Student Banking

allyb15

Hi, my daughter has had a bank account with Nat West from the age of 16. She has recently turned 18 and they are saying that to continue banking witht them as an 'adult' she will incur costs of £8 per month! This seems a bit unfair, so any recommendations for a good bank. She's not at uni, but is doing a paid apprenticeship at college.
Thanks!

stclair

She can ask for her account to be transferred into a select account with no monthly fee.

rb10

Whilst Natwest do in fact offer free accounts (but just like to push the paid ones to the vulnerable - the young and the elderly), pretty much all the other banks are much better.

Take a look at the offers from other banks, and compare that to how much she'll be paying in each month. Halifax pay a £5 reward if £1k is paid in. Lloyds pay interest if £1k is paid in, plus there are DDs on the account. Nationwide give travel insurance if £750 is paid in, etc.

xylophone

they are saying that to continue banking witht them as an 'adult' she will incur costs of £8 per month!

I find it rather disturbing that she should not be offered a non-feepaying account - rather smacks of sharp practice?

http://www.lloydstsb.com/current_accounts/under_19s_account.asp
I think I might be inclined to open this, close Natwest and then see what Lloyds have to offer when she's 19?

ses6jwg

Mis selling of paid for accounts - surely not at natwest?

JuicyJesus

ses6jwg wrote: »

Mis selling of paid for accounts - surely not at natwest?

It'd be fairly bizarre that she was automatically moved onto a paid-for account which includes an element of insurance that you have to make an elective choice over. If nothing else, it'd be sharp practise, and very hard for the bank to successfully defend a complaint over.

I think what has actually happened is the daughter has just turned 18 and has received a mailshot advertising a fee-paying account to her, which OP has misinterpreted as her automatically being moved onto one.