29 August 2016 : 


 

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Home / Bank Accounts / Young Persons' Accounts

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. 




     
Interest
AER
Set-up
Fee
Monthly
Fee
Minimum Online
Application Age
Debit
Card

   


Nationwide FlexOne Logo
1%
AER
£0
set-up fee
£0
per month
14
years old
Yes - Tick
  Nationwide FlexOne
FSCS Logo
  • Earns 1% AER/gross p.a. (variable) on balances up to £1,000.
  • Get 25% off at Vue Cinemas. 12-months cinema reward for You + One. Terms & conditions apply
  • Choose either a cash card or a Visa debit card
  • ApplePay enabled payments
  • 11-13 can only apply in branch and with someone over 18
     Nationwide FlexOne - Full Product Details

  Representative Example: Credit only available to individuals aged 18 or over  
 




Opser  Logo
0%
AER
£0
set-up fee
£1.00*
per month
8
years old
Yes - Tick
  Opser
Blank - No deposit protection
  • Perfect for children from 8 to 18 years old
  • Try Osper for 90 days free, then pay just £1 per month after that
  • Parents can instantly load funds, restrict online spending and block inappropriate merchants
  • Must be between 8 and 18 years old
     Opser - Full Product Details

  
 




Barclays Bank Account Logo


Switch Guarantee Logo
0%
AER
£0
set-up fee
£0
per month
18
years old
Yes - Tick
  Barclays Bank Account
FSCS Logo
  • Add a personal touch to your debit card with a favourite photo
  • Stay in control of your bank accounts with free Text Alerts
  • Cancel stolen cards in seconds with Barclays Mobile Banking app & get same day debit card replacement
     Barclays Bank Account - Full Product Details

  Representative Example: Up to £5000 (subject to application and status). If you use an arranged overdraft of £1,200, you will be charged £1.50 per day when you use it.  
 




TSB Classic Account  Logo


Switch Guarantee Logo
0%
AER
£0
set-up fee
£0
per month
18
years old
Yes - Tick
  TSB Classic Account
FSCS Logo
  • Free banking - no charge for everyday transactions if you’re in credit
  • 24/7 Money management through Internet, Telephone & Mobile Banking
  • £25 interest & fee-free overdraft (Subject to application & approval)
  • ApplePay enabled payments
     TSB Classic Account - Full Product Details

  Representative Example: If you use an overdraft limit of £1,200 the interest rate charged will be 19.94% EAR (Variable)  
 




RBS Student Account Logo
0%
AER
£0
set-up fee
£0
per month
17
years old
Yes - Tick
  RBS Student Account
FSCS Logo
  • 1/3 off of coach travel for 4 years
  • Interest-free arranged overdraft up to £2000
  • Withdraw money without needing your bank card
     RBS Student Account - Full Product Details

  Representative Example: If you use an overdraft limit of £100 a 0.00% EAR (variable) charge will apply   
 




NatWest Student Account Logo
0%
AER
£0
set-up fee
£0
per month
17
years old
Yes - Tick
  NatWest Student Account
FSCS Logo
  • 1/3 off of coach travel for 4 years
  • Interest-free arranged overdraft up to £2000
  • Withdraw money without needing your bank card
     NatWest Student Account - Full Product Details

  Representative Example: If you use an overdraft limit of £100 a 0.00% EAR (variable) charge will apply   
 




Nationwide FlexStudent Logo


Switch Guarantee Logo
1%
AER
£0
set-up fee
£0
per month
18
years old
Yes - Tick
  Nationwide FlexStudent
FSCS Logo
  • A stepped fee-free, interest-free overdraft of up to £3,000*
  • 1% AER/gross p.a (variable) interest on credit balances up to £1,000 paid monthly*
  • Mobile banking and text alerts to ensure you stay on top of your finances
  • ApplePay enabled payments
  • *In order to receive the 1% AER on credit balances, £1,000 must be paid in monthly. In order to remain eligible for the account and overdraft, customers will need to pay in at least £1,500 per year of study across two or more transaction and maintain a good credit record
     Nationwide FlexStudent - Full Product Details

  Representative Example: If you use an arranged overdraft of £1,200 the amount the Nationwide will charge you is 0p per day (variable)  
 


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Why do banks offer young person accounts?

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.

What features do young person accounts offer?

If there are overdraft facilities at all on a young person's account they will generally be very limited as people can't technical borrow money (have an overdraft) until they are 18 or older. Not all young person's 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, DVDs, music downloads or discounts in certain shops. They may also include pens, folders and key-rings at the time of signing for the account.

Want to watch for when selecting Young Person's Accounts

  • Don't be too influenced by the introductory freebies - make sure the whole account gives you what you want
  • Compare the different offers by different banks and choose the one that suits you rather than the one that is advertised the most
  • A young person's account could be the start of a long relationship with your bank but you aren't obliged to be tied to it for life
  • See if the young person's account offers interest on your balance and whether the rate increases for larger account balances
Product Offers
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