New Bank Account for 15 year old

Flummaxed

Hi all,

Does anyone have any ideas about the best deals for new bank accounts for under 16s. I have decided I need to open an account for my DD who is 15, was going to just approach my own bank Santander, but wondered whether anyone here knows if there are any banks offering freebies or other incentives if I was to open an account with them instead.

Many thanks for any suggestions,

property.advert

I guess the important thing is a debit card for your daughter. Basic accounts have no credit facilities but they might not allow her to open on until she is 18. From June, Nationwide's basic account and I think their Cashbuilder account will have debit cards http://www.nationwide.co.uk/current_account/card-changes2.htm

As a father but of a much younger daughter, I would be concerned about the cash withdrawal limits. Having a 15 year old who is likely to lose the card at some point and perhaps not remember the PIN (youngsters are not used to remembering numbers as we remembered numbers) but who could withdraw £300 a day from the account might worry me. Yet where do you set the limits ?

I suspect I will do what I do for some of my overseas accounts. I have a non cashcard account and a debit card account at the same bank. I keep the main funds in the account with no cash card access and only transfer online what I wish to have in the account. With the internet everywhere (perhaps too much if on their phone) then they can limit the exposure but also transfer amounts in minutes should they wish to make a large but pre planned purchase.

I do it for security in a foreign country but it would work equally well for a child.

glider3560

HSBC are a pretty good bank for youngsters. I was with them since I was 13/14. You now get a Visa debit card and access to online banking (which is probably the best available).

property.advert wrote: »

As a father but of a much younger daughter, I would be concerned about the cash withdrawal limits. Having a 15 year old who is likely to lose the card at some point and perhaps not remember the PIN (youngsters are not used to remembering numbers as we remembered numbers) but who could withdraw £300 a day from the account might worry me. Yet where do you set the limits ?

At 15, I could remember a lot more than just the PIN number. I seemed to have memorised the account number, sort code and even the card number after I'd had the account for a few months!

cifpower

Best would be LTSB as you can get 2.5% interest

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

property.advert

glider3560 wrote: »

HSBC are a pretty good bank for youngsters. I was with them since I was 13/14. You now get a Visa debit card and access to online banking (which is probably the best available).

At 15, I could remember a lot more than just the PIN number. I seemed to have memorised the account number, sort code and even the card number after I'd had the account for a few months!

Sure and as a teenager I knew by heart around 50 plus telephone numbers but don't now because we all have mobile phones. Many people don't even know their own phone number. Websites remember passwords etc.

Not all kids I know but go into a pub and ask them for two pints and the price and they don't know. How much for one you ask and they don't know. What is the product of 7 and 6 and they do not know. You see that at the supermarket checkouts. All automated and people don't know.

Lokolo

I remember peoples phone numbers, my HSBC internet banking username number, security code, card numbers, expirty date and security number on the back.

Habit of entering it a thousand times.

lotte123

cifpower wrote: »

Best would be LTSB as you can get 2.5% interest

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

I am looking for a bank account for my 13 year old. That Lloyds TSB account definitely seems to have the best interest rate around so will check that out. Seems the days of freebies have long gone - no more piggy money boxes or even black plastic horse head ones!

Flummaxed

Hi all and many thanks for all you kind suggestions. I will look at the Lloyds TSB account, and thank you too Property.Advert for raising the question about withdrawal amounts as I hadn't even thought about that! She'll only have around £30 per month going in and I don't think there will be anything in there by the end of each month, so I need to ensure she doesn't start going into the red.

Aw, what a shame - no more free piggy banks or pens - thought there might be some accounts offering a free iphone these days - as if!

JC9297

Santander have a young person's account (Youth Plus Account) where if the parent has a current account at Santander the child gets a higher rate of interest (currently about 5% I think).

rb10

Halifax allow you to restrict ATM withdrawals to any multiple of £50 that you choose - so I'd be surprised if other banks didn't offer this too.