Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.Donate to our crowdfunder
We have had no discussions with banks on the provision of bank accounts for 16-year-olds who are to receive bursaries. Arrangements for young people to open bank accounts were discussed at the time of the introduction of the education maintenance allowance and are unchanged by the announcement of the 16-19 bursary fund. Young people aged 16 are able to open a basic bank account, which is offered by 16 members of the British Bankers Association. This account will allow for receipt of the bursary, including by cashless means, and will allow funds to be withdrawn via ATMs as well as via standing orders and direct debits where necessary. In the summer of 2011 the Money Advice Service will be publishing an interactive tool on their website which will allow young people to find out the forms of identification that are accepted by each bank offering the basic bank account.