Best bank for teen

Fingers Mcginty

my 18yr old daughter needs her own bank a/c as her employer will be paying her via a/c every week. She has just left school and is undecided about going to college. I'm just wondering if any of you good folks could help me out in figuring which would be the best bank to setup her a/c with. Revolut was an attractive option but the limit on withdrawals is a disadvantage.

Oafley Jones

Fingers Mcginty wrote: »

my 18yr old daughter needs her own bank a/c as her employer will be paying her via a/c every week. She has just left school and is undecided about going to college. I'm just wondering if any of you good folks could help me out in figuring which would be the best bank to setup her a/c with. Revolut was an attractive option but the limit on withdrawals is a disadvantage.

I thought this was going to be about an account for a 14yo or such, but at 18 she's an adult, and statically given how little Irish people change bank accounts maybe her choice should reflect this. Also, worth considering (depending on how she proceeds) is how the prospective banks treats student accounts in regard to charges etc.

Sinus pain

She I would assume just get a regular bank account as she is not in education any more

Dardania

Sinus pain wrote: »

She I would assume just get a regular bank account as she is not in education any more

She is probably going to travel a bit? If so she should check out one that has lower FX rates.
Revolut is a good one for sure. Or N26 (who also have deposit protection). Or Monese.
Both of these have very good apps. And both Revolut and Monese have functionality to auto save which would be very useful.
She should steer clear of the Irish banks for fear of fees-many Irish people have huge inertia to change and are stuck with them.

Obrieski

I have used BOI since my teens. No real issues with them. I imagine rates etc will be very similar among the big banks.

BOI app and online is a bit outdated, my friends with AIB seem to think their online and app is pretty good.
AIB need a card reader to send cash online (I believe) which is rather annoying whereas BOI send a code by text/email.

Other simpler things to consider I suppose is which is more convenient for where you are based. Are you in a city/town with tons of branches around, or a smaller town or village with only one bank on offer? Simple things like that. Which bank are you with?
Transfers between banks (BOI to AIB for example) take a day or 2 for funds to transfer across which isn't ideal when cash emergencies arise (as happens often with teenagers!)

Obrieski

Dardania wrote: »

She is probably going to travel a bit? If so she should check out one that has lower FX rates.
Revolut is a good one for sure. Or N26 (who also have deposit protection). Or Monese.
Both of these have very good apps. And both Revolut and Monese have functionality to auto save which would be very useful.
She should steer clear of the Irish banks for fear of fees-many Irish people have huge inertia to change and are stuck with them.

I also use Revolut, very handy when travelling

Dardania

A comparison video of many of the modern app based solutions:
https://youtu.be/mRft6Rwq_KU

Fingers Mcginty

Obrieski wrote: »

I also use Revolut, very handy when travelling

She would still need a bank a/c before setting up revolut as it would have to be linked to her a/c for top ups. Just looking for peoples opinions on banks with the lowest fees.

Dardania

Fingers Mcginty wrote: »

She would still need a bank a/c before setting up revolut as it would have to be linked to her a/c for top ups. Just looking for peoples opinions on banks with the lowest fees.

Not necessarily - how will she receive money. If cash, then yes she'll need a local account. But if electronic, it can go direct to Revolut or any of their main competition.

This is it

Obrieski wrote: »

I have used BOI since my teens. No real issues with them. I imagine rates etc will be very similar among the big banks.

BOI app and online is a bit outdated, my friends with AIB seem to think their online and app is pretty good.
AIB need a card reader to send cash online (I believe) which is rather annoying whereas BOI send a code by text/email.

Other simpler things to consider I suppose is which is more convenient for where you are based. Are you in a city/town with tons of branches around, or a smaller town or village with only one bank on offer? Simple things like that. Which bank are you with?
Transfers between banks (BOI to AIB for example) take a day or 2 for funds to transfer across which isn't ideal when cash emergencies arise (as happens often with teenagers!)

I'm with AIB and I think the app is really good, though I've nothing to compare it to. With regards to needing the card reader, that's for transactions of €1,000+ and it only takes an extra minute or two anyway, though it's not ideal, I know.

Fingers Mcginty

Dardania wrote: »

Not necessarily - how will she receive money. If cash, then yes she'll need a local account. But if electronic, it can go direct to Revolut or any of their main competition.

You need an a/c initially to top up the app by 10 euros.

Dardania

Fingers Mcginty wrote: »

You need an a/c initially to top up the app by 10 euros.

If she signs up using the link in the vid I posted she should get free postage.

Delta2113

EBS Money Manager Current Account combined with Revolut is the FREE option and it's a no brainer!

Top up Revolut using your EBS Mastercard and use Revolut for everyday expenses. If you need a standing order,direct debit, lodge a cheque -get a cheque you have EBS.

Revolut has an excellent mobile app.

I honestly don't know why more people don't go with this option. We are our own worst enemies in this Country.

Fingers Mcginty

Delta2113 wrote: »

EBS Money Manager Current Account combined with Revolut is the FREE option and it's a no brainer!

Top up Revolut using your EBS Mastercard and use Revolut for everyday expenses. If you need a standing order,direct debit, lodge a cheque -get a cheque you have EBS.

Revolut has an excellent mobile app.

I honestly don't know why more people don't go with this option. We are our own worst enemies in this Country.

Everyone was saying the same about PTSB so i changed my a/c and then they introduced quarterly charges. Have EBS got similar charges?

JTMan

Fingers Mcginty wrote: »

Have EBS got similar charges?

EBS have no euro transaction fees, no euro ATM withdrawal fees, no deposit fees, no maintenance fees. EBS have large FX fees and no app and no mobile banking. Hence, combining EBS with Revolut is the way to go.

Fingers Mcginty

OK thanks for all the replies