best account for 15 year old?

phoebe03cat

My daughter has just turned 15 and has around £7000 to invest. None of this has been given by us and she has no income. It's just gifts which have not been spent (from the rellies) since she's been born.
She only needs to have instant access to around £750 of it and the rest she would like to put away fixed rate.
Am a bit confused as to the way to go here as some of the adult account will allow her to fix with them won't they. She would be able to fill in her tax exemption form I assume, as she has no income and its not money from us? Would appreciate some help here pls. Thanks

rb10

Most adult accounts will allow 15 year olds to open them. She will not be able to get an ISA until she is 16, but otherwise just check the T&Cs of the account, to see what the minimum age is.

She can get her interest paid gross (i.e. tax-free), she just needs to tell the bank that she is not a tax payer.

Lokolo

^^ just to go on from this you can fill in a form but I suspect the bank click a few buttons and throw the form in the bin.

phoebe03cat

just a further thought.
I'm still a bit confused about this. What's the implications if dh, self, my brother and her over 18 sister all opened Halifax 8% accounts for her and drip fed in the monthly max, steadily emptying her account where the money is at the moment?
Any other suggestions welcomed pls?