Bank account for a 16 year old 6th former

thecullens

:money:Hello ,does any one have any advice, My son has just turned 16 and would like his own bank account. Is there any you would rate maybe with any freebies???? Any advice would be helpful thanks in advance . :rotfl:[STRIKE][/STRIKE]

timbim_2

The Lloyds Under 19 account is fine for me, no freebies but it does have a decent enough interest rate, and you get a proper visa debit card rather than an electron, which I don't think some places accept.

MrTomato

The chances of freebies are slim. I don't think any banks give them to teenagers anymore. It's more for student accounts now that you get freebies.

And yeah, Lloyds are best. Followed by HSBC.

dgp1000

Following advice elsewhere on this forum my daughter opened up a Lloyds TSB U19 account and it has everything she needs Debit Card, good interest rate 2.5% (much better than the .75% from the Nationwide Children's Account she had her money in before), internet banking (once she's 16) and there are freebies from the AA driving school (once she's 17).

The only problem was the account needed setting up in the branch and the people in both branches we went into weren't fully aware of the debit card, freebies; etc. and customer service seemed a bit variable. Otherwise everything seems fine.

Just make sure you (or rather he) completes the HMRC R85 form to get the interest free of income tax.

MrTomato

Yeah but freebies from the AA driving school are pointless considering they're well over £5 per hour more than other driving schools.

[Deleted User]

I wouldn't be swayed by freebies. Instead, start a good banking relationship with a bank that will treat you right.

I've had good things from Lloyds, First Direct, and Co-op Bank. Bad things from Halifax and HSBC though.

hethmar

Nationwide BS may be a good one for him.