Best Bank Account for 6th Form Student

The_Grateful_Ghoul

Can anyone point me in the right direction of the best options for a bank account for a 16 year old 6th Form Student.

Many Thanks in advance

Broke_Student

Open up a regular 'current account'. This will let your EMA be paid in and you can take money out at cashpoints. Many banks, such as HSBC/Natwest provide Solo or Visa debit cards so you can also use your cashcard to pay for things in shops.

ktblacks

All I can say is don't bother with the RBS R21 account! I turned 18 last week and my application for a debit card was refused because "I didn't have enough money in my accound and my credit rating was not good enough." I have never owed money in my life and in fact have quite a nice amount of money in my account. they said I could reapply in 4 months time but I told them no thanks I'll have changed banks by then..... My sister is 16 and has had a debit (solo) card with HSBC since she was 14 - My advice would be to go with them as shes never had any problems!

Savvy_Sue

We've always got on well with NatWest and the cash card you get with that can be used to withdraw cash and to pay for things in shops. But it's worth thinking about where you'll want to withdraw cash and / or pay money in and where there are convenient branches: with some banks you can use the Post Office instead of a bank branch but I know the 'grownup' NatWest a/c does not allow this.

Sally_Cinnamon_3

The_Grateful_Ghoul wrote: »

Can anyone point me in the right direction of the best options for a bank account for a 16 year old 6th Form Student.

Many Thanks in advance

I'm in the same situation. I dislike being bombarded with banking terms that don't actually mean anything in the real world. Can anyone provide me with good, hard facts that would point me in the right direction?

I'm currently with the Yorkshire Bank but that is a savings account that I cannot access unless I was to transfer it to a current account or ReadyCash account (whatever that is). I should be entitled to EMA and do plan to get a job whilst working through my A-levels so there should be a regular set of money being paid into my account.

Any ideas?

beckyboopboop

Sally_Cinnamon wrote: »

I'm in the same situation. I dislike being bombarded with banking terms that don't actually mean anything in the real world. Can anyone provide me with good, hard facts that would point me in the right direction?

I'm currently with the Yorkshire Bank but that is a savings account that I cannot access unless I was to transfer it to a current account or ReadyCash account (whatever that is). I should be entitled to EMA and do plan to get a job whilst working through my A-levels so there should be a regular set of money being paid into my account.

Any ideas?

Open a current account with one of the major banks, I had a HSBC account and use that to get EMA and wages paid into - easy access to money plus debit card that you can use in shops. Perhaps if it was possible you could then transfer money when you wanted into your Yorkshire Bank savings account via internet banking, HSBC is very simple for this! Hope this helps.

magickc

I agree, im with HSBC and they have been nothing but good to me, get a Solo card to use in shops, can transfer money between that and other banks online. I have a savings account with Nationwide and regualry transfer money online hassle free. They are helpful in branch and revoked my overdrawn fee, so bonus!

frederific

Coincidentally, I've been researching this recently (I hit 16 in August, and want easier access to my money than the savings account I'm in now).

You can get EMA/Wages paid into any account. The main things that differ between accounts are interest rates, and card type.

The Lloyds TSB Under 19s account seems to me the best option. 3.30% AER (obviously, you may need to pay tax on that), with a VISA Debit card.

It's worth pointing out that Lloyds TSB (and Barclays) offer a *real* VISA Debit card, as opposed to a Solo or VISA Electron. To be honest, the main difference I've found is that you can't buy train tickets on a VISA Electron/Solo.

HTH

Freddie

surfsister

Alliance and leicester has an account for 16 yr olds and pays 6% first years banking