Bank Account for 15 yrd old?

themaverick1953

Is there a bank Account I could set up for my niece that would give her a cashpoint card but not allow her to go into the red?

rb10

http://www.halifax.co.uk/bankaccounts/expresscash.asp

This one actually gives her a debit card, so can be used both at ATMs and in shops. But as it's a child's account, she won't be able to go overdrawn on it.

Most other banks do similar accounts, but Halifax will allow her to use online banking (not all do), and have, in general, better savings accounts than many of the other high street banks.

Other alternatives are:
http://www.hsbc.co.uk/1/2/personal/current-accounts/under-18s
http://www.lloydstsb.com/current_accounts/under_19s_account.asp (but no access to internet or telephone banking)

themaverick1953

Thanks for a prompt reply - will take a look.

willo65

www.Natwest.com/adapt

Comes with Debit Card, extra benefits including 2 for 1 cinema (see link)- 1.5% interest on account without need for a seperate savings account and when she reaches 16 online banking facility.

themaverick1953

Sounds like the one - thanks all.

book12

Go for the LTSB one, as it has a higher interest rate.

loracan1

book12 wrote: »

Go for the LTSB one, as it has a higher interest rate.

Interest rate is 2.5%AER at the moment, just opened one for my 13year old. Has a debit/cash card and free text alerts, can bank online when you reach 16, but you do need id such as birth certificate to open the account.

themaverick1953

book12 wrote: »

Go for the LTSB one, as it has a higher interest rate.

Anyone know if this LloydsTSB account prohibits the possibility of going overdrawn?

jambosans

themaverick1953 wrote: »

Anyone know if this LloydsTSB account prohibits the possibility of going overdrawn?

Yes (in terms of the card issued, which always seek authorisation). It is possible to go overdrawn (if rare), but someone under the age of 18 cannot be held to contract on a debt (or any charges incurred). So it's nothing to worry about.

Lokolo

themaverick1953 wrote: »

Anyone know if this LloydsTSB account prohibits the possibility of going overdrawn?

Only basic accounts stop you from going overdrawn however, as she is under 18 she cannot be charged if she ends up going overdrawn.

If you set up internet banking, get her to check before she goes out. Once it becomes habit, it sticks and she'll never get charged, even when she turns 18.

themaverick1953

Lokolo wrote: »

Only basic accounts stop you from going overdrawn however, as she is under 18 she cannot be charged if she ends up going overdrawn.

If you set up internet banking, get her to check before she goes out. Once it becomes habit, it sticks and she'll never get charged, even when she turns 18.

Thats a shame - I'd rather there was just no possibility of going overdrawn.