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Savings for 17 year old?
lf
Posts: 2 Newbie
My 17 year old just got notice from Nationwide that his savings account with money from family and inheritance since birth is reducing to 0.5%. Can any one advise on a better rate option for a lump sum? He turns 18 in October when he can opt for a adult savings account like Marcus.... All the accounts I can see (Virgin etc) require the child to be under 16. Is he stuck with Nationwide until he’s 18 now?Thx!
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Is this a CTF?0
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Take a look at https://www.moneysavingexpert.com/savings/child-savings-tax-free/
You can better than now until his 18th birthday. Then, I would advise Marcus which looks likely to remain one of the top players until its parent company, Goldman Sachs, cuts back on its UK business, which is likely for US Banking Rules reasons.0
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