Bank Account Advice for a 'Young Person'

David13_2

Hi

Well, I need a bank account, im 18 so qualify for a 'Young person' (Im an adult lol)

Really I need a Visa Debit Card to allow me to sell all my junk that I have around my house on ebay, and I have a building socity account, but I don't think that they allow Visa Cards, also im getting a contract phone (it's The Yorkshire Building Society), so just in case I researched bank Accounts, and they all suck.

So I need some help.

What I need:
A Visa debit Card
An account that let me pay for a contract phone

What I would like:
An account that has a higher interest rate that 1.74%
Cheap Driving lessons
Anything that may be benefitial

What I don't need and really don't want:
A railcard (I get free travel already)
Mobile Phone Offers
Music Download Offers
A 'cool' customised picture on a card
Other useless offers - but i would like a piggybank
Charges for withdrawing money
Charges for paying in money from a Paypal account

Apart from that... I need help choosing the best account for me

P.s I know nothing about Bank accounts so some of those points maybe stupid

Thanks in advance

P.s Love the website

Olipro

you want a Visa Debit... Natwest, Halifax, Lloyds, Nationwide... they all issue Visa Debit cards now, Maestro is effectively dead in the UK.

Personally I recommend Nationwide in that respect, however, if you're someone with zilch in the way of income, they'll probably refuse you for it (if you said you had even as little as 3-4k a year they'd approve you), so, if you don't meet that criteria (or don't feel comfortable lying through your teeth*), I suggest NatWest.

if you want an interest rate > 1.74% then the only real way of achieving that is to get a separate savings account (most probably with a separate institution) you can transfer the funds between the two accounts as you wish, the only thing that might bother you is the 3 working day wait for the BACS transfer to complete, other than that, it's fee-free as is all common banking services.

as for paying for a contract phone... I think you're referring to Direct Debits; if you can't get an overdraftable account you are unlikely to be able to get this, I suggest asking them explicitly for this.

Cheap driving lessons? it's a financial institution, not a driving academy, if you can get this, it's news to me... as is a piggy bank, either stick your change in a jar, get some plastic bags from a bank or go to a crock shop and buy one.

lastly, of you relevant ponderances, paying in money from PayPal goes via BACS just as it would from anyone, it won't cost anything.

*that was a joke... probably**
**that was also a joke... probably

book12

Barclays also offer a Visa debit card, as well as the other banks mentioned by the other poster.

I wouldn't bother with interest rates on bank accounts, just use a savings accout for high interest.

Since you're 18, try the LTSB 'under 19''s account. It has the highest interest rate compared to the others.

pmduk

Check out http://www.moneymadeclear.org.uk/pdfs/bank_accounts.pdf There's a list of basic bank accounts with the facilities they offer. Note that HSBC doesn't offer a debit card. All major banks will let you set up direct debits on these accounts.

As other posters have said, don't expect to get interest on a current account. Banks have to pay to run these accounts, that's where your interest goes.