Under 18 Online Instant Savers Account?

AWinner

My son is a non-tax payer, wishing to save for his first car.

Does anyone know where to invest around £300 a month, ideally online banking with monthly interest at a decent rate. He has a High Street Bank account but each online account provider that I can find is only open to 18+!

I looked at Bradford & Bingley Instant Saver but again only 18+. Emailed them and got automated reply to say it would take 4 working days to get a reply.

This was 7 working days ago so it makes me wonder whether our financial institutions are actually switched on to modern living and technology! :rolleyes:

dwsjarcmcd

I recently opened an account with the Abbey for my 14 year old daughter. It gives a switch card, which has a poor rate of interest but a inked savings account which has a decent rate. She can operate them both online and switch money betwen them. HTH

David

gt94sss2

AWinner wrote: »

My son is a non-tax payer, wishing to save for his first car.

Does anyone know where to invest around £300 a month, ideally online banking with monthly interest at a decent rate. He has a High Street Bank account but each online account provider that I can find is only open to 18+!

You don't say how old your son is but I usually recommend HSBC and/or Nationwide

HSBC pay 5.75% and comes with a debit card while the Nationwide Smart account pays 6.05% but only comes with a cashcard.

Both offer on-line banking.

If your son is 16, he is also able to get a Cash ISA in his name - NS&I currently pay 6.3%.

Alliance and Leicester also offer what seems like a reasonable current account for 16+ but I haven't read their small print.

Regards
Sunil

AWinner

Thank you both for your advice. My son is 16.5 years old.

Lokolo

Does he want a card or not?

It seems a bit strange that you want it internet banking.

Egg has a good savings account but it is online only. So any money he wants to take out will take 3 days (it will make him think about his financial situation!).

If you want any more information on it just ask

D4n13l

I have 2 HSBC accounts, one is right track into study (no tax - theres also a a right track into work account which pays tax i think) and the other an online saver. I am also 16.5 (well .6 actually but hey-ho ) and can recommend it to anybody my age. Its simple to set up and use and, as was said earlier, you get a solo card which can be used online and in shops! I also have an online saver, which pays 6.08% gross/6.25% aer, which is good. You can transfer money from one to the other with a few clicks and is done immediately as its with the same bank.
Hope this helps, if you need further info PM me.
D4n13l