I wantto open a savings account....

VanyaHargreeves

Hi there,
I'm 14 years old and I have no savings so I was wondering which bank would be best to open a savings account with out of:

HSBC
Lloyds TSB
Barclays

as these have branches close to me, which means it's easier to put in money. I have a current account with Natwest.

Also, can someone run me by what the difference is between savings and current?

Lokolo

Savings you don't usually get things like a card or anything, its all done by internet or a passbook thing.

Current is for everyday use, so a debit card etc.

Savings = better interest rate.

Have you signed up to use online banking? Most of the best rates are internet based.

VanyaHargreeves

I didn't think I was old enough to

Lokolo

Of course you are! Its just usually harder to prove your identity online because you aren't on poll, no drivers licence, and no utility bills - but it can be done

withnell

Also as you have NatWest current, have a look at online accounts - as you can make payments from your current directly to the savings.

That way you're not constrained by the rates of just the 3 local banks.

john_s_2

Lloyds are offering 3.25% on their Under 19s Account according to this website:

http://www.fsa.gov.uk/tables

(You have to enter some details - so I chose children and young people, and a minimum deposit of £10.)

It's not the best paying account on that list, but it's near the top. The best one is with Abbey, paying 3.45% (so not really much in it). This is actually a current account (sometimes current accounts pay high rates to draw you in, but there's nothing stopping you using it as a savings account while the rates higher than the rest).

Word of warning, if you want to be getting the highest interest rate at all times, be prepared to move your money around every six months or so.

Children's accounts won't necessarily pay more than regular accounts, but sometimes they do so it's worth checking them out while you're eligible for them. For that reason you should look at the savings accounts that are available to everyone, not just children, on that site. There are bound to be better paying accounts than the ones I've mentioned.

withnell

http://www.moneyfacts.co.uk/money/savings/15/childrens-savings-accounts.aspx

http://www.moneyfacts.co.uk/money/savings/16/childrens-savings-accounts-other.aspx

Have a look at those for an idea of what you can get for children-specific accounts

pink_princess

Hi my daughters your age and she has a barclays saving account and current account.They seem good for the junior one s don t rate them much after 18 on savings though