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Best account for my children?
Seanymph
Posts: 2,882 Forumite
They are aged 15 (16 in March) and 16 (but in full time education).
They have their own savings/earnings and would like an instant access account - they already have a card only 'current' account and want a savings account to go alongside this.
They both have around £400 or so to open the account (maybe more) and will need to transfer money between the two accounts easily.
Would they be better off with an a savings account, or a cash ISA? Neither currently pay tax because they earn under the threshold.
Thanks - I have read around the site on this, but I just can't seem to find something that eases my mind over the best course of action.
They have their own savings/earnings and would like an instant access account - they already have a card only 'current' account and want a savings account to go alongside this.
They both have around £400 or so to open the account (maybe more) and will need to transfer money between the two accounts easily.
Would they be better off with an a savings account, or a cash ISA? Neither currently pay tax because they earn under the threshold.
Thanks - I have read around the site on this, but I just can't seem to find something that eases my mind over the best course of action.
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