New job, need bank account for payments to go into... advice

unreal_3

Hi,
I have just started 6th Form and put an application in at Somerfields for a job. Anyways to cut the story short I got 5-10 tuesdays which is great (£4.10x5 = 20.50/wk). I'm told payment is monthly so I will be getting £82/month paid into either a bank account or building society.

Now i'd like to use a bank which I can get to easily, so in my area there are:
Halifax
Lloyds TSB Bank
National Westminster
Royal Bank of Scotland
HSBC
Yorkshire Bank

So basically I was just after your advice on what to go for, I will probably not touch the money (if I can) or occasionally put it into my building society (britainia)

Do I go for student saver accounts or what?

Thanks again!

DocProc

Well, here's the advice, already sorted for you and on this very site:

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1109610116,88950,

Hope that helps.

:-)

PS. Congratulations on getting the job. :-)
PPS. Take your time with this, do your research carefully, play your cards right, and you might be able to negotiate half of the 'introducer's fee' for yourself as well as a 'bonus for opening a current account'.

jonesMUFCforever

You do not qualify for a student account (yet) as these are for University students going for an Honours degree.
Good luck with the job.
Most banks will have 'youth' accounts suitable for your needs - most will supply you with a visa electron card. It might be easier to open an account with a bank that your mum or dad is a customer as you may have to have them confirm your address as part of the account opening process.
Eric

grumbler

ejones999 wrote:

...most will supply you with a visa electron card...

...or Solo (Maestro) card that is about the same as Visa Electron.

RichyRich

I always found Solo more widely accepted than VISA Electron, however only 4 (?) banks offer it:

NatWest
BoS
Halifax
HSBC

coolsteel

I would do your research but make sure you get a good interest rate on your CURRENT ACCOUNT as Barclays for one give you something like 0.1% pathetic i know, where as some give 3% plus! one hell of a difference!
Coolsteel :cool:

unreal_3

Lloyds TSB: Under 19's account Interest Paid Quarterly
AER% 3.30
Gross% 3.25
Net% 2.60

Natwest: CardPlus 16-18
AER% 3.40
Gross% 3.35
Net% 2.68

Royal Bank Of Scotland: R21 account
AER% 2.27
Gross% 2.25
Net rate% 1.80

HSBC: Right Track
Net% 0.08
Gross% 0.10
AER% 0.10

So at the moment Natwest CardPlus looking good.

I wanted one of the banks I listed because it means I can get at the cash without having to go all the way into town. It also appears that the cardplus rate is one of the best around which is great!

Lemme know if im making a mistake here or missing some small print but the natwest is looking top at the moment!

RichyRich

I had CardPlus ffrom NW at your age. Looks the best one at the moment for you to me and if it's a local/"sub" branch you'll normally find the branch staff really friendly and helpful.

PS with most banks now yuo can use any major bank's cash machine free of charge so a trip into town wouldn't always be necessary.