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Age 16 savings account
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# 1
pinked
Old 02-09-2013, 12:53 PM
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Red face Age 16 savings account

Can someone please help, my daughter is 16 and starting an apprenticeship, we want to start to put money into a savings account for her but we're finding that children's saving accounts only go up to age 15 and adult accounts start at age 18. Can anyone suggest what we can do?

Many thanks
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# 2
HappyMJ
Old 02-09-2013, 12:56 PM
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Quote:
Originally Posted by pinked View Post
Can someone please help, my daughter is 16 and starting an apprenticeship, we want to start to put money into a savings account for her but we're finding that children's saving accounts only go up to age 15 and adult accounts start at age 18. Can anyone suggest what we can do?

Many thanks
There are plenty out there...who do you bank with.

What about a Santander 16-18 Current Account?
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# 3
pinked
Old 02-09-2013, 12:58 PM
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She's got a current account with Natwest but we wanted a savings account really to put some money away.
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# 4
westy22
Old 02-09-2013, 1:00 PM
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Your daughter can have an adult Cash ISA (with full adult annual allowance) with almost all ISA providers from the age of 16.
Old dog but always delighted to learn new tricks!
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# 5
HappyMJ
Old 02-09-2013, 1:04 PM
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She's got a current account with Natwest but we wanted a savings account really to put some money away.
You can use a current account as a savings account. Santander pays 3% interest better than most savings accounts.
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# 6
Masomnia
Old 02-09-2013, 1:24 PM
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Santander only pays the 3% up to £500, so may not be worth it, but depends on circumstances.
She looked as if she had been poured into her clothes and had forgotten to say 'when.' - Wodehouse
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xylophone
Old 02-09-2013, 2:45 PM
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Open a JISA with Halifax if eligible? https://www.gov.uk/junior-individual...ounts/overview

6.00% tax free/AER variable
if an adult cash ISA is held or child is 16 and over.

She can open for herself as she is over 16 - money available to her when she is 18.
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# 8
pinked
Old 02-09-2013, 4:51 PM
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Thanks for all your help guys, will look into all of those options.

Pinked
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