Savings for 16 year olds??

gnoobs

Can't find a (relatively) easy access, or short notice savings a/c or ISA for a 16 year old. Martin's guide says anyone over 16 can open an ISA , but every recommended ISA/ savings a/c one I've looked up in last few hours, either is for 18+ or has limit £ on. (Children's seem to all stop at 15 too) Son has around 10k and doesn't want to lock away - any suggestions??

xylophone

Does the child already have a CTF?

If so, it can be transferred to a JISA and up to the current tax year's subscription added.

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

https://moneyfacts.co.uk/isa/guides/junior-isa-loophole-for-16-and-17-year-olds/

Example

https://www.leedsbuildingsociety.co.uk/savings/isa-tax-free-accounts/limited-issue-online-access-cash-isa/

This account is only available to individuals aged 16 and over who are resident in the United Kingdom for tax purposes, or if not so resident, must be performing duties as a Crown employee serving overseas and paid out of the public revenue of the United Kingdom (typically a serving member of the armed forces, or a diplomat), or be married to, or in a civil partnership with, such a person.

Alexland

I think the OP was looking for an easy access Cash ISA rather than locking away in a JISA until 18.

Looking at the MSE easy access Cash ISA best buy table number 2 which is the Ford Money is available for those aged 16 and above and pays 1.27%
https://www.moneysavingexpert.com/savings/best-cash-isa/#fordflexi
https://www.fordmoney.co.uk/savings-products/flexible-cash-isa

Still the rates on a JISA are much more attractive.

gnoobs

Thanks - have a feeling the Ford had an insufficient max limit but will check out suggested links again - think I might have missed the 'loophole' one...

Alexland

For a standard Cash ISA the limit is £20k per tax year unless you hold other adult ISA accounts.

For a Junior ISA the limit is £4,368 per tax year and the money is locked away until 18.

xylophone

have a feeling the Ford had an insufficient max limit

I don't understand this - your son has £10,000 and has not contributed to an adult ISA in this tax year?

He can contribute up to £20,000 to the adult ISA.

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html