Student Bank Accounts for 16 year olds

[meadowblythe]

Just been into our local bank.  DS off the RCS in a month (gulp!) so wanted to find out about a student bank account.  Because he's 16 he is not apparently eligible, as under 18 (you can tell I taught maths).   The bank have promised to look into this, but I wondered if anyone else had encountered the same problem, and could shed any light on banks that are particularly good with young university students.

 

Meadowblythe

[Karen]

It doesn't come with any benefits like the usual student accounts, but Lloydstsb TSB do a young person's account with a debit card from 11 or so (dd has one and it works vey well)

[Lildancer96]

Halifax do a cash card too that works like a debit card - they can use it as long as money in the account.

[along for the ride mum]

So do santander, debit card available from 11

[Millie3]

I hadn't even thought of a student account for dd.  She also has the Lloyds TSB account - they can't go overdrawn on it (it automatically stops-so no fees).  Unlike student accounts there is no overdraft facility etc.  I have suggested that she opens another account with a bit of money in it just in case she loses her card/purse -  so she still has access to money. 

 

It's just another thing to add to the list to think about!  

 

However, it's been great this week as dd has been practising cooking all her favourite meals for us before having to fend for herself.  Spag bol being prepared as I type  . 

[Janice]

Millie3 - dd has been practicing her cooking this week too , as she will also have to cook for herself. Homemade pizza and garlic bread today,pretty yummy.

[spooky]

I am fairly sure dd had her student account before she was 18 but do remember it not being straight-forward (took several long visits). She already had a young persons account and can't remember exactly when it was changed to a student one. I know she had to have an acceptance letter from the school which seemed to be more inportant that the fact that she had money being paid in by student finance! Also remember them only wanting to give her a cahpoint card and having to negioate for a debit card. Think it helped that we went to the bank that we have been using for many years, Will pm you which one if you like as not sure should say on here!

[Klaris]

The banks don't seem to be set up for 16 year olds who have student loan funding to be paid in - dd is with Lloyds, like others have said, with a debit card; she has set up internet banking to make things easier. No overdraft facility, which I think is a good thing. They have suggested her student loan be paid into an ISA account and she feeds money from this into the current account as and when needed. She can only have a student account at 18.

[Loulabelle]

My son has a MyAccount with HSBC, he had it when he went to college at 16. It has a savings account linked to it, a debit/cashpoint card and it can be accessed online.

[Billyelliott]

I've just helped my 11yr old DS to open cash card account so he can manage his weekend money for vocational school etc ! Just waiting for the card and PIN number to arrive .

Also made sure that he can cook the basics - baked beans on toast , scrambled egg, instant noodles , and boil spaghetti !

Apparently they are encouraged to make snacks for themselves at the week end !

[Living the Dream]

My DD has a Natwest Adapt account with a Visa debit card and Internet banking. She also has an ISA with Natwest and just transfers money across if she needs it. You can have the Adapt account from age 11 and it has no overdraft facility. Once her account has less than £10 in it, it won't let her use her card.

[HAIRBELLES]

DD has an RBS Revolve account that pays interest on their money.

It then changes to a student account when they reach 18.

[2dancersmum]

Another for the HSBC account here - the account has 2 sides - one is instant access with a debit/cashpoint card and the other is savings.  Online access to transfer money between the sides/check balances etc and you cannot go overdrawn from the instant access side.  It allows DD to manage her money by transferring a budget over each week/month into the instant access side.

[veryskint]

Same as Hairbelles DD my DS has had RBS account for last two years. He has had debit card since16 and can manage his account online from his mobile phone. As we also bank with RBS my husband keeps an eye on his account online and can transfer money instantly when required. They were also excellent when his wallet was lost/stolen last year - provided a key number to withdraw emergency cash without card.

[Nana Lily]

My girls have adapt accounts with Nat West. Debit card and no overdraft facility. However BEWARE even though there is no overdraft facility my 13 year old when ordering an item from Amazon (with our permission) accidentaly clicked on a special "free" delivery programme. 3 months later was charged £36 for the privielage and at the time she only had £12 in her account. The bank let the payment go through and she went over drawn. Initially I though she had a fraud on her account and contacted the fraud line at the bank. They were really helpful and gave me advise on how to reclaim the amount back from Amazon, and her account was credited with the £36. I was furious though that the bank had let the payment go through when she didn't have the money in the account and didn't have a overdraft facility. Apparently for point of sale or internet transaction £36 wasnt enough to trigger any kind of alert. Not very helpful, so the message is keep a close eye on their accounts as the banks cant be bothered!

 

NL

[Its her Life]

Thanks for that info Nana Lily. My dd too has a Natwest Adapt account with bank debit card. Has done since she was about 12 yrs old. I will certainly keep a watch on that & pre-warn dd too. I did go into our local branch a few months back when she was doing all her auditions for vocational sixth form just to query about transferring to a student account and was also told not til they are 18 because of the overdraft facility.

[Anna C]

Barclays also do an account with debit card and no overdraft - my dd has one. Once she is 16 we'll be able to set up online banking for her.

[Dance*is*life]

Is there an upper age limit for a student bank account and would it be an advantage over a regular account?  My youngest son is going to UCL to take an MA and he's 32.  Sorry I know this is Doing Dance and he's not, but just wondered!

Edited August 20, 2013 by Dance*is*life

[taximom]

Is there an upper age limit for a student bank account and would it be an advantage over a regular account?  My youngest son is going to UCL to take an MA and he's 32.  Sorry I know this is Doing Dance and he's not, but just wondered!

I think the requirement is to be able to prove you are a degree student and will pay your student loan into the account. My husband is also a mature student but an undergraduate so he qualifies as he canary his student LAN into the account.

[Regattah]

I'm reviving this old thread as I'm wondering if things have changed at all in the last two years.

 

My DD is off to upper school with a student loan in September. She has only just turned 16 and so I'm trying to find the best option for her. She doesn't have an account yet so we're not tied to any bank in particular.

[Jazzpaws]

DD signed up for a Flex Account with Nationwide when she was accepted to Central. Easy to do and I've been very impressed with the service 

[Moneypenny]

Dd has a normal savings account with a cashpoint card, but what has been most useful is a pre-load Mastercard. I load it with a monthly allowance and she can just use it anywhere like a normal credit card, except she can't go into debt as you can't spend any more than is on it. She doesn't use it to draw cash as that costs 99p per time, but all other transactions are free. An adult has to be the primary card holder, but you can then apply for additional cards.

[spooky]

Was just reading through this thread without realising it was an old one and nearly commented that one posters experience was identical to ours then realised it was actually a post I had made - oops time for bed methinks!

[Lottie]

For my two, DS & non DD, between them have accounts with Nat West and Nationwide.

 

When DS was 16 and going to Central he could only have a basic debit bank account with NatWest and they wouldn't allow him to have a student account even though we had proof of going to do a degree at 16. When he was 18 he didn't bother upgrading.

 

Nationwide is good for us as we can easily transfer money to them as we all have an account there.

 

DS will look at Metro bank when next back home as we think that account is easy to use if you work abroad but we're unsure of the exact details. At the moment his wages are paid into a Romanian bank and he gets cash out of a machine.

[Anna C]

Dd has a normal savings account with a cashpoint card, but what has been most useful is a pre-load Mastercard. I load it with a monthly allowance and she can just use it anywhere like a normal credit card, except she can't go into debt as you can't spend any more than is on it. She doesn't use it to draw cash as that costs 99p per time, but all other transactions are free. An adult has to be the primary card holder, but you can then apply for additional cards.

That's what I'm considering for dd for September, just for her food shopping. There seem to be lots of pre-loaded credit cards out there - did you get yours direct from Mastercard, Moneypenny?

[florence]

Check out the Nationwide Flex One account for 11 - 17 year olds. DD has one and we have been very pleased with the way it is run.

[Jan McNulty]

 

 

DS will look at Metro bank when next back home as we think that account is easy to use if you work abroad but we're unsure of the exact details. At the moment his wages are paid into a Romanian bank and he gets cash out of a machine.

 

Gosh the Forum really is an amazing source of information.  I'd never even heard of Metro Bank before!

[Bailarin]

Natwest are opening a student account for DD but I had to have a letter of proof of place from the school with a list of term dates.  I was going to open a Santander account as apparently they do a 4 year railcard offer but it seems to be closed in our town currently whilst they are having a refurb!  Typical.

[Bailarin]

Updates on that... idiots now tell me she has to be 17... not sure where they missed the fact she was 16 and going to college straight after school but they obviously weren't listening!  Might try Jazzpaws Flex account suggestion.

[Lottie]

Bailarin - DS had to have a child bank account at Nat West, called Adept Account. See post 24 above.

 

I find Nationwide accounts easy to use and I like their website.

[Regattah]

Oh - Bailarin, I was getting hopeful there! So NatWest and Nationwide both seem popular...

[Nana Lily]

Both my DD's have had the Nat West accounts for a couple of years now. The phone App is excellent as they can keep a track of spending or see if I have transferred money very easily. A word of caution though it will allow them to go over drawn which we discovered when the younger one accidentally ticked the Amazon Prime offer when ordering on Amzon thinking she was getting free deliveries free for life. This was before they had the App and I spotted on her bank statement. I phoned the fraud line at the bank thinking someone had hacked her account. They were really helpful, explained what had probably happened and how to reclaim the money back from Amacon. The money was refunded very quickly. That doesn't resolve the issue of the bank allowing children's account to go overdrawn which I complained about. Aapparently 'small' transactions will go through without any check even if there aren't sufficient funds in the account. Apart from that concern the accounts have worked very well. The App has encouraged them to save too!

Am sure that Money Saving Expert has a section on student accounts for a comparison, though as mentioned above most are likely to be for 18 years and above.

[Anna C]

Given that some student accounts do allow the user to go overdrawn, I think dd will stay with her Barclays children's account for now. It gives her a debit card which can also withdraw cash, but the account - in theory - will not allow her to go overdrawn. She has the Barclays app on her phone which is handy for checking balance so I don't see any need to change it until she's 18 or 19.