17 year old saver

nathan17

Hi
I am a 17 year old student in sixth form studying for my last year of A Levels. I'm keen to find the best savings account offering the highest interest rate possible but I'm unable to open an account with any of the suggested banks on the main site as I am under 18. Am I better just waiting until I am 18 and opening a student account? I'm also looking to find an account with a debit card so that I can have some of my money available instantly, is there any advice about on this issue?

Thanks for your help

Nathan

lucky77

My son is 17 and opened an under 19 account with Lloyds TSB. Interest is 2.5% up to £2,500 and he has a visa debit card which he finds useful for ordering online. He also has a Premier 21 acct. with Alliance & Leicester which pays 5% for the first year on up to £1000 but you are supposed to pay some money in regularly. He pays in the money from his paper round and this is acceptable. This also has a debit card. If you want him to refer you to open this account you each get a bonus £25. Send me a pm if you do. Hope this helps.

Lokolo

nathan17 wrote: »

Hi
I am a 17 year old student in sixth form studying for my last year of A Levels. I'm keen to find the best savings account offering the highest interest rate possible but I'm unable to open an account with any of the suggested banks on the main site as I am under 18. Am I better just waiting until I am 18 and opening a student account? I'm also looking to find an account with a debit card so that I can have some of my money available instantly, is there any advice about on this issue?

Thanks for your help

Nathan

You don't have to be over 18 for savings accounts. What ones are you looking at?

ses6jwg

ISA would be a good bet, get it in early, you'll soon find not much in life is tax free so grabbit

BlaEm

As you're a student you're eligible for tax relief anyway, so it's worth taking advantage of higher-paying non-ISAs while you still can!

I think a lot of them have an age limit because they want you to make regular contributions - and an income is more likely if you're over 18 (I'm guessing that's why they ask for your income on application forms!). Also I think doing their anti-money-laundering ID checks are easier when you're eligible for the electoral roll.

When I was your age I had trouble with savings and current accounts, too - my parents opened mine on my behalf, but I got my own debit card and it was my name on the account and statements. It isn't ideal, especially as I had really trouble converting them into my own name once I turned 18 (easier to just close the account and open your own!) but it may mean you can take advantage of the better rates on this website.

I'd suggest you go into the branch where you have your current account and speak to someone there about your options - I believe a lot of places have special accounts for 'children' under 18 and the rates may be even better than those offered to everyone else?

Good luck!

debbie42

My 16 year old son opened a current account (and savings ISA) recently with the HSBC, so I know they take under 18s.

Lokolo

BlaEm wrote: »

As you're a student you're eligible for tax relief anyway, so it's worth taking advantage of higher-paying non-ISAs while you still can!

Students are not entitled to tax relief.

debbie42

Students get the same tax relief as anyone else of that age: it depends on their income etc.

BlaEm

Okay, I'll rephrase: As a student, you are unlikely to go over your annual allowance of £6,475 and can therefore apply not to be taxed on the interest you earn

Lokolo

BlaEm wrote: »

Okay, I'll rephrase: As a student, you are unlikely to go over your annual allowance of £6,475 and can therefore apply not to be taxed on the interest you earn

Thats the spirit!