What account do you get for an 18 year old?

AngelaN

My Son is still in 6th form. He was 18 in October and Nationwide have just sent him the letter telling him that he is no longer eligible for his Smart accounts.

We've looked at the site for some of his long term savings and found a reasonable ISA to put a large (well for him) lump sum in - but he also had a card from a Smart account so that he could get cash out easily. He currently gets money sporadically from Motorsport timekeeping which pays by cheque.

When he goes to Uni, we'll be sorting out a student account, but at the moment, he doesn't need an overdraft, but would like a savings account which give a card for withdrawals. A lot of the online ones require a current account to transfer money to and from.

It seems a gap in the market - or have I missed something obvious.


Angela

Lokolo

Yes. Why would a bank want to have savings accounts whereby the users can constantly take money out? Defeats the whole point of a savings account!

There are a couple available, I think Yorkshire BS do one. I don't know of any others.

Inactive

If your son is 18, isn't it time that he started to sort things for himself?:)

book12

I would recommend your son to have a 'teenagers account' along with a savings account. One for spending, one for saving. When going to uni, that 'teenagers account' can be upgraded easily.

CLAPTON

I would suggest he opens a Nationwide flexaccount (obviously without a OD) while he's still a customer... once he's a student he may want to travel etc and their foreign exchange charge is zero (in europe) and low 1% elsewhere.. a lot better than most banks

they have a reasonable eISA that pays 2.75% no great but reasonable which can be operated online so he can transfer money to his flexaccount and withdrw using his card.

once he becomes a stsudent he can still get a 'proper' student account elsewhere