Banks and building societies like young people to open up accounts with them, because people tend to stay with one bank for life. If you open up an account with them, then you're likely to become an adult customer and account holder.
There are certain age restrictions on different banking facilities and services. Current accounts and savings accounts are open to young people of all ages, although you may need a parent or carer's signature on the account. Credit cards and credit facilities, including overdrafts, can't be offered to anyone under 18 as banks cannot legally collect the debts of under 18s.
What age can I get a bank account?
- From birth, you can have a bank or building society account. It will usually be in your parent or guardian's name until you are 7.
- From the age of 7, you can have a deposit or savings account with most banks and building societies.
- From 11-15 some banks upgrade child savings accounts to one with cash machine withdrawal facilities, up to £50 per day. There is usually no need for adult control of the account.
- At 16 you can have access to loads more banking facilities, including all adult services except overdrafts and credit.
- At 18 all banking services are usually available to customers.
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