Best bank account for a Teenager

The_Bloodster

Hi

My 15 year old son wants a bank account so he can keep his money in (and away from his mum!). Obviously he doesn't have any regular amounts going in but would like to be able to get a card to withdraw from the cash machines and maybe pay things with.

He may able to want to link it to a paypal account to but not necessary.

Thanks

reclusive46

Both Santander and Lloyds/TSB offer good options

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210610544143&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

http://www.tsb.co.uk/current_accounts/under_19s_account.asp

http://www.lloydstsb.com/current-accounts/under-19s-account.asp?WT.ac=CAU19SHA

They all come with a Visa Debit, which can be used at ATMs, Online or In-Store.

opinions4u

If rate matters, Lloyds or TSB.

If service matters, avoid Santander.

If convenience matters, whichever bank has the best located branch and ATM.

The_Bloodster

Thank you for the help. We are in Manchester so ATM location isn't a problem

DesG

Halifax also do one.

Gizmo247

NatWest have always been good for this.

CUPCAKESUE

Hi

Just opened a bank account for my 13 year old daughter with HSBC. The overall service was very good. Bank card arrived within 5 working day followed by the PIN the next day.

She is able to use the internet banking facility which HSBC set up for her on the day of the application together with the HSBC safe key.

She can only spend what she has in the account which is good so no going into debt.

Hope this helps.

rb10

CUPCAKESUE wrote: »

Hi

Just opened a bank account for my 13 year old daughter with HSBC. The overall service was very good. Bank card arrived within 5 working day followed by the PIN the next day.

She is able to use the internet banking facility which HSBC set up for her on the day of the application together with the HSBC safe key.

She can only spend what she has in the account which is good so no going into debt.

Hope this helps.

Interest rate = 0%.

Doesn't exactly teach children the right ideas about shopping around to make sure they get the best deal.

When they are 13/15 years old, they should definitely be part of the decision making on this. They are old enough to look at the websites, see which is best (with your direction pointing them towards Santander / TSB / Lloyds if they seem to be steering elsewhere).

CUPCAKESUE

Didn't really open the bank account for interest reasons she has a savings account for that which she can't touch until she's 18.

It probably wont have more than £50 in at any one time, she will use it to pay for things when she goes shopping with her friends.
It gives her a bit more independence and saves her carrying cash.

Poppy9

I opened a Halifax account with cash card for DD when she was 12. Main reason is I had current account with them. The online banking was simple and she set up a savings account online too and could move money back and fro.

If he doesn't want his mother to know about the account remember to go paperless!

Oh for Online banking ID. Save it as a contact in mobile phone - We give it a nickname like Bob (bob as in money) and then put a 4477 in front of the ID number.

The_Bloodster

What happened to the good old days when kids used to get free gifts with opening accounts. We are booked in on Saturday to set the account up we arrived too late last Saturday ooops!!