Bank Account for 16 year old

Siobhan7
Siobhan7 Posts: 73 Forumite
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in Budgeting & bank accounts
Hello
What is the best bank account to open for a 16 year old?
When I was her age I went with Natwest but alot has changed in 12 years!
:)
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Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Define best?

    What are they/you looking for exactly?
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    TSB and Santander both pay good rates of interest on credit balances for their respective accounts for a 16-year-old...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • xylophone
    xylophone Posts: 44,348 Forumite
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    Have a look at the section on children's bank accounts here

    https://www.moneysavingexpert.com/banking/cards-for-under-18s/
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
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    Actually, forget my last post. If you want the young man or lady to learn about budgeting and money management, then a bank like Monzo is the way to go. You've got the app for organising budgets, and the bank puts a block on illegal transactions such as gambling :)
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    Santander mini 123 or Nationwide FlexOne are usually the best.

    Anyway, about to hand myself in for those illegal (lucky dips) gambling transactions.
    Do they have Prohibition in Brexit England?
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
    First Anniversary
    Heng_Leng wrote: »
    Santander mini 123 or Nationwide FlexOne are usually the best.

    Anyway, about to hand myself in for those illegal (lucky dips) gambling transactions.
    Do they have Prohibition in Brexit England?

    A 16yo can play the National Lottery (and associated things like their scratchcards) but can't legally do other forms of gambling. Not sure if that's a "yes" or "no" to your question :)
  • worried_jim
    worried_jim Posts: 11,631 Forumite
    Combo Breaker First Post
    Monzo all they way. It's the 21st century, don't burden them with a bank from 18th.

    https://monzo.com/
  • sal_III
    sal_III Posts: 1,953 Forumite
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    https://www.starlingbank.com/current-account/

    Another 21st century bank perfect for smart phone savvy youngsters. Includes budgeting and saving aids.
  • colsten
    colsten Posts: 17,597 Forumite
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    sal_III wrote: »
    https://www.starlingbank.com/current-account/

    Another 21st century bank perfect for smart phone savvy youngsters. Includes budgeting and saving aids.

    Saving aids? As in "we can show you how we can pay you even more abysmal interest rates than the rest of the market"?

    One important piece of knowledge to pass to the youngster is that she should not put all her eggs into one basket as that would be as un-savvy as she could possibly get.
  • eDicky
    eDicky Posts: 6,570 Forumite
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    Don't Monzo and Starling banks require applicants to be 18+..?

    Nationwide FlexOne pay (I believe) 1% interest and charge no fees or exchange loading for overseas use of the debit card, which is handy for school foreign trips etc.
    Evolution, not revolution
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