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15 Aug 19, 05:09 PM |
#1
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Guest
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Bank account for 16 year old
Looking to set up a bank account for DS(16) so he can have a card and use that in shops rather than me having to empty my purse for cash for lunch on a daily basis. Is just for lunch money and sundries and I want to be able to transfer an amount online.
Any suggestions would be helpful. Just got back from holiday, been out shopping for uniforms etc and failed to go into any banks in the last few days to find out. |
15 Aug 19, 05:10 PM |
#2
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Imagineer
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Nationwide flex one is a good one - can also use abroad with no fees
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15 Aug 19, 05:11 PM |
#3
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VIP Dibber
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We've used NatWest for our children. You can apply online, then when the paperwork comes through you just need to pop in to a branch with the ID documents.
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15 Aug 19, 05:12 PM |
#4
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Imagineer
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My daughter has the nationwide flex one. X
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15 Aug 19, 05:25 PM |
#5
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VIP Dibber
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We’ve got our 16 dd a Santander 123 account. It gives monthly interest rates at 3% from balances between £300-£2,000. When she turns 18 it’ll automatically move to an adult account.
Just to add, we chose a bank that had a local branch (which Santander does) as so many are shutting down I thought this was important and something to consider if you are wanting access to over the counter services. Kat Edited at 05:28 PM. |
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15 Aug 19, 05:27 PM |
#6
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Imagineer
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To make it easier I would suggest opening one with whoever you bank with as you won't have to mess about with ID for you and you should only need the passport as ID for your child. For a basic youth current account with a small amount of spending money in it I don't think there will be much in it in terms of interest and benefits.
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15 Aug 19, 05:30 PM |
#7
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Imagineer
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It doesn’t really matter as they are all very similar.
I have Santander accounts for my daughters as that's where I bank and it’s easy to transfer money to them.
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15 Aug 19, 05:35 PM |
#8
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Imagineer
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We opened a starling account for our 16 year old. I transfer money in using their app from my starling account, really easy to do.
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15 Aug 19, 05:38 PM |
#9
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Excited about Disney
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Santander 123 account actually has decent interest rate as well.
You can get a contact less debit card or just an ATM card. The account will need to be held in trust up until the age of 13.
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15 Aug 19, 05:53 PM |
#10
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New Poster (4)
Join Date: Jun 19
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I would go with one of the new tech banks - Monzo, Revolut etc. He will get a contactless card, you can load money onto it, he can use it for online payments, everything is shown on his card as soon as he spends so no delay in the balance being updated.
Suspect that he will go that way anyway when he does it himself rather than keeping with the 'old' style banks. |
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