RBS Under 18

wilsonator08

I have just been and attempted to get a current account with RBS aged 16.

However was told, I could only get a revolve account.

First of all is this correct, has anybody under 18 got a standard account? (they basically said its revolve or nothing)

Secondly, are their any disadvantages to the revolve accout? I've heard that they give you a card not accepeted in shops, just for taking money out.

Thirdly, are their any banks that will give me a full account? (minus overdraft) or are they not allowed to give me a full account under 16?

Finally, if I do have to have a young persons acccount, which ones give me a card to use to pay in shops, online and take my money out?

Thanks

Kilty_2

One of the only "full" ones you can get is the Nationwide FlexAccount but it comes without a debit card if you're under 18.

Lloyds TSB's Under 19's account comes with a Visa Debit card, as does Alliance and Leicester's under 21's one (they call their account something else, cant remember what)

natweststaffmember

you cannot get a maestro card if you are under 18 because by definition it is covered by the Credit Consumer Act because of the cheque guarantee facility within it(and therefore you cannot offer credit to someone under 18 years of age). You would get a cashcard of course.

wilsonator08

Thanks for your replies so far...

What is the difference between a Visa Debit Card and a Maestro Card??

natweststaffmember

I think they are one in the same, but natwest do not offer a visa debit card so i think others can clarify.

Lavendyr

You might be able to get a Solo card though, which is the "under-18" equivalent of Maestro.

bradc

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chica_fi

Some banks use visa based cards and others use mastercard / maestro type cards. No real difference in acceptance across the place.

You can have a maestro card without it being a cheque guarantee card, so some banks will give you a maestro debit card which you can use in shops / on internet etc. Clydesdale / Yorkshire bank will open you an account at 16 with a maestro card - depends on where you are whether they're handy for you or not?!

System

You can get Maestro from Clydesdale (Yorkshire) bank.
Visa Debit from LloydsTSB, A&L and Barclays.
The others will mostly give you a Solo card, Visa Electron or just cash card.

They mostly work in the same places with Chip & Pin - with Maestro/ Visa Debit being slightly better accepted. The youth accounts are virtually the same as 'full accounts' but with better rates, and (except the A&L one) don't require regular credits either.

wilsonator08 wrote: »

I have just been and attempted to get a current account with RBS aged 16.

However was told, I could only get a revolve account.

First of all is this correct, has anybody under 18 got a standard account? (they basically said its revolve or nothing)

Secondly, are their any disadvantages to the revolve account? I've heard that they give you a card not accepted in shops, just for taking money out.

Thirdly, are their any banks that will give me a full account? (minus overdraft) or are they not allowed to give me a full account under 16?

Finally, if I do have to have a young persons account, which ones give me a card to use to pay in shops, online and take my money out?

Thanks