16 Years Old - Best Account?

DailyClicker

Hello!

What would be the best account for me? I'm 16 years old, and currently have a HSBC MyMoney account for Under 18s.

I earn around £100-300 a month, and currently use my card quite a lot! :rolleyes:

Would I be best swapping for a better interest rates/cashback offers?

Thanks
Stephen

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DailyClicker wrote: »

Hello!

What would be the best account for me? I'm 16 years old, and currently have a HSBC MyMoney account for Under 18s.

I earn around £100-300 a month, and currently use my card quite a lot! :rolleyes:

Would I be best swapping for a better interest rates/cashback offers?

Thanks
Stephen

hi mate,

think you could do a lot better with Alliance & Leicester! Earning that amount a money a month would mean you could be paid interest without tax taken off thus meaning you can get a 10% interest current account.

take a look:
http://www.alliance-leicester.co.uk/currentaccounts/index.asp?page=premier21&ct=curracchome

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forgot to add to my post, you get a Visa Debit card and if you go through cashbackkings you can get £52.50p for opening the account!

DailyClicker

Thanks!

Will have a look into it!

Is it easy to switch from one to another?

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DailyClicker wrote: »

Thanks!

Will have a look into it!

Is it easy to switch from one to another?

you can switch if you like, however, it might be an idea to keep your old account for a while whilst you get to grip with your new account.

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Hey, hoping you see this, how did you get on?

DailyClicker

Thanks sooooo much for your help!

Made the switch!

Really happy.

Thanks!

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DailyClicker wrote: »

Thanks sooooo much for your help!

Made the switch!

Really happy.

Thanks!

Hey, you must have got an email alert, that was a quick reply :rotfl:

No problems mate, hope it serves you well. Did you go through the cashback site?

DailyClicker

Yeah!! My Outlook 2007 works quite well some days =P

Yeah I did...... it's tracked as well.

I really appreciate all of your help!!

Thanks again!!!!! =D

skyrider007

Keep the HSBC account as you may want to upgrade it to a student account when you go to uni.

DailyClicker

Yeah, will do!

Could someone please explain to the interest on these accounts:

Alliances and Leicester - Premier 21

10.00% AER (fixed for 1 year) on balances up to £1,000, 0.10% AER (variable) on balances over £1,000

0% EAR typical overdraft. No interest on agreed overdrafts. Usage fee of 50p a day (£5 max per month) applies if agreed overdraft is used. Maximum overdraft limit is £2,500

HSBC My Savings Account (11-17 year olds)

Monthly Interest -

Net % - 3.91
Gross % - 4.89
AER % - 5.00

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Could someone please explain to me the benefits and disadvantages of both of these accounts!

I have around £700 in my HSBC savings account currently and I'm going to transfer this to the Premier 21.

I earn from £150-500 a month, and only spend a little bit of this.

Would I be best to leave some in my HSBC account and have some in my Premier 21 account?

Does it make much more interest? When would I be paid this? Monthly like the HSBC account?

So how much interest would I make in both of them if the money was left at the same time?

Lastly, I am a little worried as I do not want an overdraft.... I assume this is an additional feature that can be stopped/started?

Thanks
Stephen