U18's joint account

busiscoming2

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

dr_adidas01

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?

busiscoming2

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.

System

dr_adidas01 wrote: »

I'm going to ask the obvious question why do two 16 year old's need a joint account?

Married?


*******

Lokolo

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.

busiscoming2

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

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.