1st Bank Acc for 12yr old. Do Government/Banks give money/incentive to start off ?

lancslass2008

Hi all

Sorry that this post is so vague but I seem to remember Gordon Brown mentioning something in the last few years about a gift/incentive etc for 'Young' people who open Bank accounts for the first time. I'm not an avid follower of Politics but I had the amount of £50 or £200 in my mind, and think it may of been a gift to people under 16??????


My 12 year old son has now amassed a few hundred pounds from Birthday/Christmas money, selling some old toys on Ebay etc, and I think it's time he started learning the basics of proper saving etc. Therefore, my questions are:


Are there any incentives for a 12 year old boy opening his 1st account?

Whatever the answer to above, does anybody have any advice on the best basic, easy access accounts for a 12 year old?

I'm not asking anybody to do the job for me. Just a prod in the right direction.

Thanks all.

Lokolo

No there isn't any monetary incentives.

Accounts

http://www.lloydstsb.com/current_accounts/under_19s_account.asp

http://www.hsbc.co.uk/1/2/personal/current-accounts/under-18s

There are more but these are the 2 I've had. Lloyds has a decent interest rate but I prefer HSBC (nicer branches and better internet banking).

74jax

My daughter has the Halifax one and it's very good too. Plus very good internet banking.

premierfella

Not a bank account, but I'll throw the Co-operative Bank's Bonus Account into the mix (£10 annual bonuses if the average balance is £50 or above for 13-18 year olds, cash card access, ethical). The only major issue is cash deposits if you don't have a local branch (although cheques can be deposited at post offices).

lancslass2008

Thanks guys n gals. I'm scratching my head now wondering where I've got that from. Maybe I'm having naughty dreams about Gordon Brown ? YUK