Savings with old-fashioned pass book?

bridgend_girl

Are there any accounts that the old fashioned pass book with them to encourage a 16 year old to save which I can also occasionally check to see she doesn't dip into it secretly?


Many thanks

xylophone

If she is eligible, why not encourage her to save into a Halifax JISA? The money won't be available to her until she is 18.

https://apply.halifax-online.co.uk/personal/a/apply_savings/juniorisabelow18

https://www.gov.uk/junior-individual-savings-accounts/overview

colsten

There are but they pay abysmal interest and are an antiquated approach to handling savings. I wouldn't have thought they would inspire a teenager to save money.

bridgend_girl

It's to encourage her to save up for driving lessons later this year. the interest rate return is pretty meaningless given the small amounts she will save and the short term involved. It's more to encourage her to put some of her EMA away and see the total grow and also to check the book to see if she's dipping into it or acually saving. Thanks.

ratechaser

colsten wrote: »

There are but they pay abysmal interest and are an antiquated approach to handling savings. I wouldn't have thought they would inspire a teenager to save money.

The Leeds and Nottingham BSs regular savers are an exception, both just above 3%, assuming that regular amounts can actually be saved in this situation...

Don't disagree with the antiquated comment though, I really prefer to be able to check up on my accounts online...

savings_my_hobby

ratechaser wrote: »

The Leeds and Nottingham BSs regular savers are an exception, both just above 3%, assuming that regular amounts can actually be saved in this situation...

Don't disagree with the antiquated comment though, I really prefer to be able to check up on my accounts online...

that's me superseded:D

HappyMJ

bridgend_girl wrote: »

It's to encourage her to save up for driving lessons later this year. the interest rate return is pretty meaningless given the small amounts she will save and the short term involved. It's more to encourage her to put some of her EMA away and see the total grow and also to check the book to see if she's dipping into it or acually saving. Thanks.

You can advise her but you can't actually control what she does with her own money. If she spends it then she spends it and she doesn't get driving lessons.

She's 16 now..the next few years she'll probably be going out with her friends and spending money....at least I did at that age.

She can open a current account designed for 16-18 year old's.

The Santander Mini 1-2-3 Account pays 3% interest on balances above £300 and up to £2,000. Encourage her to save and earn interest instead of controlling her and she should be able to learn to manage her money better.

Halifax Kids Regular Saver pays 6% on contributions of up to £100 per month. The money would be locked up for 1 year but it offers a great return on money invested.

I would not dismiss the low amount of savings and the inability to earn much interest. I would always chase the best deal no matter how much is being saved.

bridgend_girl

I know she needs encouraging but that approach is not working unfortunately. This Miss is already spending and socialising but wants to save too hopefully. Many thanks for info.

AnotherJoe

If driving lessons arent incentive enough then she doesn't get any? Does she actually want driving lessons ?

Perhaps if bank of M&D is firm about only paying if daughter contributes a certain percentage, then that will help. And following through if she doesn't. So I'd say it's as much down to you as her. Has your behaviour so far been that she wouldn't believe you wouldn't top it up? If so, you are as much to blame?

Or, how about you open an account and every £X she puts in, you put £Y in and since it's yours she can't access it ? Let's say a driving lesson is £20, every fiver she puts in you put fifteen but a condition you need stick to is, you don't top up her spending elsewhere.

Then she can see how many driving lessons she has. And just have a list in the kitchen of progress, no need for a passbook.

elsien

Nationwide do a passbook account, but there are restrictions/charges around getting out smaller amounts. Although that might be helpful in your case.

bridgend_girl

She gets £30 pw EMA plus 50 pcm allowance and is often broke and asking for handouts (very sweetly and without guile). She gets the odd generous amount from grandparents too. She's a lovely girl but is generous to a fault and money just slips through her fingers.

It's no-ones fault just the way she is. I believe Mum may have a similar attitude to money. I am asking on behalf of her Dad who wants to help encourage her to spend it more wisely and even save a bit too.