Too young?

DublinArnie

Hey!

I'll be working over the summer, and the payment isn't cash in hand, so it'll have to go into some form of an account. I'm only 16 so I don't have any accounts with any banks or credit unions. I didn't do business in school so I'm not really aware how this works.

Am I legible to have an account with any bank so I have somewhere to put my money? I'm planning to save it over a two year period. Also note, the job is an internship so it's not permanent.

Advice on the best approach would help .

another question

If the job is an Internship then the payment is made by the Department of Social Protection not the company you are working for. The DSP pay via electronic transfer into a bank account.

You can opt to open an account with any one of the banks or with your local Credit Union.

At 16, you can open a Share Account with the Credit Union. This is a Savings Account and not a Current Account so you wouldn't be able to get your payment into it but it would be a good idea to go in every week and save some of your earnings with them.

Ulster Bank offer a specific Youth Account for people aged 11- 18 years - have a look here : http://www.ulsterbank.ie/roi/personal/daily-banking/current-accounts/student-youth-accounts/adapt.ashx


Bank of Ireland offer a Secondary School Student Account here: http://personalbanking.bankofireland.com/life-stages/student/2nd-level-current-account/


AIB Secondary School Student Account here: http://www.aib.ie/personal/current-accounts/Student-Account-2nd-Level


Hope that helps.


P.s Once you open your account in a branch they will give you your account number and sort code, give these to the company/DSP and they will make the payments into your new account. The bank will also send you out a debit card and pin code in the post so that you can withdraw your earnings from the ATM. If you want to save most of your earnings I would advise you go into your local Credit Union and open a Share Account with them and lodge some money every week. You will most likely need your Passport and Proof of Address to open both accounts.

DublinArnie

another question wrote: »

If the job is an Internship then the payment is made by the Department of Social Protection not the company you are working for. The DSP pay via electronic transfer into a bank account.

You can opt to open an account with any one of the banks or with your local Credit Union.

At 16, you can open a Share Account with the Credit Union. This is a Savings Account and not a Current Account so you wouldn't be able to get your payment into it but it would be a good idea to go in every week and save some of your earnings with them.

Ulster Bank offer a specific Youth Account for people aged 11- 18 years - have a look here : http://www.ulsterbank.ie/roi/personal/daily-banking/current-accounts/student-youth-accounts/adapt.ashx


Bank of Ireland offer a Secondary School Student Account here: http://personalbanking.bankofireland.com/life-stages/student/2nd-level-current-account/


AIB Secondary School Student Account here: http://www.aib.ie/personal/current-accounts/Student-Account-2nd-Level


Hope that helps.

Thanks! That's very helpful information there. One question though, with these accounts, would I be able to take money out with a card or what not while adding bits and pieces to savings in the same bank?

Which bank would you say has the best policy? Sorry, I'm just really cautious... Especially with money.

DublinArnie

Nevermind, seen your PS message. Thanks mate . Which bank has the best policy for a lad like me?

another question

DublinArnie wrote: »

Nevermind, seen your PS message. Thanks mate . Which bank has the best policy for a lad like me?

No probs, I'm with Ulster Bank myself. Have been since I was 16. It's called an Adapt Account and as soon as you turn 18 they switch you to either a (student account) if your going to college or a (current account) if you're working.

All the banks have charges for their current accounts now unless your earning getting a decent salary into it every month and a lot of people aren't. Ulster Bank have NO charges for their Adapt accounts (which you'd be opening) or their student accounts which you'd have for 3/4 years if you plan on going to college. If you plan on working from 18 and they switch you to a current account, the charge is €4 per month. That is why I stayed with them because they charge €4 flat so you always know how much it's going to be. The other banks like AIB charge for every time you withdraw money from the ATM, every time you use you card to buy something in a shop, every time you write a cheque or set up a direct debit so it ends up a lot more expensive.

I find Ulster Bank a good bank and they easy to deal with. They also will set up online banking for you as well and they give you a pin for that and you can see they money going into your account every week.


But in fairness to AIB and BOI, they don't have charges on their youth accounts either but if you want to save the hassle of switching accounts again in two years time, I'd stick with Ulster Bank.

I'd definitely recommend you pop into your nearest Credit Union though, if you save weekly with them for about 13 weeks you can apply for a loan if you need one. Their loans are so much cheaper than the banks, their repayments are way less and they let you pay loans off early as well whereas the banks don't let you do that.

I find loans with the Credit Union much easier to manage and they never treat you like your begging or like they are doing you a favour, they treat you as a customer which makes all the difference.

One piece of advice I would definitely give you though when opening an account with a bank is to make sure they don't pressure you into taking an overdraft or a credit card. Don;t take anything other than the basic youth account.

DublinArnie

another question wrote: »

No probs, I'm with Ulster Bank myself. Have been since I was 16. It's called an Adapt Account and as soon as you turn 18 they switch you to either a (student account) if your going to college or a (current account) if you're working.

All the banks have charges for their current accounts now unless your earning getting a decent salary into it every month and a lot of people aren't. Ulster Bank have NO charges for their Adapt accounts (which you'd be opening) or their student accounts which you'd have for 3/4 years if you plan on going to college. If you plan on working from 18 and they switch you to a current account, the charge is €4 per month. That is why I stayed with them because they charge €4 flat so you always know how much it's going to be. The other banks like AIB charge for every time you withdraw money from the ATM, every time you use you card to buy something in a shop, every time you write a cheque or set up a direct debit so it ends up a lot more expensive.

I find Ulster Bank a good bank and they easy to deal with. They also will set up online banking for you as well and they give you a pin for that and you can see they money going into your account every week.

Right, thanks for that. Going with ulster bank seems logical!

Thanks for the quick help, saved me from stressing out!

hfallada

You need to get a letter signed and stamped from your school that you attend it. Otherwise you wont get free banking. AIB is the best for student banking

DublinArnie

Went to ulster bank with my mum today and they said it's better to go to a bank that my mum has an account in... How so???