Best Bank Account For 16 18 Year Olds 2017

Once you find the right bank account you ll likely need to provide details for you and your teen such as address dates of birth and social security numbers.

Best bank account for 16 18 year olds 2017.

For people under the age of 18 opening a bank account is hard. Monzo for 16 17 year olds. Better banking for 16 and 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.

If you are 18 and over you can get most bank accounts for adults. Our award winning current account. If you are a teenager you can open a bank account but you usually have to find one designed for people your age. The interest is calculated daily and paid monthly.

Most normal bank accounts only accept people over 18 but if your looking for bank accounts for 16 year olds you do have options. A debit card for your child. Opening an under 18 bank account. The bank requires an adult to link an account to the teen s checking account.

0 50 gross gross rate gross rate means that we will not deduct tax automatically from your interest. The problem is that you need to sign a contract to open an account and contracts signed by minors are complicated. 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. It allows kids to earn 1 interest on any credit balance in the account.

A monzo account with almost everything you get as an adult. 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. State laws and corporate policies vary but most banks aren t going to open accounts for anybody under 18 unless there s also an adult on the account. Instant spending notifications and smart budgeting help you manage your own money while blocks on some age restricted things keep you safe.

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. Natwest adapt bank account 11 18 the natwest adapt account is available to children aged 11 to 18 years old.