Best savings accounts for 18 year olds?!

Ch0c0lat3truffle_Enthusiast

Hi everyone. Kind of new to this so bear with me.

I'm 18 looking to open a high interest savings account. However, given my age, there is little widespread information to verify my identity. As I pay no bills, have no credit score etc I couldn't open an account with Atom Bank, a purely app based service, as I did not pass their internal information threshold. 

As a result, I'm not sure other app based banks (like Moneybox), who have the highest rate currently, will accept my application. So anyone know the best saving account for 18 year old's, where I won't be blocked from applying?

surreysaver

Are you on the electoral roll? You should be by now, but might be worth making enquiries to see if you are. That will give you more options 

Ch0c0lat3truffle_Enthusiast

surreysaver said:

Are you on the electoral roll? You should be by now, but might be worth making enquiries to see if you are. That will give you more options 

I was asked this question. I am registered to vote, but this wasn't enough to get me the account. So I'm not sure where to go from here.

Emmia

Ch0c0lat3truffle_Enthusiast said:

Hi everyone. Kind of new to this so bear with me.

I'm 18 looking to open a high interest savings account. However, given my age, there is little widespread information to verify my identity. As I pay no bills, have no credit score etc I couldn't open an account with Atom Bank, a purely app based service, as I did not pass their internal information threshold. 

As a result, I'm not sure other app based banks (like Moneybox), who have the highest rate currently, will accept my application. So anyone know the best saving account for 18 year old's, where I wolin't be blocked from applying?

Do you have a driving licence, even a provisional?

dcs34

Go for a branch-based account with a traditional bank, where you can go in and speak to someone (to prove who you are).

xylophone

Do you have a passport?

wmb194

Do you have a current account? Even without an overdraft this will appear on your credit report.

Ch0c0lat3truffle_Enthusiast

wmb194 said:

Do you have a current account? Even without an overdraft this will appear on your credit report.

Yep I do. 

Ch0c0lat3truffle_Enthusiast

dcs34 said:

Go for a branch-based account with a traditional bank, where you can go in and speak to someone (to prove who you are).

Ah ok. Thanks! 

lr1277

Another suggestion to get an entry in your credit file is to have a pay monthly SIM for your mobile.

Savvy_Sue

Worth asking your current bank what their 'best offer' is, and then googling around to see how much more than that you can get elsewhere - assuming you can get one elsewhere of course. IMO the 'best' rates are for regular savings accounts - some you have to put in the same each month, others you can put in a variable amount, but it's always limited - £150 to £300 pm is my experience.

And it will also be affected by whether you anticipate having to withdraw your savings at all - 'good' rates may be reduced if you withdraw at all, or after 3 withdrawals. 

And don't rule out ISAs, even if you don't (yet) pay tax ... and aren't likely to earn enough interest to trouble HMRC just yet.