Bank account for teenagers

[oystermum]

Hi, what is the best bank account for a teenager?

All the high street banks will offer one with a debit card

I think one of the best is the Santander mini 123, you get get interest and a debit card, this is who my 17 year old is with. Probably recommended from the MSE site.

My two have a Lloyds one, comes with a debit card but they cannot go overdrawn on it.

Thanks. Is it ok that as a parent you don't have any oversight? We went for an appointment at the bank today and I was made to feel overbearing and interfering when I asked questions. My daughter is only 13 and I think it's a bit young to have all that financial responsibility. Am I being too overbearing?

Well, my DDs' accounts allow internet shopping. So there's that concern. But as a parent, we should be overseeing our children's internet use in any case. I allow my girls to shop online, but they have to ask permission before they buy anything.

And because they can't go overdrawn on these accounts, they can't spend money they don't have. DD1 did manage to sign up for something that cost a monthly amount, inadvertently - we managed to sort that out on the grounds that she isn't 18 and the site didn't check, we got a refund. So things can happen, but as a parent you can sort them out as long as you stay on top of them. For my DD it was a lesson in not clicking on things without checking what the commitment was and I think it's been a good lesson. The worst thing that could have happened was no refund, in which case she would have lost her money.

Thank you, that's really helpful. I'm finding it a bit of a minefield.

They can't go overdrawn and as long as there isn't a huge amount of money in the account then they can't spend crazy money either. Dd rarely uses her card. She's had it since she was 11 and is now 14. It's with the Bank of Scotland

DD didn’t start using it until she went to college. She has a Lloyds under 19 account. She can’t go overdrawn.

Santander mini 123 account is good.
Nice, user friendly app to check balance etc for phone.

Far better than the TSB account my other dd has. Although internet banking is available they won't let us set it up