First Time Bank Account Advice

JoshAaronR

Hi
I've just turned 18 and am looking into getting my first current account & debit card. I've been doing my research, but a lot of the information doesn't go in and some I just don't understand! Can anyone help/advise me?

I'm not in full time education.
I haven't got a job NOW, but I'm applying at the moment.
I'm 18, 19 next September.

I've seen that Lloyds do an under-19s account - is it worth going for this just for a year to get the interest (2.47% net) and the AA Driving School discounts (which would help) or am I better off looking for something longer term?

Thanks

Josh

ceredigion

It much depends on how much money you have , if any and what your long term goals are.

JoshAaronR

It'll only be a couple of hundred going in. Long term goal/s would be getting a job, I suppose.

Archi_Bald

That Lloyds Young Person's account looks like one of the very best for now, but you should also be thinking what comes in a year's time.

The Lloyds interest-paying account for adults is the Club Lloyds which will probably still be around in the same form as now in a year's time. It's a nice account if you have a permanent credit balance of between £3K and £5K and meet the other pre-reqs as you can then get 3% AER.

TSB offer an identical Young Person's account, and their follow-on is the TSB Plus, which is likely to also be still around in a year's time. But you will then only be allowed one of these in your name, and the max balance they pay interest on is £2,000. The attractive thing is that they pay 5% AER from £1 to £2,000.

I'd compare the two follow-on accounts to see what is likely to suit you better. Don't get too hung up about the future though - if you have a job and a good credit history, you should be able to get a current account in several other places.