young persons account, where to start

TAZ

my eldest is looking to get himself an account but we are not sure where to start looking or even what we should be looking for, he is 14 and has seen a few advertisments for account giving free ipods etc but think these apply to schoolleavers, there are a few for college students as well and son was wondering if these could apply to him as he starts a two year apprentaship at school going to college two days a week.

can anyone help please

TAZ

bumping up for at least some help

Kilty_2

Don't know about getting stuff for free, but as a bank account in general I'd reccommend Bank of Scotland/Halifax Expresscash.

Comes with a Visa Electron card and online banking

Interest rate is low compared with others though (1.5% gross), so just use it for day-to-day use and put any savings elsewhere.

Iona_Penny

The Coventry BS have a new Intro account for 11-17 yr olds. £15 of Virgin(I think it was this) when you open; operated by a cash card and earns around 5% (you will have to check exactly what) interest. DD has just changed to this for her longer term savings.
She also has a NatWest account which gives her a card to use in cash point and some shops (electron) and she uses on line; also pays interest monthly. In both cases ensure your son gets interest gross of tax (they can give you the relevant forms in the banks/Bs)

JoseChungsDoomsday

Kilty wrote:

Don't know about getting stuff for free, but as a bank account in general I'd reccommend Bank of Scotland/Halifax Expresscash.

Comes with a Visa Electron card and online banking

Interest rate is low compared with others though (1.5% gross), so just use it for day-to-day use and put any savings elsewhere.

I agree go with this account. it doesnt have many fancy features but it's good and once your in with halifax your son will get some good deals when older

Kilty_2

JoseChungsDoomsday wrote:

I agree go with this account. it doesnt have many fancy features

It's the best equipped account that any high street bank offers people under 16, I don't know of another that offers a debit card or online banking .

I have two of said accounts and wouldn't dream of going anywhere else. Also have a Clydesdale Bank account, because it pays 4.5% gross interest (or used to), and it was the first account I opened. Basic ATM card though but they said they will send me a debit card.......... eventually

JoseChungsDoomsday

Kilty wrote:

It's the best equipped account that any high street bank offers people under 16, I don't know of another that offers a debit card or online banking .

I have two of said accounts and wouldn't dream of going anywhere else. Also have a Clydesdale Bank account, because it pays 4.5% gross interest (or used to), and it was the first account I opened. Basic ATM card though but they said they will send me a debit card.......... eventually

true but some banks like A&L give away junk like magazine subs and what not. halifax is no frills that way

Kilty_2

JoseChungsDoomsday wrote:

true but some banks like A&L give away junk like magazine subs and what not. halifax is no frills that way

Ahh right, I see what you mean now