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Young Persons' Accounts

A young person’s account is, as its name suggests, a current account specifically aimed at young people. Across the various banks that offer a young person’s account one of the things that differs is the age range that constitutes a young person. Some banks offer their young person’s accounts to 16-19 year olds, some 16-21 and some even 11-18. Read more...>

	Barclays Bank 17.9% EAR overdraft with no monthly fees	0%	£1000
	Barclays Additions Active 3% AER interest paid on balances over £1	3.00%	-
	Alliance & Leicester Premier Receive £100 when you switch current accounts	1.00%	£500
		** Receive £100 when you switch current accounts **
	HSBC Bank Free telephone banking and 24/7 Internet access	2.50%	-

These accounts give the bank a chance to attract a new customer who may well be with them for life so incentives and gifts are usually a part of the introductory offer.

If there are overdraft facilities at all on a young person’s account they will generally be limited. Not all young persons’ accounts offer cheque books but some do if required. In most cases a debit card and the chance to set up direct debits and standing orders will be part of the account features. Many of these type of accounts feature the chance to earn higher interest on larger amounts in the balance. Statements will be provided in order that the new customer can keep a track of their money and transactions.

The incentives and gifts offered tend to be aimed towards the younger age group, perhaps money off vouchers for books, CDs and videos or discounts in certain shops. They often include pens, folders and key-rings as well at the time of signing for the account.