Choosing a bank account for teenagers is similar in many ways to picking an adult account but with some important difference. We look at how to compare teenage bank accounts so find the right account.
What is a teenage bank account?
A teenagers current account offers many of the same features as a standard adult current account, with most accounts for teenagers offering everything necessary for young people looking to begin managing their own day to day finances.
Like a standard current account most teenage bank accounts come with a bank card as well as providing instant access to your money in branch, online and over the phone.
The main difference between a bank account for teenagers and an adult account is that there is no overdraft facility, meaning under 18s can't spend more money than they have as cleared cash in their account.
How to find the best teenagers bank account
Most major high street banks now offer a under 18 bank account so there is more choice than ever before if you're a teenager looking for a home for your finances.
To find the best current accounts for teenagers you need to first think of what you, or your son or daughter, need from their account.
Most under 18 bank account providers are now offering online banking for teenagers, which gives you an easy way to check your account balance and manage your money online or on the go. This can be a great tool for keeping an eye on what you're spending and how much money you've got left in your account.
Equally many of the best banks for teenagers accounts automatically come with a Visa or MasterCard debit card. This can be something particularly worth looking for as a debit card account for teenagers means you'll be able to spend your money both in shops and online, which adds convenience to the account and prepares your teenager for having an adult card where these facilities are imperative.
As well as the facilities on offer, picking the best bank in the UK for teenagers can depend on what they offer in terms of interest and rewards.
The major high street banks know that offering extra perks and benefits to their account for teenagers can mean they get customers early on that keep on banking with them when they are an adult.
As a result the battle to be the best bank in the UK for teenagers means that there's often a selection of freebies and attractive interest rates on offer when you open an account.
Weigh up whether you need any of these extras and whether the account offering them gives you everything you are looking for before you make your choice.
Don't be fooled by an account that gives you a free reward but a poor interest rate compared to a bank that offers no benefits but gives a much better interest rate. In the long run the interest will probably be the most valuable reward!