Bank Account for 16 year old

EarthBoy

eDicky wrote: »

Don't Monzo and Starling banks require applicants to be 18+..?.

Not any more. They've both reduced the minimum age to 16 now.

colsten

eDicky wrote: »

Don't Monzo and Starling banks require applicants to be 18+..?

Monzo is 16+, Starling 18+, according to their respective websites

sal_III

colsten wrote: »

Saving aids? As in "we can show you how we can pay you even more abysmal interest rates than the rest of the market"?

One important piece of knowledge to pass to the youngster is that she should not put all her eggs into one basket as that would be as un-savvy as she could possibly get.

Saving goals prevent you from spending money you yourself has ring-fenced, while allowing you to ultimately remove the goal and still use the funds. A good tool for staving off impulse purchases. Abysmal interest rates? What are you smoking, the rates are above average for current account balance, most of the high street banks offer 0%

What is the problem of having 1 current account? I doubt they will go over the FSCS £85k limit so the money are protected. If you are talking about not being able to access your money because of a bank IT issue etc. a CC from a different financial institution or some cash should carry you over a couple of days of issues.

colsten wrote: »

Monzo is 16+, Starling 18+, according to their respective websites

https://www.starlingbank.com/news/current-account-16-17-year-olds/

agrinnall

sal_III wrote: »

...a CC from a different financial institution or some cash should carry you over a couple of days of issues.

I don't believe under 18s are allowed to have a credit card in their own name. Opening a second current account is a sensible thing for anybody to do, whatever their age (except perhaps very young children).

EarthBoy

colsten wrote: »

Monzo is 16+, Starling 18+, according to their respective websites

The FAQs on Starling's website are out of date. They recently lowered the minimum age to 16, as per the link quoted by sal_III above.

https://www.starlingbank.com/blog/teen-bank-account-built-by-young-people/

colsten

sal_III wrote: »

Abysmal interest rates? What are you smoking, the rates are above average for current account balance, most of the high street banks offer 0%

0.5% is abysmal. It's not less abysmal because some only offer 0%. Anything below inflation is abysmal. Several places pay 3 times as much, and at least one place pays 10 times as much.

Dobbibill

What does your 16yo think? Do they have any thoughts on it - it's generally good to involve them and see what they want out of an account and why.

Siobhan7

Thanks everyone. Sorry I’m so late getting back to everyone!

It’s still not sorted. Left it with her Mum as she wanted to sort it out which is fair enough.

Taken into consideration everything you’ve all said though so thank you!

Jlawson118

I joined HSBC when I was 16/17. It was a good account, had a £100 daily withdrawal limit and access to branches were easy enough to get to, but then when I turned 18 they failed to upgrade my account