First bank account ..

murf

My son has had saving account through his mums bank but never had his own account ..
Well he is sixteen and found out this morning that he has got his first job and starts next Monday so he needs to get a day to day banking account pretty quick ...
..
He will be making less than a £1000 a month so those accounts are no good and we do not want him to have an over draught

Any advice or recommendations
Thanks in advance ..
Murf and son...

Tixy

Suggest he gets a basic bank account - this list shows a list of those on the market (you will see they have different minimum ages so obviously choose an appropriate one)

http://yourmoney.moneyadviceservice.org.uk/HTML/en/products/bank_accounts/basic_bank_accounts_popup.htm

The co-op cashminder generally has positive reviews on this forum.

samwsmith1

As he's 16 you won't be able to get a basic account, however, you will be able to get a 'young persons' account.
I would recommend the HSBC MyAccount - http://www.hsbc.co.uk/1/2/under18s

jalexa

samwsmith1 wrote: »

...As he's 16 you won't be able to get a basic account...

Are you sure? Several Basic Bank Accounts listed are open to 16 year olds.

pmduk

Well done on him for starting his working life. Most banks have accounts for 16 year olds which mirror basic bank accounts. Don't worry about overdrafts, no bank will offer these to a 16 year old for legal reasons. The Barclay's young person's account looks useful. They usually give account number and sort code on application. Remember to check the ID he will need.

izools

I suggest a "Young Persons" account rather than a "Basic Account" as a) he will get a chequebook (not that it'd ever be used) and b) will be upgradable to a full current account when he turns 18 - a Basic Account won't.

Agreed that HSBC are a very good bank to start your banking with.

Barclays are dire. I recommend against them.

samwsmith1

I didn't realise under 18s could get a basic account, but the part of izools post I've highlighted below is the reason I recommended the HSBC MyAccount.

izools wrote: »

I suggest a "Young Persons" account rather than a "Basic Account" as a) he will get a chequebook (not that it'd ever be used) and b) will be upgradable to a full current account when he turns 18 - a Basic Account won't.

Agreed that HSBC are a very good bank to start your banking with.

Barclays are dire. I recommend against them.

HSBC accounts get automatically upgraded at 18, I speak from experience last year.

Tixy

If you go for a young person's account then check the T&C in detail before you apply - some don't allow you to have bacs/chaps payments paid in (not very handy when it comes to getting your salary paid in) and some don't allow you to set up standing orders/direct debits to be paid out (not very handy if you have bills to pay).

samwsmith1

Tixy wrote: »

If you go for a young person's account then check the T&C in detail before you apply - some don't allow you to have bacs/chaps payments paid in (not very handy when it comes to getting your salary paid in) and some don't allow you to set up standing orders/direct debits to be paid out (not very handy if you have bills to pay).

HSBC provides all of those things, or at least they did for me.
I had a DD on my account at 13 I think, I thought all current accounts provided DDs & SOs on all accounts!

Blobby8_2

This is MSE, so I suggest one of the crappier banks to start, and then later transfer to First direct to get the welcome bonus

http://www2.firstdirect.com/1/2/banking;jsessionid=0000ymkpWIHNOmob0pqoaLYoT_M:11qmrfhdo?clear=true

samwsmith1

Blobby8 wrote: »

This is MSE, so I suggest one of the crappier banks to start, and then later transfer to First direct to get the welcome bonus

http://www2.firstdirect.com/1/2/banking;jsessionid=0000ymkpWIHNOmob0pqoaLYoT_M:11qmrfhdo?clear=true

But you have to be 18 for an FD account, otherwise I would have recommended them straight away.