good Christmas!