Savings accounts for 17 year old

Siobhan_2

Hi - my daughter is looking to put £11,000 in a savings account and is happy to have it locked in for 2-3 years. She is still only 17 years and apart from Nationwide I have not been able to find banks who will allow her to save with them before she turns 18. Can anyone help?
PS the cash she has is from £100 a month we saved with Halifax.
Many thanks in advance,
Siobhan

Lokolo

http://www.halifax.co.uk/savings/fixedwebsaver.asp

She already has a Halifax account, so adding one more account won't be an issue.

I wouldn't fix for 3 years though, I'd fixed for 1 year at a time in the hope rates go up! Although thats not my decision

Siobhan_2

Many thanks but she closed her Halifax account and we had so much trouble with them I really don't want to go back to them. I think you are right about how long she should fix it for though.
Many thanks
Siobhan

martinman3

Northern Rock have 1 year fixed rate bonds at 3.00% AER, minimum £1, min age 15
http://www.northernrock.co.uk/savings/fixed-rate-bonds/fixed-rate-bond_issue_394/

If you daughter is or very soon will be a tax-payer I would suggest putting some in a cash ISA if it pays more than 2.4% AER, which is 3.00% after basic rate tax.