Age 16 savings account

pinked

Can someone please help, my daughter is 16 and starting an apprenticeship, we want to start to put money into a savings account for her but we're finding that children's saving accounts only go up to age 15 and adult accounts start at age 18. Can anyone suggest what we can do?

Many thanks

HappyMJ

pinked wrote: »

Can someone please help, my daughter is 16 and starting an apprenticeship, we want to start to put money into a savings account for her but we're finding that children's saving accounts only go up to age 15 and adult accounts start at age 18. Can anyone suggest what we can do?

Many thanks

There are plenty out there...who do you bank with.

What about a Santander 16-18 Current Account?

pinked

She's got a current account with Natwest but we wanted a savings account really to put some money away.

westy22

Your daughter can have an adult Cash ISA (with full adult annual allowance) with almost all ISA providers from the age of 16.

HappyMJ

pinked wrote: »

She's got a current account with Natwest but we wanted a savings account really to put some money away.

You can use a current account as a savings account. Santander pays 3% interest better than most savings accounts.

Masomnia

Santander only pays the 3% up to £500, so may not be worth it, but depends on circumstances.

xylophone

Open a JISA with Halifax if eligible? https://www.gov.uk/junior-individual-savings-accounts/overview

6.00% tax free/AER variable
if an adult cash ISA is held or child is 16 and over.

She can open for herself as she is over 16 - money available to her when she is 18.

pinked

Thanks for all your help guys, will look into all of those options.

Pinked :T