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Best saving/current account for teenagers

7 replies

readallaboutit · 29/07/2013 15:25

My dd aged 13 would like to open a bank account, she has a savings account with a building society that i have been putting money into on her behalf, but would like an account that she can put her pocket money into and one which comes with a switch card or similar. Any recommendations would be most helpful

OP posts:
lljkk · 29/07/2013 19:20

Santander.

talkingnonsense · 03/08/2013 12:04

I was going to ask the same question! Any reason for Santander lljkk?

cq · 03/08/2013 12:17

My 12 & 14 yr olds have Lloyds TSB accounts. They have a debit card and get regular statements. Can't go overdrawn. I pay them their pocket money online each month and they are learning to budget and manage their money. Not sure they're earning any interest but that's not really what it's for.

enderwoman · 03/08/2013 12:22

Mine has a Barclays Visa debit card. Can't be overdrawn and Visa is accepted everywhere which was the main draw for me.

BackforGood · 03/08/2013 12:30

I looked into this 3 years ago and also last year (2 dc). tbh, I found all the banks do pretty similar accounts so I'd go with whichever has a branch that is convenient to you.
They are too young to be able to have a credit agreement so none of them allow them to go overdrawn.

lljkk · 03/08/2013 13:51

Santander because they are big enough to be everywhere & shouldn't fail & should with high public profile be motivated to be competitive wrt customer service. Also, when I looked, they were the only one that offered a cash card as young as 11.

AnnCoats · 06/08/2013 21:25

My teens both have the Lloyds TSB Under 19's Account. They get debit cards, internet banking when they're 16 and 2.5% interest on balances under £2500.

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