Bank accounts
Opening a bank account
Current Account – There are a range of current accounts available for teenagers from high street banks and building society’s including Barclay’s, Nationwide etc. They also have bank accounts specifically for teens which include debit cards. Some online bank accounts have debit cards with safeguards built in so that teens can learn to budget and spend without the worry of running out of money.
Savings Account – The difference between debit and savings accounts is that saving accounts give you more interest but it can be a few weeks before you can get your money out. Junior Individual Savings Accounts (ISAs) are long-term, tax-free savings accounts for children under 18. Junior Individual Savings Accounts (ISA): Overview – GOV.UK
Student and graduate bank accounts (aged 17 and over)
A student bank account works in the same way as a current account, so you’ll be able to:
- receive money, like maintenance payments, wages or cash from family
- pay for things or take out cash with a debit card
- transfer money to pay bills or other people, including regular payments like Direct Debits and standing orders
- manage your account 24/7 through mobile and online banking.
Many accounts also let you access your account over the phone, in branches and at the Post Office.
You can open a student bank account if you’re aged 17 or over and studying full time. Typical courses include:
- an undergraduate course
- a postgraduate course
- a level 4 to 7 apprenticeship
- a foundation degree
- a level 4 and 5 NVQ.
The list of qualifying courses varies per bank, so you might need to shop around to find a bank that lets you apply. You often need to apply within six months of the course start date.
Banks will ask for proof you’ve been accepted, such as a:
- UCAS status code
- letter confirming your place
- student ID card.
You’ll also need ID, like a driving licence or passport. See how to open a bank account for more information.