Best bank account for a 17 year old?

cammuir

Hi, i'm a 17 year old boy who still has a year left at college and i have about £8000, i was wondering what's the best bank to go with to get the highest amount of interest or maybe a free rail card as that would be helpful to make my train journeys cheaper. Am i best going with an adult bank account or child's as i will be 18 in January. Thanks Everyone.
P.s. I'm not thinking of going to Uni.

Archi_Bald

You will get the best deal if you split your money. you cou

You could look at these:

Current accounts, instant access

• £2,100 into TSB Youth account, 2.5% AER http://www.tsb.co.uk/current-accounts/under-19s-bank-accounts/
  
  
• £1,900 in Santander 123 Mini, 3% AER http://www.santander.co.uk/uk/current-accounts/123-mini-accounts/123-mini-current-account
  
  

If you are not a tax payer, fill in an R85 for the current accounts so you get your interest tax free. You need to read up on what happens when you turn 18.

Savings account
[*]£4,000 into Halifax JISA, 4% AER http://www.halifax.co.uk/isas/cash-isas/junior-cash-isa/

Locked up until you are 18. It will then morph into an an adult ISA that pays terrible interest, so you might want to withdraw the money and put it into a current account that pays you more interest


Once you are 18, you can get proper adult accounts (credit check permitting - - but you probably have good chances if you already had the youth accounts):

• TSB Plus http://www.tsb.co.uk/current-accounts/classic-plus-account/
  
  
• Santander 123 http://www.santander.co.uk/uk/current-accounts/123-current-account

It would probably be worth keeping 2 current accounts as you go along.