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U18's joint account

busiscoming2
Posts: 4,461 Forumite


Just wondering whether two 16 year olds would be allowed to open a joint current account?
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Comments
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busiscoming2 wrote: »Just wondering whether two 16 year olds would be allowed to open a joint current account?
I'm going to ask the obvious question why do two 16 year old's need a joint account?Time is a path from the past to the future and back again. The present is the crossroads of both. :cool:0 -
dr_adidas01 wrote: »I'm going to ask the obvious question why do two 16 year old's need a joint account?
My DS who is 16 just asked the question. I think he and a mate have a business idea (I don't know what) and obviously finance came into the equation.0 -
dr_adidas01 wrote: »I'm going to ask the obvious question why do two 16 year old's need a joint account?
Married?
*******This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
busiscoming2 wrote: »My DS who is 16 just asked the question. I think he and a mate have a business idea (I don't know what) and obviously finance came into the equation.
A joint account with a friend is a very bad idea.
They will be financially linked, so if one decides to make the account overdrawn, the other will also be responsible for the amount.
A business account with 2 signatures would be the best route.0 -
Yes I realise all the pitfalls etc, I just wanted to know IF banks allow joint accounts for U18's.
I'll pop into one later in the week when I am in town and ask.0 -
busiscoming2 wrote: »Yes I realise all the pitfalls etc, I just wanted to know IF banks allow joint accounts for U18's.
I'll pop into one later in the week when I am in town and ask.
The answer is probably no. The type of accounts generally available to under 18s do not allow joint parties. Business accounts are not usually available to U18s either.
Save yourself the trip.urs sinserly,
~~joosy jeezus~~0
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