HAPPY 16th BIRTHDAY Young Saver from Lloyds and Halifax

willihe_2

Just received a letter from Lloyds re son's Young Saver account advising that on his 16th birthday the account will be changed from a Young Saver account (currently earning 2.0%) to an Easy Saver account earning 0.10%pa.

Wow! Welcome to the real world - what a disgraceful way to treat young customers :mad:

(Am anticipating a similar letter from Halifax any day now.)

Post-GCSE, pre-birthday trip to close the accounts.

ColdIron

I don't see what is disgraceful about this. It's an account with a preferential rate 'for children 15 or under'. He will no longer qualify as a child and will receive the same rate as an adult. Would his situation have been improved if he had not received a preferential rate?

Perhaps your time would be better spent looking for an account with better rates for adults

isasmurf

They're teaching him an important lesson: that it doesn't pay to be loyal to a bank and that he should be prepared to move his savings to maximise the interest on his savings.

TrustyOven

Wow that's all it takes to get you triggered?
There are many other things happening round the world, many of them far worse than this.
A quote from one of my fave TV shows:
https://blog.aniljohn.com/2013/04/unfairness-of-life-quote.html


Take isasmurf's post as good advice and move on.

veryintrigued

What did the OP expect?

bowlhead99

willihe wrote: »

Wow! Welcome to the real world - what a disgraceful way to treat young customers :mad:

(Am anticipating a similar letter from Halifax any day now.)

Post-GCSE, pre-birthday trip to close the accounts.

Just wait until he realises he no longer gets free bus travel in London or concessionary fare in Manchester. "Happy Birthday" indeed. What's so good about being treated like an adult, eh?

On the plus side he can now drink wine, beer or cider with a meal when out at a pub with an adult as long as the adult buys it for him. Later that night he can consent to sex. Then wake up in the morning and go get married in Scotland without your consent. He can drive a moped to the wedding. With your permission, he can join the army and get shot at.

I expect getting a slightly lower rate of interest on his pocket money should be the least of your concerns. However, if he wants to improve his financial situation he will legally be old enough to go out and get a job for up to 40 hours a week.

Sure, he could just sit back and expect free money to land in his bank account at eight times the bank base rate as it has been doing up to now. But having other people pay to finance his life as they have done for the last almost-sixteen years is something that can start winding down now. Embrace those personal freedoms, I say.

TheShape

willihe wrote: »

Post-GCSE, pre-birthday trip to close the accounts.

If you're taking him to the bank before his birthday you'll be closing an account that you didn't want closed, earlier than the bank itself would have closed it.

You could take him on a nice birthday trip to the bank :bdaycake:

xylophone

http://www.money.co.uk/current-accounts/bank-accounts-for-teenagers.htm

If he is prepared to wait for access until 18, the Coventry JISA pays 3.25%.