Which bank account for a teenager?

[Whatsleftnow]

I was going to set up a Revolut account for my two kids, but as far as I can see I have to upgrade my own account (€7.99 a month) in order to have more than one child linked to my account.

I could have that wrong, but Revolut gives me a headache every time I try to use it.

can anyone recommend a bank account for young teens (or persuade me why it would be worth pissing my money away)

Ideally I want them to be able to spend electronically, by card, and withdraw cash. And to be able to set up saving pots and learn to budget.

My kids are now in their 20s but both chose the Santander accounts as at the time they paid the most interest. I got them to check the MSE info first.

I would not choose any 'special' accounts that cost money. I just helped mine open a normal account with the same bank I use and they set up mobile banking. No need to pay for linked accounts or special cards. A lot of the online only banks have 'savings pots' and budgeting options built in, but nothing wrong with starting with the basics. Just having an account is an advantage. DS1's best friend didn't have a bank account when he started his first job and it was harder to open one at 16 than it was for a younger child.

DS1 is 16 now and working part time so has just opened a separate savings account with the same bank. He asked me for advice and I sent him a link to the MSE website on savings accounts and told him to research before he opened one. He did, but opted for one with the same bank for convenience and chose a regular saving account as it was better interest rate.

Both mine had the under 19's accounts from TSB as it had decent interest rates.

It also converted automatically into a student account when they went to uni which saved a lot of hassle of trying to open a new account in the very short time between getting your uni place and actually moving. Also no issue of being turned down for the account which does happen quite often. OK it didn't have all the freebies that some have, but for ease it was ideal.

DD1, now 16 has a Santander account as it's my bank and we were able to open it online when she turned 13. DD2 is 11 and was planning on doing the same for her but Santander had to be in person under 13 and our closest branch aren't able to do so as 'they're counter service only' (!?). I could do it if I was willing to do a 2.5 hour round trip to the next nearest branch. I said thanks but no thanks, you've just lost out on a new customer. Went for a Halifax express-cash account instead. Opened in branch and made sense as she already has a savings account with them. I'd swerve any account that required a fee.

Mine had normal bank accounts with a Visa card that was used to set up Apple Pay. They have a separate savings account that they can transfer cash to and from. One of them has Lloyds, another Barclay and another Santander

Mine have Santander 123 mini, no fees, internet banking and interest on their balance up to £2K I think.

We looked at all the 'special' kids banking, cards etc but they charge fees and don't pay interest.

Thanks for these. I’m going to sit down and take a closer look at the suggestions. 👍

Mines 17 and has a Monzo account

Monzo has worked out really well for our (from age 16)

Looking back now mine are adults I think the best thing is for them to have accounts with the same bank as you. Over the years we seem to have been forever sending money back and forth (usually from us to them!) and it's so quick and easy if it's within the same bank.

Mine all got bank of Scotland current accounts when they turned 11 - I have 2 current accounts there so it made sense to use the same for DC.

My teens are with Nationwide. Gave up on Revolut after it became harder and harder to add funds.