Best Bank Account for Teenagers

2obsessed

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My 14 year old wants to open an account so he can access money whilst in town without the need of carrying cash...
We will pay pocket money directly and he can top this up with job money plus any savings he has... suggestions?
Thanks

alanq

What do you mean by access money without carrying cash? Are you looking for an account with a Link card so that cash can be withdrawn as and when required or are you looking for an account with a debit (or perhaps prepaid) card that can be used in shops?

2obsessed

Just needs to access some cash from an ATM when/if needed rather than a specific store card.
I wondered if any banks do good offers for teenagers?
Thanks

2obsessed

prepaid card might be a good idea to remove the risk of going overdrawn!

glider3560

HSBC (as do most banks) have an account for teenagers which comes with a Visa debit card, which acts as an ATM card.

The_MoneySavingKid

2obsessed wrote: »

prepaid card might be a good idea to remove the risk of going overdrawn!

I doubt that there would be any account that would allow that for someone under 18 unless someone is willing to sign the guarantor type agreement or proof of suitiable income can be given, and a debit card can only use funds that are in the account.

I do fail to see in such circumstances why a prepaid card would be of any use (except for going abroad perhaps), as there are charges associated with them whereas a bank account linked to a debit card have none.

Walk in to any local bank and they will almost definetly be able to offer your child an account with a debit card. You can do so from the age of 11 at Natwest, from experience.

alanq

YBS Freedom Account?
http://www.ybs.co.uk/savings/childrens/freedom.html

1.74% variable with ATM card. There may be better rates but YBS tends to pay consistent rates rather than paying bonuses or launching new versions of accounts every other month and dropping the rates on older editions.

tiff

Lloyds do an under 19's account http://www.lloydstsb.com/current_accounts/under_19s_account.asp