Bank account for 17 year old student

karena

Any bank to be recommended - any perks. She has never had a bank account and now wants one so that she can have a cash card instead of carrying cash! Heard that NatWest might be ok? Thank you

foreversomeday

If she has a saturday job that brings in £250 a month or more the Alliance and Leicester Premier 21 account is really good. You get a Visa debit card with it. They also offer free career advice (Not sure how good it is though) and it has a very good interest rate at 10%. (Though only for a limited time, and I don't really understand interest rates anyway so maybe someone else can explain?)

You have to use the internet for statements, though, and it is possible to get an overdraft which most other banks won't offer until age 18, which the fees on are 50p per day :eek: Though if you trust your daughter to be sensible with it it's definitely a good option.


If you don't like the sound of that,
- Natwest is probably the best bet if she's planning on going to University,
- HSBC offers a free personal organiser, which my sister had, and said it was rubbish! Though that isn't mentioned on their site now.
- I tend to be wary of Lloyds TSB as they always try to sell me something I don't want, also my OH has got into quite a lot of debt with them and they don't seem to manage it at all, he doesn't think there is a problem there.

Other than that just convenience and personal choice!

Alliance & Leicester Account info:
http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=premier21&ct=curracchome

Other helpful thread:
http://forums.moneysavingexpert.com/showthread.html?t=554206

gt94sss2

I would suggest HSBC and/or Nationwide myself

Your daughter should still qualify for the 'under 18' accounts at these two institutions (which tend to give higher interest rates)

HSBC pays slightly less interest but comes with a debit card while the Nationwide Smart account only comes with a cashcard.

Alternatively at 16+, one can also open Cash ISA's

Regards
Sunil

Rikki

I would say Natwest especially if she is thinking of going to university as they offer one of the best student accounts.