Bank account advice (age: 18)

[SuperDucky]

Hi all,

I would like a 'Visa' debit card instead of my 'VISA Electron' because I have found quite a few places where i cannot use the Electron card and A Cheque book would be useful. Unfortunately my bank 'Bank of Scotland' don't give Visa debit cards unless you are working or a student studying a HND or higher (I am studying an HNC) So basically my question is is there any one in a simmilar situation as me ? Is there any bank where I could get a full visa card with my situation ?

Thanks :)

[HeavyT]

Get a MasterCard.

I have one and I love it, it's a StarTrek MasterCard.

[BiggyG]

hsbc are pretty good, you can get a maestro, which is accepted everywhere, and a mastercard credit card. otherwise, nationwide offer visa debit cards

[sirch]

I am 15 and with HSBC and find a Solo/Maestro Card very good as they are now taken in most shops and across Europe.

[XtremeNL]

In the netherlands, my maestro debit card is accepted everywhere, so jay.

[da-geezer]

Barclays are a no-no, overcharging very unhelpful when you find yourself in short term difficulties.
HSBC are great just expensive; First Direct are even better. Fantastic stuff, but they charge £10 a month I believe.
Halifax are also very aggressive on the consumer front, one of those "promise the world and deliver nothing" companies.
Wandering into the domain of credit cards temporarily; Egg are fantastic. Very helpful staff, fairly cheap, and very consumer-oriented.

My choice? If you're willing to go for a credit-based option, choose Egg Money.
If not, get a Switch Maestro card from HSBC.

and yes, I've had my fair share of run-ins with the banks :)

[Roxsie]

Hi all,

I would like a 'Visa' debit card instead of my 'VISA Electron' because I have found quite a few places where i cannot use the Electron card and A Cheque book would be useful. Unfortunately my bank 'Bank of Scotland' don't give Visa debit cards unless you are working or a student studying a HND or higher (I am studying an HNC) So basically my question is is there any one in a simmilar situation as me ? Is there any bank where I could get a full visa card with my situation ?

Thanks :)

However the reason they've given you an electron is that it has no overdraft facilities and if you're not working or a student they don't know whether you'll be able to pay it off.

Saying that Lloyds TSB always did right by me and once i'd turned 18 asked me if i would like to move to a current account with a visa card. I've had a check book since i was 16 with them.

[streety]

There is a website I use for financial advice which is very useful...
Money Savers Forum (http://forums.moneysavingexpert.com/)
It is used by lots of experienced people and they will be able to point you in the right direction.

I made the mistake of spending lots of money on a credit card when I was 18. I still haven't paid it off (and i'm nearly 24). Once you start borrowing, bank and such like will throw credit at you. I am a unemployed degree student and my limit is £12000.

If you buy the Mirror on wednesday, they have a money section which will list all the best interest rates and where to borrow from.

My advice... Be Careful.

[basstard]

There is a website I use for financial advice which is very useful...
Money Savers Forum (http://forums.moneysavingexpert.com/)
It is used by lots of experienced people and they will be able to point you in the right direction.

I second that, easily.

I go on there regularly [don't post that often, though] for a huge range of money-related advice. In the past 6 months, it's : saved me £40 in loose change, got me to reclaim £15 in bank charges, gotten me £40 through loopholes in online casinos, got me £20 in cashback sites I didn't know existed, and got me £30 in Amazon vouchers for doing online surveys.

Plus I keep saving money on odd bits and pieces.

If you have any questions, post in the relevant forum there and they're always happy to help.

Plus every Wednesday they email out a list of what's been happening financially in the past week, including bargains, loopholes, vouchers, warnings of price changes, freebies and so on. It's great.

I made the mistake of spending lots of money on a credit card when I was 18. I still haven't paid it off (and i'm nearly 24).

Yep, I made the mistake of getting a credit card when I got my student account. I reckon I've spent over £2000 on it so far, of which less'n 10% was probably necessary. If you can get by without one of those cards do. Or get one, cut it up, and only use the number on it for occasional internet purchases.

[SuperDucky]

Hi all, thanks for the advice :)

I would prefer not to have a credit card incase I get tempted to over spend and end up with astronaumical interest rates. I can't get a HSBC Card though. And as Da-geezer pointed out Halifax have bad customer service (I'm with Halifax/Bank of Scotland) as is my friend and he got his Card stolen over a month ago and since then he has had 2 replacement cards delivered one PIN number and his latest card states 'Issue 21' So I too have seen problems with this bank.

to Roxie: Well I am currently unemployed but I am a student studying an HNC (banks require an HND) As I am still getting Funding I don't understand what the difference is ? But a cheque book since you were 16 Do you work/are a student ?

I will try that website Streety thanks, and yeah I don't want to get into debt with a credit card either, just want a VISA and a cheque book (with guarantee card if possible). And yeah thanks for the advice but I am not going to run into getting a credit card where I have to pay interest back on my purchases :) how can they give you such a credit limit it's irresponsible of the banks :( hope you can get what you owe sorted out :)

And to The Basstard thanks for your advice also and £2000 :S I hope you also can get that sorted. Just shows you though the banks just want to get their teeth into people and then just collect the interest.

Also out of interest I was told that anywhere there is a 'VISA' Sign you can use a Visa electron card is this true ? because one of the places i tried to use it was the ODEON Cinema and although they stated they accept 'VISA' they don't accept VISA Electron.

Thanks for all the advice :)

[Timmeh]

I use http://www.smile.co.uk/ which is the online version of the co-op. Nice and easy to use, for 18+ only if I recall, so you're alright there... you can have a visa debit card, a credit card if you'd like one and a cheque book if you'd like one :). And if you run out of cheques/paying in slips, you just poke a few buttons, a new one arrives at your door a few days later, you never really have to go into the bank other than for paying money in... and believe me, cutting the human element out of banking makes it so much less frustrating.

[terrorbite]

And as Da-geezer pointed out Halifax have bad customer service (I'm with Halifax/Bank of Scotland) as is my friend and he got his Card stolen over a month ago and since then he has had 2 replacement cards delivered one PIN number and his latest card states 'Issue 21' So I too have seen problems with this bank.
I'm with Halifax and have nothing but praise for their customer service.

[da-geezer]

I'm with Halifax and have nothing but praise for their customer service.

I say that; I have an Amazon card. In my experience though; it's the same customer service centre who just answer with a different product name in their greeting.

[Tweekish]

I made the mistake of spending lots of money on a credit card when I was 18. I still haven't paid it off (and i'm nearly 24). Once you start borrowing, bank and such like will throw credit at you. I am a unemployed degree student and my limit is £12000.

Im in the same boat as you, streety.

I bank with HSBC and got a credit card when I opened up my student account 5 years ago. Ive been paying it off little by little and have managed to get it down to around £700 ish. They just kept putting my limit up and up, I knew it was getting out of hand when, in the space of a month, they put it up by £4000.

Ive just bought a new car and arranged a loan through them, while I was there I asked for my credit limit to be put back down to £2500. I feel much happier and less stressed out by money now I know I have a more sensible limit. Although they did offer me a 100% mortgage :eek:

Anyway, to make my post relevant.

My brother banks with the Co-op. They gave him a debit card when he turned 18 and also offered him a credit card. Hes been able to withdraw cash and use it in stores everywhere in the UK and in the US too. Hes never had a problem with them.

VISA and Electron are different, unless a shop states that they take Electron as well as VISA then you can use it there. Not many people accept Electron, I forget why.

[Smartie]

I would recommend Smile, and any tips from MSE (posted above), I also post on MSE, but mostly in the Bargain Buys, Sassy Shopping and Fantastic Freebies or Utilities boards (user name Smartie1976).

[Hydralisk]

I would recommend not getting credit cards and hoarding your money selfishly, but maybe I'm old-fashioned.

[HeavyT]

Invest in the stock market.

[UMIST_For_Ever]

I work for the Co-op (they own Smile)


I do have to say that RBS are good too, they are holding my current account and one of my credit cards.

They give highline cards which are Maestro cards and you can use them all over the place.

They are really helpful as well and they are open to negotiation (which are generally successful) on various things including lending you more money etc.


Anyone looking for car insurance can contact me, I will be able to give you a competitive quote in the new year!

:D