Savings Account for 16 year old

Hugo_Soons

I’m 16. I’d like a 12 month fixed term savings account with good interest but without any Max limit on how much money I put in each month please? Any help?

colsten

A lot depends on how much you want to save / add each month. Generally, fixed term accounts don't allow more than one deposit but you might be able to find instant access accounts with guaranteed rates for 12 months.

Have you looked here: https://www.moneysavingexpert.com/savings/child-savings-tax-free/

Some of the adult savers might be available at age 16.

You could also check out Junior cash ISAs.

torrence

For age 16 and 17 there are currently 2 ISA allowances £4,368 Junior ISA and £20,000 adult cash ISA. So they can invest over £24K a year in ISAs for those 2 years.