Junior Saving Account

Tall_Tone

Hi Everyone
My Kids (15 and 13 - soon 14) both have Abbey National Action Saver accounts with around £1000 each. These currently earn about 0.5% interest. Does anyone have ideas about the best place they could put their money while still being able to get access to it.

Cheers
Tony

Consumerist

Try this link or this thread
.

rb10

Don't restrict your search just to children's accounts. Many 'adult' accounts are in fact available to children as well, and pay much higher rates of interest. (Just be sure to check for any minimum ages that apply).

For a comprehensive list of all instant access accounts, see this link.

A good rate is the Halifax Web Saver Extra. Minimum age 11, minimum balance £1, and a rate of 2.8%. They can put money in the account whenever they like (although it's an online only account, so best to have a linked branch based one - see here), and make one free withdrawal per year (there's interest lost on any further withdrawals that they make). Make sure you register the account for gross interest (get them to phone you using this link after the account's been opened).