Banking for under 18's

[jridgeback]

I am 16 (17 in a few months), am at college and also work part time earning a good wage. I currently have my current account with the Natwest although they only give me a Solo debit card. I asked if it could be upgraded to a switch with a cheque guarantee facility but they said no, despite the fact I'm earning over �500 a month just working two days a week. So, I decided to set up an account with HSBC, who offered me a Solo although said there would be the posibility of upgrading to a switch when I'm 17 if a parent acts as guarantor, although I really do not like the look of HSBC and don't want to bank there if at all poissible. I have looked everywhere and there does not seem to be a bank that offer 16/ 17 yr olds a bank account with a debit card which isn't a Solo or Visa electron - does anyone know where I might be able to find an account without one of those two debit cards ? Thanks.

[stevie21]

You need to be 18 to get any card (at least under your own steam) that includes a cheque guarantee facility. Until you're 18 the banks aren't able to hold you legally responsible for any debt & if you have a �50 cheque guarantee card and a chequebook (with 25 cheques) then you can ensure that the bank pays out �1250 of cheques that you don't have the money to cover.
I've not heard of a guarantor on a bank account but I'd trust your bank more than my shabby memory on that one.

You could try persuading one of your parents to open up a credit card and have an additional card for you - if they don't use their card then you could pay all of this bill in full every month (by direct debit, perhaps) & avoid incurring any interest on it.

Do you have a genuine gripe with HSBC (do they invest in unethical companies?) or is it just the type of reason I'd have come out with when I was 16/17 ("I think their logo is crap") ??
If it's the latter, get over it if the card means *that* much to you.

Best of luck

[jridgeback]

So is it possible for a parent to setup a credit card and nominate me (aged 16) as a second user ? If so, which credit card companies/ banks would be likely to offer such a facility ?

[willow74]

Even if your parents got a credit card and got an additional card for you you can't get it till your 18.

A solo or electron should be efficient enough for your needs at 16/17. 

I am with HSBC and they really do look after people and upgrade your account asap.  If you stay in credit and have regular money going in they will offer you loadsa services at 18.

If you rush into credit now you will so regret it later when you have loads of debts at 19

[annie.w]

It's all to do with credit law rather than whether you are earning enough money to repay money.
I can't be positive, and it may depend on the bank in question, but you may be able to get a cheque book without guarantee card, so cheques can be sent throught hepost, but should it be presented on a day you don't have enough money in there, it will bounce and you will be charged a silly amount for that.

Re the cards, Solo is accepted very widely around the Uk these days, and Electron is becoming increasingly more so. You should rarely come across an online instance of not being able to use one of them as Electron is very often accepted under the 'Visa' option.

I agree with willow74. Don't be too keen to rush into setting up credit and getting debts now - I've been living in debts and overdrafts for about 11 years now, you'd be surprised how quickly it can build up and how difficult it can be to keep on top of everything.