Bank Accounts

CeriJones11

I am a 17 year old girl studying in college and currently have a part time job earning about £40 a week. I am looking into opening a new bank account with a higher interest rate than the one i have currently. I will also need to withdraw money occasionally to pay for bills, can you suggest any options?

Thanks,
Ceri

xrjtg

The best option is likely to be two accounts: a current account in which you'd keep a small amount of money available to withdraw, and on which you wouldn't expect to earn much interest; and a higher paying savings account into which you move any money that you'd like to put aside for the longer term.

There are articles on the main site about how to get the best of each kind of account. Being under 18 might affect current account choice, as banks will be unlikely to want to offer you an overdraft, but shouldn't affect the kinds of savings accounts that are available.

atypical

xrjtg is right with the above (normally needing two accounts). But Santander has a 16 to 18 Current Account which offers 3% on balances up to £500 which is a very competitive rate. If you have more than £500 then open a separate savings account.

But a big factor is that they offer £55 cashback for opening a new current account:
http://www.quidco.com/santander-current-account/