Savings Accounts for 16-18 year olds

finner30 · 6 May 2005 at 9:10PM

My 16 year old daughter wishes to save her wages in the highest savings account that she can find.

Having looked at online accounts we have found that you can only open these accounts if you are over 18. We have looked at various sites at both cash ISAs and ordinary savings accounts. Does anyone have any ideas? (she is not a tax payer).

thanks

simonleblank · 7 May 2005 at 11:27AM

My 16 year old has opened an Abbey a/c. He has then opened an e-saver @5.1% using an R85 on both a/c's. Money can be transfered both ways at the push of a button. I is also used as a sweep a/c. You also get a card and if you use an Abbey atm, can choose which a/c to withdraw money from. Seems to me one of the better deals around?

Fatboy_NSS · 9 May 2005 at 12:23AM

Remember tho that the Abbey esaver includes a 0.5% bonus for the first 6 months, then the rate drops to 4.6%.

Incidentally assuming your daughter doesn't already have a current account I would suggest she opens one now, as this would mean she wouldn't be subject to credit scoring and likely rejection if she waits til she's 18.

firespire · 10 May 2005 at 12:13AM

It's strange that you have to be 18 on the accounts you have looked at.

Nationiwde have a young persons current account with good interest. Here

And their Nationwide e-savings internet account can be opened from age 16. Here

Savings Accounts for 16-18 year olds

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