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Account for a Teenage Band

robbo56
robbo56 Posts: 1 Newbie
in Budgeting & bank accounts
My son and his 2 mates are in a band and they are starting to play some paid gigs. They are all 15 years old and I am not sure what the best account is for them. They want all their earnings to stay together in one account so they can buy more gear from time to time. I guess they will need instant access but it would be nice if they earn some interest as well. Online or branch based is fine.

I don't really want to look after their money for them in my own account as it is not so transparent or easy to manage for them.

Any ideas please ?

Comments

  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    robbo56 wrote: »
    My son and his 2 mates are in a band and they are starting to play some paid gigs. They are all 15 years old and I am not sure what the best account is for them. They want all their earnings to stay together in one account so they can buy more gear from time to time. I guess they will need instant access but it would be nice if they earn some interest as well. Online or branch based is fine.

    I don't really want to look after their money for them in my own account as it is not so transparent or easy to manage for them.

    Any ideas please ?

    There are several banks that would be worth looking at, however Barclays are one of the best with young 'entrepreneurs' in the UK.

    CK
    💙💛 💔
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    As they are under 18 no bank will open an account for the 'band' unless an appropriate adult operates it for them.
  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    jonesMUFCforever wrote: »
    As they are under 18 no bank will open an account for the 'band' unless an appropriate adult operates it for them.

    I'd argue with this.

    I know of several young business(wo)men that have opened business accounts (ableit with no borrowing facilities) with Barclays, and HSBC are becoming better, too.

    CK
    💙💛 💔
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    How can they when they are too young to enter into any contract other than necessary ones?
    You cannot open a proper adult account (personal or Business) without being at least 18.

    I can certainly see the scenario where they might 'run' a business but the actual running of the account is done by an adult.
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