Best bank account for 16 yr olds?

themaverick1953

I'm struggling to find anything on 'best bank accounts for 16 yr olds'. Basically I want to pay an allowance in by monthly direct debit and them to have a cash card that [EMAIL="DOESN@T"]DOESN'T[/EMAIL] ALLOW overdrafts.

Anyone?

Lokolo

Any bank account will be fine.

Under 18s aren't allowed credit - no overdrafts, loans, credit cards etc.

Lloyds have an under 19s account
HSBC have a 7-17 account.
Halifax most probably have one too.

CLAPTON

only suitably authorised businesses can set up direct debits but you can set up a standing order

ses6jwg

Santander do a 16-18 account that pays 3% on balances up to £500 if funded with £50pcm.

Comes with online banking, cheque book and Visa Debit or Cash Card

pmduk

Personally, I wouldn't advise Santander to anyone, let alone a 16 year old who will, by definition, not be experienced in dealing with rubbish companies.

[Deleted User]

themaverick1953 wrote: »

I'm struggling to find anything on 'best bank accounts for 16 yr olds'. Basically I want to pay an allowance in by monthly direct debit and them to have a cash card that [EMAIL="DOESN@T"]DOESN'T[/EMAIL] ALLOW overdrafts.

Anyone?

LOL not santander
for cash card you would need to request it probably as most come with visa debit card

Best account i recommend is the Lloyds TSB Under 19's account
Other accounts could include:
Metro Bank Cash Card (mastercard debit)
Halifax or Bank of Scotland Easycash / Cardcash (visa electron)
Clydesdale Bank / yorkshire bank (maestro debit)
HSBC MyMoney
Norwich and Peterborough Current Acc
Natwest Adapt
RBS Revolve
Barclays 16-19 account
Co-op Current Acc
Nationwide Flexaccount

ALL have no overdrafts and some come with interest and chequebooks etc

Lloyds is the best overall and santander/hsbc would be the worst
Barclays is ok but offshore call centre which i don't like
Co-Op excellent for customer service
Natwest / RBs and Halifax ok
Nationwide unsure as recently joined
Clydesdale and yorkshire excellent

Source: I am 16! and have accounts with all above and experienced their customer service
Account can go overdrawn if the 16 year old spent too much at say a train station (as it does not check for funds in the account before) - just a note

Standing Order not DD
As they are 16, all come with Telephone and Online Banking