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Savings account for 17 year old?
gentleorange
Posts: 1,827 Forumite
My son has started working on the weekends, and he wants to put £50 a month away in savings.
Would the Halifax Child ISA be a good bet, or is an ISA for larger amounts of money?
Would the Halifax Child ISA be a good bet, or is an ISA for larger amounts of money?
0
Comments
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The minimum balance on the Halifax JISA is £1.
He won't get better than 6% anywhere!
Go for it provided that he understands he can't get it out until he is 18.https://www.gov.uk/junior-individual-savings-accounts/overview0 -
Go for it and do it fast. If he is 17 already, he will have only about a year of 6% rate. That is a very good rate! I opened the same ac for my DH when she was 16 and had 2 good years of interest at 6% - that is the most she has earned so far. Since then it has been 1.5-1.9%.
You can't just go into a branch and open one - make the appointment now while you are thinking about it - because during their busy times (ie now) the appointments are usually 2 weeks away.0
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