Best Young Persons Account Provider?

4013TheTune

Hi all,

My younger brother is currently 16, moving on to Sixth Form, and right now he has a Young Person's accoutn with Barclays. I was just wondering if Barclays is the best provider of accoutns for someone of my brother's age, since we don't know if any other banks or providers have better rates?

Thanks in advance!

innovate

Assuming it's current accounts (as opposed to savings) you are after: there's a comparison list on money.co.uk

Some are offering interest on balances under certain conditions:

Santander - 3% AER on balances up to £500
Lloyds - 2.5% AER on balances up to £2,500
Natwest - 1% AER on any amount, 25% discount on a 16-25 Railcard
Halifax - 1.51% AER, might be on any balance

Most have some gimmicks to attract people - - best to ignore those. All of them will look to making their young account holders lifetime account holders - - but there's nothing really that should compel anyone to select a bank account for life.

I have no practical experience of any of the young persons' accounts myself, but I would definitely choose an account that pays interest.

Mike_J

I was also pointed to the Lloyds TSB under 19 account. Pays 2.5% interest but unlike the Santander account I dont think you actually have to pay money into each month to qaulify for the rate

psychic_teabag

Is this for instant access, or can/will he lock some of it away ?