My teenager wants a better account....

My eldest (17yo) is looking for an account. I think the current one is a Halifax one of some description and I don't know why it's not good enough any more :cool:

Anyway, income varies - still at school FT but has weekend job and takes home between £150-200 PCM. Wants a cash card of course and good online banking especially if there is a good app for an android phone.

Suggestions?
«13

Comments

  • innovate
    innovate Posts: 16,217
    Combo Breaker First Post
    Forumite
    :j
    UserX wrote: »
    . I think the current one is a Halifax one of some description and I don't know why it's not good enough any more :cool:
    ....snip.....
    Suggestions?
    Suggestion # 1: confirm what account they have now
    Suggestion # 2: figure out why existing account is not good enough any more and may be help them to find a better account if there is one
  • Hi,

    is his existing account a savings or current account?

    Does his wages get paid into it?

    Has it got an ATM card?

    Has it a DD function?

    Has it got an overdraft?
  • UserX
    UserX Posts: 178 Forumite
    Right - it's like pulling teeth getting info out of 17 year olds but...

    The present a/c is a Halifax one with a card which can be used for purchases or at ATMs.

    There is no overdraft or facility to set up direct debits - however, I would be loathe to see said creature with access to an OD at the moment and there is no current need for DD facilities. (Although DD facility is likely to be useful in future.)

    Apparently - and I am only repeating what I have been told, so this may or may not be accurate - Halifax is rubbish because "they have the longest cheque-clearing time"

    Wages are paid by cheque monthly. We don't have any banks within walking distance, so usually a bus trip is made to town to pay in. We do, however, have a post office. So although it wouldn't be the only/main selling point, I guess it would be appreciated if the bus trip (and fares!) could be avoided, provided paying in at the PO doesn't slow things down terribly.

    Apparently the plan is also to open a savings account as well as a current account (or similar) and link the two so that monies can be swapped between main a/c and savings by mobile phone app and for that reason, 17 year old has decided Barclays or HSBC (shudder at the latter, but I've kept my opinion to myself for now!) are top of the list.
  • Halifax clear cheques on the 2-4-6 system just like all the clearing banks.

    So if this the sole reason for changing banks nothing will change for him.

    The only suggestion I can make is that it might be quicker for him to be with he same bank as the wages cheque is drawn on. Sometimes they will clear the same day they are paid in.
    Is there any way his boss could pay direct into his account by faster payment?
  • UserX
    UserX Posts: 178 Forumite
    Halifax clear cheques on the 2-4-6 system just like all the clearing banks.

    So if this the sole reason for changing banks nothing will change for him.

    The only suggestion I can make is that it might be quicker for him to be with he same bank as the wages cheque is drawn on. Sometimes they will clear the same day they are paid in.
    Is there any way his boss could pay direct into his account by faster payment?

    I must admit I wasn't exactly convinced that anything will change in terms of cheque clearing times, but sometimes you just can't tell a 17 year old anything. How on earth I got to the grand old age of 46 safely I don't know because I totally don't know a thing!

    Hmmm - not sure what bank the wages cheques are drawn on - I'll suggest that. Unfortunately they won't pay casual staff by transfer, though I really don't know why.

    I have tried to suggest that not every penny in the account needs to be spent every month and that if some could be left there, the last minute dash to get the cheque paid in each time wouldn't really matter :rotfl: That suggestion didn't go down well.

    I suspect the change of banks will happen no matter what I say (not that I'm against it, of course - I just thought that there might be a funky, all singing, decorated with unicorn fluff account we've never heard of....)
  • Nebulous2
    Nebulous2 Posts: 5,061
    First Anniversary Name Dropper First Post
    Forumite
    Banking facilities are going to be restricted for a 17 year old. Basically he cannot enter into credit agreements, so an overdraft will not be possible for instance. All of that opens up when he turns 18.
  • pmduk
    pmduk Posts: 10,655
    First Anniversary Name Dropper First Post Combo Breaker
    Forumite
    The only suggestion I can make is that it might be quicker for him to be with he same bank as the wages cheque is drawn on. Sometimes they will clear the same day they are paid in.

    I don't believe that occurs any more.
  • Archi_Bald
    Archi_Bald Posts: 9,681
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    UserX, I feel for you. It seems to be mandatory at the age of about 13-19 to disagree with anything your parents and other adults say or do. Only time will teach them that parents don't just talk rubbish.

    As to cheque clearance times: there's a detailed explanation on how it works on http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/the_cheque_clearing_cycle/

    This applies to all UK cheques and banks - so changing bank will make not a blind bit of difference.

    A list of banks that allow cheques to be paid in at a Post Office is here: http://www.postoffice.co.uk/branch-banking-services#withdrawals_&_deposits
  • UserX
    UserX Posts: 178 Forumite
    Thanks Archi Bald ;)

    Well I think we're all now wasting our time because 17 year old has it on very good authority apparently that paying cheques in via the Post Office will "mean it takes 4 more days to clear"

    Sigh. Where's the corkscrew.

    I won't take any more of your time now, but can offer red or white wine in thanks :beer:
  • patanne
    patanne Posts: 1,286 Forumite
    Don't worry too much - if mine (now considerably over 17) is anything to go by, all your words of wisdom will get quoted back at you as if you could never have known this cos after all parents are far too stupid. You just need to drip drip drip the info whilst talking to someone/anyone else! I suspect that girls are even worse so we do have something to be grateful for!!
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 341.6K Banking & Borrowing
  • 249.6K Reduce Debt & Boost Income
  • 449K Spending & Discounts
  • 233.5K Work, Benefits & Business
  • 605.8K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards