Get the Good Money Habit with our Teen Current Account
Our Teen account is specially designed to help our younger members (13-18) build financial independence and set them up with solid financial habits for later in life.
The account is free, and comes with a debit card for cash withdrawals, but without the complications of an over-18s account such as direct debits or overdrafts.
Good to Know
Who can apply for a teen account?
You need to be aged between 13-18 years old to be eligible for this account.
As with all our services, the account holder must be a member of London Mutual Credit Union, or be eligible to join when signing up.
Finally, you must have consent from your parent(s) or guardian(s) to open a Credit Union Current account. You’ll be asked to provide proof of this in the required format when you apply.
What happens when I turn 18?
Shortly before your 18th birthday, we will write to you with information about the full range of current accounts we offer, so that you can choose which one is right for you.
If we don’t hear back from you, we’ll automatically convert your Teen Account into our online-only ‘E-Account’. This type of account is free, but doesn’t include a debit card, so you’ll need to upgrade if you wish to continue using your card to pay and withdraw cash.
What are the fees and charges?
| Account fee | Free |
| ATM withdrawal (within the UK) | Free |
| ATM balance enquiry (within the UK) | Free |
Fair's fair...
As good a deal as it is, this account is only open to under 18s—sorry!
The account must only be used by the named young person on the account. It cannot be used be used by others to receive payments or make withdrawals. And if we do find the account being misused, we reserve the right to close the account or to introduce a monthly fee in line with our adult current accounts.