31 October 2014 : 
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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. 

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.

Top Tips for Young Persons 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 if it increases with how much you have
Product Name Interest
(AER)
Min. Monthly
Payment
Monthly
Fee
Overdraft
Rate
 
Nationwide FlexAccount Product Details
 
Representative Example: If you use an overdraft limit of £1,200 a 18.9% EAR (variable) charge will apply
Nationwide FlexAccount  Apply
 
Santander Everyday  AccountProduct Details
 
Representative Example: 0% EAR (variable) Arranged Overdraft. No Daily Arranged Overdraft Fee for the first 4 months. Then £1 per day capped at 20 days each monthly statement period applies thereafter. Assumed Arranged Overdraft credit limit: £1,200.
Santander Everyday  Account Apply
 
RBS Select Account Product Details
 
Representative Example: If you use an overdraft limit of £100 a 19.89% EAR (variable) charge will apply
RBS Select Account  Apply
 
Barclays Bank Account Product Details
 
Representative Example: If you use an overdraft limit up to £5,000 a 19.3% interest p.a. (variable) will apply
Barclays Bank Account  Apply
 
Product Offers
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