15 December 2017 : 


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Young Persons' Accounts

A young person's account is, as the 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. 

Minimum Age of
Account Holder


Santander 123 Mini Current Account Logo
set-up fee
per month
years old
Yes - Tick
  Santander 123 Mini Current Account
  • 3% AER/2.96% gross (variable) on balances from £300 up to £2,000
  • Ideal for 11 to 18 year olds taking their first steps towards financial responsibility
  • 24/7 access to your account via Online, Mobile and Telephone Banking
  • Account holders must be aged between 11 and 18 years old
     Santander 123 Mini Current Account - Full Product Details

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

TSB Classic Account  Logo

Switch Guarantee Logo
set-up fee
per month
years old
Yes - Tick
  TSB Classic Account
  • 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 19.84% EAR (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.

What 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 are not 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
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