Banking and savings for 17 year old.

russetred

Hi I hope you can point me in the right direction as I seem to be going round in circles. DS is 17 and has a Santander123 mini account but he now has over 4.5K in it so is only receiving 3% interest on the first £2K. I have been trying to find him either a current account or savings account that gives some reasonable interest but will allow him access to his money when he needs it. He starts Uni in September and has been saving hard for it.All the current accounts/savings accounts with interest are for over 18s or under 16. Help would be much appreciated.

grumbler

Can he get Santander's Regular Saver (5% on 12x£200?)?

Check Nationwide's FlexOne (1% on up to £1K) combined with some saving accounts, e.g. Smart Junior ISA (3%) and FlexOne Regular Saver (3.5% on 12x£100)

DeadTall

My son's in the same situation as yours (he's also 17) & has opened a Santander regular e-Saver. You have to be a Santander account holder, 16+, UK resident, & signed up for internet banking. And because he's got a 123 account he'll get 5% - although he can only put away £200 each month it's still worth it.

Archi_Bald

TSB appear to have a lovely under 19's account, to complement the 123 one
http://www.which.co.uk/money/banking/bank-accounts/guides/best-childrens-bank-accounts

russetred

Cheers guys that's what I was looking for. Looks like TSB for him.