Bank Accounts 20 year old

kazzamoon

Anyone any recommendations for a current account for my 20 yr old. Lots of offers out there but all seem to require 2 Dd's which for someone living at home are non existent. Lots of transfer offers too!! He's earning a good salary but currently got a basic account with no benefits at all. TIA 

simongregson

The switching offers mostly require some direct debit transfers, but they can still open the account, they just won't get the switch offer. So on that basis maybe look at accounts with ongoing rewards, maybe Chase with 1% cashback? If their pay is not the required £1500 a month for cashback they can just transfer money backwards and forwards from their old account to meet the pay in.

Having said that, are you sure they do not have 2 direct debits? A mobile phone contract would be one, if they set up paypal to pay by direct debit that would be another, car insurance, gym etc.

Keep_pedalling

Why don’t they get a passport or provisional driving licence? They are going to need ID for lots of things in the future.

flaneurs_lobster

Keep_pedalling said:

Why don’t they get a passport or provisional driving licence? They are going to need ID for lots of things in the future.

Think that's DD's rather than ID's in the OP, but yes, ID's are useful too.

HillStreetBlues

If struggling with DD  just set up some throwaway ones like 30p DD  just remember to cancel them.

Eco_Miser

 There's a thread about suitable DDs for meeting account requiremnets at https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list

Rob5342

I'd suggest a modern bank like Monzo or Starling. If they want to get the switching bonuses then get a secondary account and switch that around. 

Nasqueron

kazzamoon said:

Anyone any recommendations for a current account for my 20 yr old. Lots of offers out there but all seem to require 2 Dd's which for someone living at home are non existent. Lots of transfer offers too!! He's earning a good salary but currently got a basic account with no benefits at all. TIA 

If he has a basic account with a salary going in, why not ask the bank to upgrade it?

A 20 year old can get a SIM only mobile contract and a credit builder credit card, both will require direct debits and will build a good credit record (not the fake score) 

wmb194

Also easy to setup a PayPal DD.

Alexland

He's missing out on some cracking deals if he doesn't have any DDs. There are usually a few life insurance companies that give around 120 cashback on policies that cost just £5 per month and can be cancelled after 6-7 months when the incentives become payable. Very useful for maintaining DDs on a switching donor account with a low balance. Read the terms carefully to find these gems.