Good savings account for 16/17yr old

hollymcr

Having promised sums of money in return for exam grades, and with good results having been achieved, I need to give my girlfriend's daughter £100 which I'd like to put into a savings account for her - its up to her what she then does with it (eg take it all out!) but I'm optimistic that she'll retain the account and add to it from saturday jobs etc.

What's a good account to go for, and can I set it up for her?

She has a normal bank account (ie with cashcard etc) so something Internet based that works through that would make sense, assuming that's possible at her age (she's 16 right now, 17 in a few days time).

Kilty_2

Depends what bank the account she currently has is with.

Halifax/Bank of Scotland provide a Web Saver that pays 5.00% that would be perfect, especially if her account is with them at the moment since transfers between the two are instant.

I have a Nationwide FlexAccount with an E-Savings account added to it that pays 5.05%. You must have a FlexAccount to open E-Savings though but these can be opened by people aged 16 and over.

Robert_Sterling

She got the grades.
She is 17.
Just give her the money.
No strings.

hollymcr

Robert_Sterling wrote:

She got the grades.
She is 17.
Just give her the money.
No strings.

This isn't really about strings; I'd agree with you if it were.

She "earnt" the money when the results came out back in the summer, but she wanted us to hang on to it for the time being. Rather than it sitting in my bank account earning me interest I think it should sit in hers earning her interest (she's free to take it out as soon as she wants for whatever she wants). She currently has a Barclay's account which from what I can tell isn't a good savings account, but it is convenient (nearby branch).

This is really about giving her the responsibility for the money where at the moment I have that responsibility. This isn't behind her back, she's keen to learn about savings etc but she needs help to find a good deal. As indeed do I, otherwise I wouldn't have asked here!