Account for employed 16 yr old

viktory

Hello

Can anyone advise on the sort of account a 16 year old, with a permanent job can apply for? He currently has a child account, but is really limited as to what he can do with the account (ie, he can't set up DD's etc)

Thanks

jonesMUFCforever

Look at LTSB - U19 account.
He can have a cheque book, debit card (no cheque guarantee),set up d/d and s/o.

Can we ask what D/D he wants to set up though? - although this account will allow them; a 16 year old cannot legally enter into a contract for anything - (including mobile phones, Internet access and subscriptions etc).
In fact the only d/d that I think he could set up would be a savings d/d to a Mini cash ISA!

viktory

ejones999 wrote: »

Look at LTSB - U19 account.
He can have a cheque book, debit card (no cheque guarantee),set up d/d and s/o.

Can we ask what D/D he wants to set up though? - although this account will allow them; a 16 year old cannot legally enter into a contract for anything - (including mobile phones, Internet access and subscriptions etc).
In fact the only d/d that I think he could set up would be a savings d/d to a Mini cash ISA!

That is what he wants the DD for - a mini Isa! He wants to start saving in the new year.

Thanks for your response. :santa2:

realaledrinker

Well if we are touting for business...

Co-op Bonus Account: 5% interest, ATM card (not debit card I grant you), standing orders (ideal for an ISA), internet access, £10 bonus if you keep a min £50 balance in the year, educational gift, corporate responsibility , need I go on?

boo_star

realaledrinker wrote: »

Well if we are touting for business...

Co-op Bonus Account: 5% interest, ATM card (not debit card I grant you), standing orders (ideal for an ISA), internet access, £10 bonus if you keep a min £50 balance in the year, educational gift, corporate responsibility , need I go on?

No D/D facility.

BruceyBonus

HSBC Account is quite good for that age.

You get a Solo debit card, standing orders, direct debits, cheque book (on request), internet banking (optional).

I had this account when I was younger and it was excellent. I used the dd facility for a magazine subscription.

TomJ

viktory wrote: »

Hello

Can anyone advise on the sort of account a 16 year old, with a permanent job can apply for? He currently has a child account, but is really limited as to what he can do with the account (ie, he can't set up DD's etc)

Thanks

If he earns £250pm or over, how about Alliance and Leicester's Premier 21? 10% AER on the first grand for the first year, linked 6% savings acct for anything above £1K, debit card and internet banking. I assume it offers DD facility, as I've not seen anything to contradict it in the T&Cs.

vibrantcolour

I spent ages looking around last month after Halifax introduced a condition for 16-18s where you can't use the counter.

I have since joined Lloyds TSB and am very impressed.

You get a superb online banking facility, with internet saver account and ISA (i will set mine up this month) transfers, plus a VISA debit which is acceptable far more than a solo card. Ie in transactions abroad etc. I havent had this card turned down ONCE.

The interest rate is 3% which is better than HSBCs measly 1.5!!!

Cs

gt94sss2

vibrantcolour wrote: »

The interest rate is 3% which is better than HSBCs measly 1.5!!!

The HSBC interest rate on their 'My Savings' account for under 18's is 5.5% (was 5.75% until a few days ago)..

Regards
Sunil

vibrantcolour

i dont think we were talking about savings accounts, we were talking about current accounts with debit cards.

gt94sss2

The HSBC current account for under 18's comes with a linked savings account - and transfers between the two are instant..

Regards
Sunil