Best Bank Account for 17 year old

DisneyTheresa

Hi, I am looking for some help deciding which is the best bank account for my daughter who is 17 (in 6th form at the moment)? She hopes to go to drama school next year, so I am conscious that a Student account may be best when that happens. She will have some wages paid in to her new account as well.

She has about £2800 saving in the post office account which has now gone postal only, so we were thinking about transferring that to an ISA. Also when she is 18 she has a"baby bond" that matures which will pay approx. £6,000.

Many thanks
Theresa

DisneyTheresa

No replies at all, guess it wasn't that interesting

badger_

Natwest usually offer a free 4yr railcard on the student accounts, so it might be worth her going with them now if it's something she would take advantage of when she goes to uni.

TzarJay

Well With all those savings, I cant really see she would need a student account. The real perk with student accounds is the big overdraft, but since she'll have roughly £8,800 in savings a big overdraft doesnt seem to be needed.

If i was in your shoes i'd simply set up a good current account that covers things like mobile phones and maybe simple travel insurance. Or "build" a current account with Barclays. Studend accounts with massive OD's are really for students that are going to need to go into them regularly, which it seems your daughter won't need to.

[Deleted User]

Lloyds TSB i think do a good account since it comes with Free NUS Card, Youth Hostel Membership etc for Student Account and even Under 19's account is great

MoneySaverLog

I'd choose Lloyds TSB, one of the few bank accounts that pay interest on their current accounts - http://www.lloydstsb.com/current_accounts/under_19s_account.asp

If it's the student account you want http://www.lloydstsb.com/current_accounts/Student_account.asp perhaps to stooze the free OD?

For savings check out the best buys, http://www.moneysavingexpert.com/savings/savings-accounts-best-interest - keep an eye on them though as rates change, usually after a year.

DisneyTheresa

TzarJay wrote: »

Well With all those savings, I cant really see she would need a student account. The real perk with student accounds is the big overdraft, but since she'll have roughly £8,800 in savings a big overdraft doesnt seem to be needed.

If i was in your shoes i'd simply set up a good current account that covers things like mobile phones and maybe simple travel insurance. Or "build" a current account with Barclays. Studend accounts with massive OD's are really for students that are going to need to go into them regularly, which it seems your daughter won't need to.

Thanks for the replies guys.

Can she get a Student account now in the 6th form, or only when she is a uni/drama school?

Yes, she will have some money but that will get pretty well eaten up by living expenses as she wants to go to drama school more than likely in London. (Student loan will be need for the mega £9000+ fees per annum that drama school charge).

Theresa