Current account for a 16 year old

xylophone

Incidentally, if she is planning to go to University, has she/ have you considered the Halifax JISA for saving? As she is 16 she would get the so called "relationship interest" even if you do not hold a Halifax Isa.
You could gift her up to £3600 in this tax year and up to £3720 in the next.
https://www.gov.uk/junior-individual-savings-accounts/overview

katies_mum

The Lloyds account is sounding v good. You all have good things to say about it.

xylophone thanks, I didn`t know about the Halifax JISA`s thanks but its a little counfusing their website says:

"6.00% tax free/AER variable if an adult cash ISA is held or child is 16 and over. If an adult Halifax Cash ISA isn’t held, the standard Junior Cash ISA rate (3.00% tax free/AER variable) will apply".

They say 6% if child is over 16 but also say if an adult ISA isn`t held then they get 3% - its rather confusing!

Will have to look into this a little more tomorrow.

xylophone

They say 6% if child is over 16 but also say if an adult ISA isn`t held then they get 3% - its rather confusing!

http://www.halifax.co.uk/savings/accounts/cash-isas/junior-cash-isa/
6.00% tax free/AER variable if an adult cash ISA is held or child is 16 and over. If an adult Halifax Cash ISA isn’t held, the standard Junior Cash ISA rate (3.00% tax free/AER variable) will apply.

Under "Features and Benefits"

It says that for children 16 and over the higher rate will apply - they would not need to say this if the adult had to have an isa as well because it would automatically apply!

And note that at 16 the child himself or herself can become the registered contact even though access to any money in the account cannot be had until the age of 18.

https://www.gov.uk/junior-individual-savings-accounts/opening-an-account

http://www.hm-treasury.gov.uk/d/junior_isa_regulations_response.pdf
"At age 16, the child would assume management responsibility for their Junior
ISA account(s). The Government now confirms that this will be the case,
where the child chooses to assume this responsibility. See paragraphs
13-14 below for more details."

xylophone

See also
https://forums.moneysavingexpert.com/discussion/comment/52788721#Comment_52788721

although the information is no longer on this page because the account is no longer only available in branch.

katies_mum

Much appreciated, thank you.

katies_mum

Little update, I am making an appointment to take my daughter into our local Lloyds bank this week to open up her first bank account..thank you everyone for your help.

katies_mum

Very impressed with LloydsTSB, took my daughter on Tuesday afternoon to open her Under 19 current account It was opened there and then by the branch manager, he registered her for internet banking straight away and she reluctanly parted with her cash by making a deposit!! All the paperwork came through today.
A good experience for her first visit to a bank.

Jaywilz

katies_mum wrote: »

Very impressed with LloydsTSB, took my daughter on Tuesday afternoon to open her Under 19 current account It was opened there and then by the branch manager, he registered her for internet banking straight away and she reluctanly parted with her cash by making a deposit!! All the paperwork came through today.
A good experience for her first visit to a bank.

Glad you are happy with your choice

MissE001

I'm really glad I found this thread - I was about to post a similar question!

My 17year -old daughter is planning to leave school in the summer and take a year out to get some work experience before going to uni next year. She was asking me today about switching to a better bank account (she currently has a RBS account and wants a better deal - I've taught her well!!) :money:

Katies mum - was there a minimum deposit for the Lloyds account?

hm71_2

just to go against the tide, opened a santander account for my daughter and she has got on great with it- they are very helpful as well.
i personally dont bank with them as her account she finds them great.