best account for 17 year old pls?

cobbingstones

Hi all,

My lazy 17 year old son is finally going to start soon! :beer: I have been looking at all the high interest accounts but found that the interest rate is much lower for the under 18's and in some accounts under 21. He wants a bank card to access his money and a dd to pay some savings into. Any ideas?

Many thanks
t

ReportInvestor

madsmum wrote:

He wants a bank card to access his money and a dd to pay some savings into. Any ideas?

Hi mm,

Does this mean he wants a current account, with a dd facility but already has a savings account? Or does he want a savings account as well.

Is he about to start earning full time or will he still be a school student?

I agree with your assessment about the poor value out there for the Under18s. It used to be the other way round.

Coventry BS does a Basic Bank Account called CallSaveMoneyManager that allows DDs, has a cash card and pays 2.9%

I have no idea if this is available to 17 year olds. Perhaps you could give them a call on 0845 766 5522 and let us know.

Having a DD facility certainly reduces the options.

Kilty_2

Nationwide FlexAccount plus e-Savings account.

Full current account plus online savings account at 4.8% interest (due to increase on 01/12/2006). I'm not sure if they'd give him a debit card etc but I know the account is available to those aged 16 or over. Definately get an ATM card with the current account, no card for the e-Savings but you just transfer money to/from the current account online.

Supports Direct Debit but you won't need it since the savings account is directly linked

OllieLong

Kilty wrote:

Nationwide FlexAccount. I'm not sure if they'd give him a debit card

They don't give out debit cards until you are 18, but a cash card like you say.

Cypher

I opened a Lloyds TSB current account and savings accounts for my 16 year old son. The current account is called the Under 19's account and this came with a Visa Debit card.

He also has a monthly saver and an online saver. The savings money can be transfered online back to the current should he wish to withdraw. The online savings interest rate isn't as high as something like IceSave but once he's 18 he could open an IceSave account 5.45%AER

cobbingstones

Thank you all for your suggestions. Will look into these asap

Cheers

MM

hot_chick_2

The Nationwide account only pays the 4.8% if you put in over £1000/month

Kilty_2

Nope, 4.25% for that, 4.80% is for their e-Savings which can only be opened if you have a FlexAccount. It's an instant access savings account and you can pay in as much or as little as you want.