Best Bank Account For 16 18 Year Olds 2017

Instant spending notifications and smart budgeting help you manage your own money while blocks on some age restricted things keep you safe.

Best bank account for 16 18 year olds 2017.

Opening an under 18 bank account. 0 50 gross gross rate gross rate means that we will not deduct tax automatically from your interest. The bank requires an adult to link an account to the teen s checking account. If you are 18 and over you can get most bank accounts for adults.

If you are a teenager you can open a bank account but you usually have to find one designed for people your age. Natwest adapt bank account 11 18 the natwest adapt account is available to children aged 11 to 18 years old. As an under 19s account holder you will earn a variable rate of interest of 0 50 aer annual equivalent rate aer annual equivalent rate the rate if interest was paid and compounded once a year. A euro bank account in the uk.

The problem is that you need to sign a contract to open an account and contracts signed by minors are complicated. The interest is calculated daily and paid monthly. A monzo account with almost everything you get as an adult. Many banks will let 16 year olds apply independently but for children under 16 a parent or guardian will usually have to open the account in branch.

You will need to provide a birth certificate or passport plus a recent household bill or bank statement to prove that you live at the same address. You are responsible for paying any tax due to hm revenue and customs. Most normal bank accounts only accept people over 18 but if your looking for bank accounts for 16 year olds you do have options. The account comes with a visa debit card to use in shops or online and your child can take out up to 250 a day.

Our award winning current account. While some financial institutions require you to be a parent or legal guardian others allow anyone over 18 to be the joint account holder. For people under the age of 18 opening a bank account is hard. A debit card for your child.

Monzo for 16 17 year olds. The fee monthly service fee is waived for up to five years while in college or if there is at least one direct deposit. It allows kids to earn 1 interest on any credit balance in the account.