Bank cars for 16+

chrismoney84

Hi which bank company and type of account is beneficial for a 16+ that can receive employer income, can be used for everyday essentials online and at the counter and can save the change into a savings account 

MinuteNoodles

Just get an account with a debit card and then set up a regular saver account and save so much per month into it.  Much better to set good personal finance habits early on rather than rely on a gimmick which a bank may choose to withdraw at any moment. It would also save a lot more than just rounding up purchases to the nearest pound and putting the pennies into a savings account.

jet01

Nationwide do offer the ability to round up change and add to savings and impulse saver feature in their app. The problem is the interest rates they offer are some way behind the best instant access accounts. Virgin Money current account pays 2% interest on the first £1k which is pretty reasonable, especially if you won’t be carrying a bigger balance, and comes with a linked savings account that offers 0.5% interest but does not have the option to round up change to add to savings automatically I don’t think. Also this account offers free foreign cash withdrawals and fee free card spending abroad which is good thing to have. However, I note you mention you want an account for someone 16+ which makes me think you might be under 18 and this account has a minimum age of 18. If you are under 18 the mini 123 Account from Santander might a good option to consider because it offers tiered interest of up to 3% depending on your balance. 

Any account with a debit card can be used for online and over the counter purchases, so if that is the most important feature pretty much any current account open to 16+ age group fits the bill. Then manually transfer money to a top savings account on pay day. Starling and Monzo both offer accounts for 16 and above if you want convenience of online only banking for the current account. 

jonesMUFCforever

Lloyds have a youth account - U19 - not sure about save the change but the interest rate up to £2500 is decent - they have a debit card and of course an employer can pay in wages to it.

eDicky

Have a look at Starling Bank and Monzo, they offer accounts to 16+.

[Deleted User]

Nationwide FlexOne gives free overseas usage and a contactless card like Starling/Monzo plus branch access too. Virgin Money, TSB and Santander are other decent options to consider.