We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

U18's joint account

Just wondering whether two 16 year olds would be allowed to open a joint current account?

Comments

  • dr_adidas01
    dr_adidas01 Posts: 2,157 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 15 April 2013 at 11:19AM
    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:
  • busiscoming2
    busiscoming2 Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts
    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.
  • System
    System Posts: 178,365 Community Admin
    10,000 Posts Photogenic Name Dropper
    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.com
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    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.
  • busiscoming2
    busiscoming2 Posts: 4,461 Forumite
    Part of the Furniture 1,000 Posts
    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.
  • JuicyJesus
    JuicyJesus Posts: 3,832 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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~~
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.8K Banking & Borrowing
  • 253.4K Reduce Debt & Boost Income
  • 454K Spending & Discounts
  • 244.7K Work, Benefits & Business
  • 600.2K Mortgages, Homes & Bills
  • 177.3K Life & Family
  • 258.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.