Savings for 17 year olds

vigman

I find this area a bit confusing. What's the best savings account for a 17 year old in their own right? (I see many account holders have to be 18). This is for a lump sum of 10K

Thanks

Vigman

vigman

Okay, I'll try another tack! Can 17 year olds hold their own ISAs? (Although not much point now as my daughter is non-taxpaying)

TIA

Vigman

Baldur

vigman wrote: »

Okay, I'll try another tack! Can 17 year olds hold their own ISAs? (Although not much point now as my daughter is non-taxpaying)

Yes, but some Cash ISA providers operate an 'over 18' rule on their products.

You also could check out the FSA savings comparison tables, where you can select to view accounts which are available for children & young people.

vigman

Sorry to come back to this, but any more suggestions for, or experience of, savings accounts in a UK institution for a lump sum of c 10K, preferably tax free (but can fill an R85) for a 17 year old. Can be a one year account for starters.

Every time I find a suitable account it says 'over 18'!? My head hurts:D

TIA

Vigman

Baldur

vigman wrote: »

Every time I find a suitable account it says 'over 18'!? My head hurts:D

In which case it's not a suitable account....;)

As per my post above, the FSA comparison link allows you to select accounts for children & young people, as do the comparison sites Moneyfacts and Moneysupermarket, they also allow you to select type of account, easy access/fixed term, etc.

Some may be returned as minimum age 18, but it's then up to you to check those which do not have 18 as the minimum age requirement.

<Edit> Purely as an example, the Moneyfacts site brings up the Halifax Websaver Extra, which has a minimum account holder age of 11yrs and maximum age of 20yrs.