Savings account with instant access for 16yr old

louisejn · 12 October 2005 at 9:41AM

I would like to encourage my 16 year old daughter to save - as opposed to instantly spending - her money. I thought a good idea would be a savings account with instant access - perhaps with a card, that we would direct debit her pocket money into each week, plus xmas and b'day moneys - and hopefully a saturday job salary into (when she finds one!)
Does anyone have any suggestions as to any half way decent accounts - preferably with £1 initial deposit - as opposed to hundreds of pounds !!

grumbler · 12 October 2005 at 10:40AM

Nationwide: Smart Account
Halifax: Cardcash + Web Saver
Barclays: 16-19* year-olds - Young Person's Account + E-savings

... and a lot of others. Every bank offers something for children.

pengers · 12 October 2005 at 4:42PM

If you want good interest rates, Natwest is better with 3.35% on Cardcash account, and it gives a card to anyone over 13. It is a solo card to pay for goods in shops or top up your mobile. My son finds it useful but there may be better cards for 16 yr olds.

Robert_Sterling_3 · 12 October 2005 at 4:49PM

What ever amount she decides to save you could double?

Savings account with instant access for 16yr old

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