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But what about a 16 year old student?
fewcloudy
Posts: 617 Forumite
Hi All
My daughter left school in May at the end of 4th year, she is 16. Starts her 3-year professional diploma in performing arts next month. It's classed as Higher Education (1st Year is HNC, 2nd and 3rd are HND).
All the advice and on here about best bank account, savings accounts, financial strategy etc. assumes the student will be 18 or very soon 18, as the main thrust of any articles seems to be about getting the biggest guaranteed free overdraft. The majority of school leavers here in Scotland heading off to HE are 16/17 and cannot (to the best of my knowledge) obtain credit/overdrafts etc for that reason.
I'm beginning to think there are no specific accounts/financial products out there for someone in her situation.
Am I wrong?
She currently has an RBS Revolve current account, only because she automatically moved up to that from whatever childhood account she had with them.
Should she just stick with that account and get her Student Loan paid into that then?
Many thanks
fc
My daughter left school in May at the end of 4th year, she is 16. Starts her 3-year professional diploma in performing arts next month. It's classed as Higher Education (1st Year is HNC, 2nd and 3rd are HND).
All the advice and on here about best bank account, savings accounts, financial strategy etc. assumes the student will be 18 or very soon 18, as the main thrust of any articles seems to be about getting the biggest guaranteed free overdraft. The majority of school leavers here in Scotland heading off to HE are 16/17 and cannot (to the best of my knowledge) obtain credit/overdrafts etc for that reason.
I'm beginning to think there are no specific accounts/financial products out there for someone in her situation.
Am I wrong?
She currently has an RBS Revolve current account, only because she automatically moved up to that from whatever childhood account she had with them.
Should she just stick with that account and get her Student Loan paid into that then?
Many thanks
fc
Feb 2008, 20year lifetime tracker with "Sproggit and Sylvester"... 0.14% + base for 2 years, then 0.99% + base for life of mortgage...base was 5.5% in 2008...but not for long. Credit to my mortgage broker
0
Comments
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Most banks offer debit cards / current accounts to under 18s. Lloyds TSB have a decent interest rate too.
But you won't get an overdraft facility or credit card for a minor.0
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