best current account for my 16 year old

spanerfoot

hi

Does anyone out there have any suggestions as to the best bank account my daughter can open when she starts college this year to have her EMA paid into......................

Voyager2002

I've just been researching this very issue...

My choice is the Nationwide Flex Account, which comes with a cashcard for instant access to the money. It is available from 16, although there are no credit facilities until she is 18. To get a decent rate of interest she should also open an internet savings account with them.

Halifax also offer a current account for 16 year olds, but the interest rate is pathetic.

gt94sss2

spanerfoot wrote: »

Does anyone out there have any suggestions as to the best bank account my daughter can open when she starts college this year to have her EMA paid into......................

I usually suggest you look at the HSBC and Nationwide offerings - both of their 'child' accounts are available to under 18's. ('child' accounts tend to pay higher interest!)

The Nationwide Smart account pays slightly more interest but only comes with a cashcard, while the HSBC comes with a debit card - it depends which your daughter wants/needs

Whichever you choose, don't forget to register the account for gross interest.

Also at 16, one can open a Cash ISA.

Regards
Sunil