Best saving account for 16 year old but still managed by parent?

noitsnotme

wmb194 said:

You could try Barclays. Its child account currently pays 2%, falling to 1.5% at the end of the month. It also has a £100pm, 3.5% children's regular saver.

I was looking at the 3.5% Barclays one today but you have to open it before they reach 16.  It seems most new bank accounts for a child who is already 16, can only be opened by the child.

wmb194

noitsnotme said:

wmb194 said:

You could try Barclays. Its child account currently pays 2%, falling to 1.5% at the end of the month. It also has a £100pm, 3.5% children's regular saver.

I was looking at the 3.5% Barclays one today but you have to open it before they reach 16.  It seems most new bank accounts for a child who is already 16, can only be opened by the child.

Oh, yes, that's odd. The other Barclays one should be okay, though. "To apply for this account, you must

• Be at least 18 to save for the benefit of a child under 18. The adult operates the account as trustee for the child
• Be resident in the UK for tax purposes"

In this environment it's tough to beat 1.5% on cash.

noitsnotme

wmb194 said:

noitsnotme said:

wmb194 said:

You could try Barclays. Its child account currently pays 2%, falling to 1.5% at the end of the month. It also has a £100pm, 3.5% children's regular saver.

I was looking at the 3.5% Barclays one today but you have to open it before they reach 16.  It seems most new bank accounts for a child who is already 16, can only be opened by the child.

Oh, yes, that's odd. The other Barclays one should be okay, though. "To apply for this account, you must

• Be at least 18 to save for the benefit of a child under 18. The adult operates the account as trustee for the child
• Be resident in the UK for tax purposes"

In this environment it's tough to beat 1.5% on cash.

Thanks, that one looks good.  I’m already a Barclays customer so should be easy enough to open online.

*edit* looks like it’s managed online but have to open in branch.

wmb194

noitsnotme said:

wmb194 said:

noitsnotme said:

wmb194 said:

You could try Barclays. Its child account currently pays 2%, falling to 1.5% at the end of the month. It also has a £100pm, 3.5% children's regular saver.

I was looking at the 3.5% Barclays one today but you have to open it before they reach 16.  It seems most new bank accounts for a child who is already 16, can only be opened by the child.

Oh, yes, that's odd. The other Barclays one should be okay, though. "To apply for this account, you must

• Be at least 18 to save for the benefit of a child under 18. The adult operates the account as trustee for the child
• Be resident in the UK for tax purposes"

In this environment it's tough to beat 1.5% on cash.

Thanks, that one looks good.  I’m already a Barclays customer so should be easy enough to open online.

*edit* looks like it’s managed online but have to open in 

There's a video chat option: "If you’re a parent or guardian with a child under 18 and you’d like to open a Children's Instant Saver, you can open it via Video Banking. You’ll need to bank with us already, have the Barclays app, the Barclays Video Banking app and your child's birth certificate to hand. Learn more about Video Banking."

noitsnotme

wmb194 said:

noitsnotme said:

wmb194 said:

noitsnotme said:

wmb194 said:

You could try Barclays. Its child account currently pays 2%, falling to 1.5% at the end of the month. It also has a £100pm, 3.5% children's regular saver.

I was looking at the 3.5% Barclays one today but you have to open it before they reach 16.  It seems most new bank accounts for a child who is already 16, can only be opened by the child.

Oh, yes, that's odd. The other Barclays one should be okay, though. "To apply for this account, you must

• Be at least 18 to save for the benefit of a child under 18. The adult operates the account as trustee for the child
• Be resident in the UK for tax purposes"

In this environment it's tough to beat 1.5% on cash.

Thanks, that one looks good.  I’m already a Barclays customer so should be easy enough to open online.

*edit* looks like it’s managed online but have to open in 

There's a video chat option: "If you’re a parent or guardian with a child under 18 and you’d like to open a Children's Instant Saver, you can open it via Video Banking. You’ll need to bank with us already, have the Barclays app, the Barclays Video Banking app and your child's birth certificate to hand. Learn more about Video Banking."

Opened the account via Video Banking earlier today.  Was a fairly long wait to connect (30 mins or so) but I sat and watched TV whilst waiting.  About 20 mins to go through the application and then was given the new account number.  Overall a good experience and personally I preferred this method over having to make an appointment and visit a branch.