Bank Accounts for 16 Year Olds and Young People

Rules for bank accounts for 16 year olds are different from normal bank accounts. Generally, by having a under 18 bank account, you:


  • Cannot set up any direct debits. Although the facility may be there in some circumstances, companies should not set up a direct debit for you if you are under 18.
  • Cannot take out any kind of finance product, including overdrafts and loans.
  • Cannot build up a credit history; money going in and out of your bank account will not count towards your credit file.


As soon as you turn 18 you should change your account to a current account to ensure you start building some credit. Most banks will do this automatically but some may not; bank accounts for 16 year olds don't incur credit for your file because, legally, you can't take any form of credit when you're under 18.

Most bank accounts for 16 year olds also impose a withdrawal limit if you want to take out cash on your debit card. The average amount you can expect to withdraw per day is £50 from most providers. However, you can take out £50 from a cash machine and take the rest of your money out by going to a branch, where you can withdraw as much as you like.


Bank Account Products from High Street Banks

Some bank account products for 16 year olds are provided by banks such as:

NatWest (Adapt Account)

RBS (Revolve Account)

Lloyds TSB (Youth Account)

HSBC (Cardcash Account)

Barclays (Barclays Plus Account)


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