Ideas for a Teenager saving.

CJScat

My 15 year old is wondering what the options are for an ISA or savings account.
I would prefer that they place it were it can stay for 3-5 years as I feel this would be the best option for them.
I have checked out the kids saving advise on this site but it's aimed at infants, juniors or early teens, they all take the child up to 16 or 17years and not beyond.
My teen is soon to be 16 years.
Any advise would be great.

westy22

Once he hits 16 then he can have both a Junior ISA (for cash or shares - for his benefit but held in your name) and also a full adult cash ISA allowance in his own name. Both would become his to use as he wished at age 18 and you would not be able to control these accounts once he is 18.

brendon

Most savings accounts allow age 16 years (and some younger). I'm not sure what benefits a Junior ISA offers, unless he is already bringing in a lot of money and paying tax. I wouldn't lock it away for too long -- he may need the money when he goes to university, or in the first few years of independent life.

opinions4u

Get a Halifax Junior ISA for him before he's 16 (or the opportunity is lost). If the parent has a Halifax cash ISA (even with only £1 in it) the child gets 6% interest.

No withdrawals until he's 18.

xylophone

before he's 16 (or the opportunity is lost).

No - at 16 he can open his own Halifax JISA and there is no need for the parent to hold a Halifax ISA.

http://www.halifax.co.uk/isas/

"6.00% tax free/AER variable
if an adult cash ISA is held or child is 16 and over."
https://apply.halifax-online.co.uk/personal/a/apply_savings/juniorisabelow18

kidmugsy

At that age I found having a target was useful. Mine was a motorbike.