Which bank for a 16 year olds first account?

56cheffy

Any ideas?
Do they offer incentives to get them to sign up?

BSingh

Check out the HSBC YOung persons accounts. YOu get some free gifts such as a personal organiser or a mp4 player!

loobs40

I chose the Abbey on the basis that there was branch in the town so it easy for him to deposit cheques. It also has its own ATM close to his school.

He can also operate the account over the internet, and has opened a internet savings account with Abbey and has become skilled at moving the money between accounts to maximise the interest. It might not be much interest but it gets him into the habit.

He also has an electron visa card with the account which is vital for all the online purchase of CDs and DVD ;-)

Jake'sGran

56cheffy wrote:

Any ideas?
Do they offer incentives to get them to sign up?

Have a look at SMILE bank on line. I don't know if they offer incentives to 16yr olds but my two grandsons both have orginary accounts with them (not internet) and I asked Smile last week when the eldest could have a Smile account and they said when he is 16. He is very computer literate and I thought it would be good for him to be able to see how much he's got at any time. Also, the account is easy to use and gives just over 3% on credit balances. (The parents have a Smile account so it will be easy for him to pay back what he owes as transfers are immediate;) .

teenage_Drama

BSingh wrote:

Check out the HSBC YOung persons accounts. YOu get some free gifts such as a personal organiser or a mp4 player!

On https://students.hsbc.co.uk/freebies.asp

You must be 18 or over


Any other ideas?

gt94sss2

A 16 year old can open a mini Cash ISA account.

Also 16 year olds still qualify for 'childrens accounts' with some institutions - like the Nationwide Smart Account - which mean they get higher rates of interest than normal.

Otherwise HSBC is not a bad alternative..

Regards
Sunil

gt94sss2

teenage_Drama wrote:

On https://students.hsbc.co.uk/freebies.asp

You must be 18 or over
Any other ideas?

The HSBC accounts/offers for under 18's are actually here

Regards
Sunil

teenage_Drama

^Thanks for the link but theres no sign of Mp4, hmm the Mp4 would have been nice, are there any other banks that give you a gift if you open an account with them?

Kilty_2

Nationwide FlexAccount if they don't require a debit card, Lloyds TSB Under 19's account if they do. (No incentives with either, but decent savings rates / service / facilities from Nationwide and a Visa Debit card from Lloyds - NOT Electron)

Nationwide have better savings rates on their E-Savings account if savings is required and in my experience customer service is far, far better.