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Higher education

Talk to other parents whose children are preparing for university on our Higher Education forum.

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Original poster

Student accounts for under 18s - any experience please

22 replies

pastaofplenty · 05/08/2015 20:32

DD will be starting university in September but is 17 not 18. We didn't think this would be an issue as she has UCAS confirmation letter and Student Loans letter however the banks we have approached (Santander, HSBC, Barclays) said she can't open a "Student Account" until she is 18, so she won't benefit from the usual offers eg: overdraft, freebies, railcard etc... The only option we have been given is to open a "teenage" account now and then transfer it when she reaches 18 which seems a pain (and will mean she is not on a level footing as other freshers) Does anyone know of a bank that accepts that some university students may not be 18 yet? Thanks

OP posts:

balletgirlmum · 05/08/2015 20:35

I don't know but I know it's been discussed on balletcoforum as you can start a classical ballet degree at age 16

I'll see if I cdm find the thread.

Original poster

pastaofplenty · 05/08/2015 20:39

Thanks balletgirlmum

OP posts:

balletgirlmum · 05/08/2015 20:43

Doesn't look like it's possible.

www.balletcoforum.com/index.php?/topic/4674-student-bank-accounts-for-16-year-olds/?fromsearch=1

Original poster

pastaofplenty · 06/08/2015 07:18

Thanks balletgirlmum - just read the thread - seems like banks are missing a trick! I guess there must be a reason why but it's frustrating.

OP posts:

Metacentric · 06/08/2015 07:24

said she can't open a "Student Account" until she is 18, so she won't benefit from the usual offers eg: overdraft, freebies, railcard etc...

You can't legally have an overdraft until you're 18. So such accounts aren't available for reasons outside the banks' control.

There is no point in creating a completely new set of terms and conditions for a very niche product that would be a student account without an overdraft and with various other changes needed to deal with under 18 year olds being unable to form binding contracts.

2rebecca · 06/08/2015 08:47

My son started uni at 17 and stuck with his teenage account until he turned 18 when he opened a couple of new accounts.

BareGrylls · 06/08/2015 13:56

Actually she could be better off with a regular current account.
Both of my DC had Lloyds under 19 accounts from the age of about 15. Their pocket money and part time wages go into them and they get 2.5% interest up to £2500. It's a proper current account with a debit card and on line access.
When DS1 started university Lloyds converted it to a "student" account and it went to zero interest. The perks of special student accounts are really not that great. I wouldn't want DC to be getting overdrawn and a free NUS card is not worth much.

Metacentric · 06/08/2015 14:07

Actually she could be better off with a regular current account.

They aren't easy to get until you're 18 either.

Both of my DC had Lloyds under 19 accounts from the age of about 15.

Precisely so: the same accounts mine had (to be accurate, for reasons unfathomable the online banking element requires you to be sixteen). I am constantly amazed at the number of teenagers who don't have sensible bank accounts with debit cards: do these children not buy things online?

2rebecca · 06/08/2015 15:39

My son's teenage accounts gave him debit cards, he had Lloyds and RBS. He couldn't do online banking which was a nuisance. He has a Santander one now as his main over 18 account.

BackforGood · 06/08/2015 15:52

I am constantly amazed at the number of teenagers who don't have sensible bank accounts with debit cards: do these children not buy things online?

er - nothing to do with the thread, but, no, my dc don't buy things online (and yes, do have accounts with debit cards - or the older 2 do). What would they need to buy online?

Metacentric · 06/08/2015 15:55

What would they need to buy online?

Mine buy books, clothes, music, apps, train tickets, hotel reservations, Graze boxes...

It's far easier for things like open days to get them to book everything and then claim the money back off us.

balletgirlmum · 06/08/2015 15:59

Dd & ds (age 11 & 13) have HSBC accounts with a debit card & online banking.

Ds hardly uses his but d buys clothes from new look, books, music etc.

SofiaAmes · 06/08/2015 16:00

BackforGood my dd is 12 and has had her own bank account complete with debit Mastercard for several years now. She buys clothing and music online. Subscribes to Netflix and Spotify with her own money/account. When we go to the mall, if she wants something non-essential she buys it herself with her own card/money. I have her allowance direct deposited into her account and when she gets birthday money checks, they get deposited directly to her account. It's my belief that if more children were taught to manage their own money and given practice to do so, they might not end up being fiscally irresponsible students/adults.

Metacentric · 06/08/2015 16:01

It's my belief that if more children were taught to manage their own money and given practice to do so

Indeed.

BackforGood · 06/08/2015 16:09

I agree with the learning to budget bit, but that doesn't automatically have to include buying stuff on-line - in shops mine use their cards sometimes, but it's just not occurred that they ever "need" to buy anything on-line (except if spending an Amazon voucher they have for their birthdays or Christmas).

BackforGood · 06/08/2015 16:10

Sorry OP - derailing the thread a bit

balletgirlmum · 06/08/2015 16:23

Backfirgood - dd finds there is a lot of stuff that is either only available online (specialist dancewear) or is a lot cheaper online than in shops (books) etc.

BareGrylls · 06/08/2015 16:45

I buy everything a lot on line and so would expect DC to do the same. We do live in the back of beyond though. Certainly music and games are all bought on line.
I have taught them how to manage paying safely on the internet as it seems to be the way forward. DS2 uses a PayPal account for any purchase from dodgy unknown website.
They also have other savings accounts and know to move money from A to B to maximise interest.

Whyjustwhy · 06/08/2015 19:38

Slight de-rail, but has your DS checked out the situation regarding. attending Freshers events as a 17 year old?
One of DS friends was unable to attend any events with alcohol as he was 17. This may not be an issue, or something that bothers your DS, but best to know beforehand

2rebecca · 06/08/2015 20:13

My son bought apps online, music and games from Steam mainly before going to college.

2rebecca · 06/08/2015 20:16

My son had that problem, didn't bother him much as he's not in to clubbing. The student uni stuff he could go to but not drink (although there was a lot of pre-drinking going on) but some events were ran by outside agencies for all the Glasgow students and he couldn't go to those.

justjuanmorebeer · 09/08/2015 02:10

Hi. This happened to me as I was moved up a year at school so started uni at 17 and not 18. Luckily my birthday is in October so as soon as that happened ( only 5 days after enrolement) I just took all my paperwork down to my bank (hsbc if of interest) and was sorted with a student acc, overdraft and credit card in no time at all. They just altered the account I already held. As far as I remember I had already had the first installment of my loan paid by then too. What month is their birthday in?

The railcard I think shouldn't make a difference as you just have to show evidence of being a full time student somewhere doesn't matter about DOB. I had one of those at 17 and again as a student at 26 so I think that will be fine.

I would advise you to email admissions of the uni in advance though just to point out again and again that they will be starting 'underage'. Despite going through 2 years of college and the whole UCAS system, moving down to London on my own etc I still was turned away from enrolment day for being under 18. Ridiculous really. It was sorted in the end but took ages and a lot of toing and froing.

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