Bank Account for a 16yr old

ElectricWarrior · 08/03/10 - 22:38

Hi

My lad is nearly 17 and now needs a current account as well as his current savings account.

He is currently in his first year at Sixth Form College and will need the current account to receive his wages from a part time job.

He's trawled the web for ideas but can't make his mind up who to go with, so has anyone any recommendations.

He would just want say a £50 free overdraft for "accidents", but would be interested in any good "free offers" that are given to entice youngsters.

Thanks in advance

mirandashell · 08/03/10 - 22:41

Hmm.... I definitely wouldn't get him a bank account with an overdraft! Would you really trust a teenager with one? I can barely trust myself! LOL!

[Deleted User] · 08/03/10 - 22:52

I have a Lloyds current account and am more than happy and never had any problems. Been with them since I was 17. I also have my savings account with them. I agree with Miranda, I wouldnt get him an account with an overdraft. Im 21 now and do not have an overdraft. Never needed one.

[Deleted User] · 08/03/10 - 22:54

I certainly wouldn't go for an overdraft account - do any banks give overdrafts to 16 year olds?!

My son is with Nat West - he started with their Adapt Account when he was 16 and moved on to their Current Account when he was 17 as he needed to set up a direct debit for his mobile phone contract. (You can't do that with the Adapt). He is at College and he gets his part time job money paid into this account and his EMA. He pays his mobile phone contract from this and also manages to save some money into a savings account and so he is becoming quite independent with his money now.

My daughter is also with Nat West but she has the overdraft facility as she is at Uni.

I hope this helps - I don't have any experience of other bank accounts but quite a few of my friends kids use Nat West.:)

[Deleted User] · 08/03/10 - 23:01

My sons have all held current accounts with Lloyds since they were 12, into which I transfer their pocket money/allowance etc and into which any birthday/xmas money is paid by friends and rellies. Lloyds have also allowed for the odd 'accident' so to speak [but we are talking a fiver or so here, not 50quid] even at the age they are at - all still at school and not earning.
Maybe it helps that I am with the same bank, I dunno. They have a cashpoint card which is also a debit card [not credit] and have had these since they were 12 years old. Much better than carrying cash around with them, and they can also buy stuff online etc which you cannot do with a used fiver from the back of mum's purse!
I would only recommend an account with an overdraft facility at age 17 if either you are prepared to bail them out, or they know where they are going to pay the overdraft from. We all know a 50 quid overdraft can soon become a 500 quid overdraft and that is no way for a 17 year old to start out.
Good luck

[Deleted User] · 08/03/10 - 23:05

lizzydripping25 wrote: »

I certainly wouldn't go for an overdraft account - do any banks give overdrafts to 16 year olds?!

My son is with Nat West - he started with their Adapt Account when he was 16 and moved on to their Current Account when he was 17 as he needed to set up a direct debit for his mobile phone contract. (You can't do that with the Adapt). He is at College and he gets his part time job money paid into this account and his EMA. He pays his mobile phone contract from this and also manages to save some money into a savings account and so he is becoming quite independent with his money now.

My daughter is also with Nat West but she has the overdraft facility as she is at Uni.

I hope this helps - I don't have any experience of other bank accounts but quite a few of my friends kids use Nat West.:)

Oh yes, forgot to add that he also gets a cashpoint/debit (not credit) card which he can use for buying stuff.

ForestChav · 08/03/10 - 23:21

lizzydripping25 wrote: »

I certainly wouldn't go for an overdraft account - do any banks give overdrafts to 16 year olds?!

AIUI they have to be 18 because it's strictly credit.

ElectricWarrior · 08/03/10 - 23:38

Thanks so much for your prompt answers

Just wanted to set things straight though about the £50 overdraft I mentioned. He doesn't ever intend to use it as an overdraft as such, but as a "just in case". I once got charged £25 for slipping £2 overdrawn when a cheque I'd written was cashed about 3 months late. My bank suggested a £50 free overdraft to cover for a genuine mistake could have saved me the hassle of getting the charge waived.
My lad enters sports events that often need the entry fee to be paid by cheque, and if he had his own cheque book he would be more independant, but this could cause a slip up.

My posting was mainly to see if there were any offers out there for opening an account.

Cheers

Gogfumble · 08/03/10 - 23:43

I doubt, but am ready to be mistaken, but I doubt they would give a 16yr old a cheque book either.

I think most under 18 accounts are just basic accounts, where he shouldn't be able to go overdrawn. I know my first account at a similar age I was just given a cash card (you should get electron or solo facilities with it) and a paying in book.

grumpyscot · 09/03/10 - 06:30

Cheque books are on the way out anyway - they're due to be phased out over the next 2 to 3 years

chattamanuk · 09/03/10 - 08:07

I opened my First Direct account when I was 16 for my new job (jeez that was a ling time ago now!) Not sure if they do any 'freebies' but for customer service I have been very happy with them.

[Deleted User] · 09/03/10 - 10:07

My son was with Abbey (now Santander of course) from the age of 16. He got a cheque book and a debit card, he had to have an account for his EMA money to be paid in directly.

Your son will definitely not be given an overdraft of any size, you have to be 18. He will not be allowed to go overdrawn, if the funds aren't in there, the card doesn't work.

Hope this helps.

Abbey have always been great btw, I'd recommend them.

[Deleted User] · 09/03/10 - 10:45

Having thought about this again:rolleyes: I know that banks have all kinds of 'offers' to get Uni students to bank with them - free overdrafts etc, rail cards - but I still can't think of any that do too much for 16/17 year olds - although I am happy to be corrected:)

Olivia is cool · 09/03/10 - 15:27

Gogfumble wrote: »

I doubt, but am ready to be mistaken, but I doubt they would give a 16yr old a cheque book either.

I think most under 18 accounts are just basic accounts, where he shouldn't be able to go overdrawn. I know my first account at a similar age I was just given a cash card (you should get electron or solo facilities with it) and a paying in book.

I had a cheque book with Lloyds TSB at 16. It wasn't a 'guaranteed' cheque book though. As for the card, that was a Visa Debit, but cut-back as if it were a Visa Electron.

County Court · 09/03/10 - 16:36

You wont be able to obtain an overdraft at 17, no bank will give it to him.

BBTweets · 09/03/10 - 17:12

My son went overdrawn because a cheque he'd been paid with bounced after being cleared and he only had a 'junior' account with RBS so it can happen. They did stop the charges after I got in touch with them but he still had to repay the amount of the bounced cheque.

Can't you get him a pre-paid credit card for emergencies? That way he'll at least have access to emergency cash should the need arise and if he ever did manage to go overdrawn he could use the card to pay the overdraft back. I don't think there's any age limit for those type of cards either.

Cent · 09/03/10 - 17:35

I'm not sure you get given cheque books anymore.

I think its something you have to request if you want it.

I've never been offered one and have a few accounts. I'm 21. I'm pretty sure they are phasing them out.

[Deleted User] · 09/03/10 - 17:35

Gogfumble wrote: »

I doubt, but am ready to be mistaken, but I doubt they would give a 16yr old a cheque book either.

I think most under 18 accounts are just basic accounts, where he shouldn't be able to go overdrawn. I know my first account at a similar age I was just given a cash card (you should get electron or solo facilities with it) and a paying in book.

I had a cheque book at 16.

Hey there!

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