Another teenage account

mrs_T

I'm sure I saw on here before a link to a bank account for 16 - 20 year olds (possibly non-taxpayers only) that paid good interest? I can't find it now and I need something like that for my 16 year old daughter. She has a card account for her wage from a part time job to be paid into and also a savings account both with hbos but the interst rate is rubbish and she is a good saver and has over £500 on deposit. I thought it was A&L but I can't find it on their web site. Any ideas? TIA

Bloomberg

mrs_T wrote: »

I'm sure I saw on here before a link to a bank account for 16 - 20 year olds (possibly non-taxpayers only) that paid good interest? I can't find it now and I need something like that for my 16 year old daughter. She has a card account for her wage from a part time job to be paid into and also a savings account both with hbos but the interst rate is rubbish and she is a good saver and has over £500 on deposit. I thought it was A&L but I can't find it on their web site. Any ideas? TIA

I am afraid that for the time being you will have to put up with very low rates. Do not worry, the days of low interest rates are coming to an end.

7891368

Alliance and Leicester Premier 21 account

'Get a market-leading rate just by managing your bank account online.

• Earn 5% AER (fixed for one year) on balances up to £1,000. After one year, 1% AER (variable) applies. Balances over £1,000 earn 0.10% AER (variable).
• Get a Visa debit card making it easy to shop online and in the high street.
• You must be aged between 16 and 20. You need an e-mail address and access to the internet.'

JacksterD

A&L seems to pay the best rate, but if the A&L horror stories put you off then Lloyds TSB's account pays 2.5% which seems to be the second best on the market.

http://www.lloydstsb.com/current_accounts/under_19s_account.asp

mrs_T

7891368 wrote: »

Alliance and Leicester Premier 21 account

'Get a market-leading rate just by managing your bank account online.

• Earn 5% AER (fixed for one year) on balances up to £1,000. After one year, 1% AER (variable) applies. Balances over £1,000 earn 0.10% AER (variable).
• Get a Visa debit card making it easy to shop online and in the high street.
• You must be aged between 16 and 20. You need an e-mail address and access to the internet.'

Thanks that's the one I couldn't find, shame the good interest rate only lasts a year though.