Best savings account for 16 year old
in Savings & Investments
4 replies 698 views
My 16 year old DD currently has approx £12,500 in her child saving account with the Nationwide however interest rate is now only 0.6%. We also pay £100.00 into it every month. I’m looking for an account that pays better interest than she currently has but most children’s accounts need to be opened before age 16, the ones that don’t only pay interest up to £2.5 / £3k and I really don’t want the money split over several small accounts. (She already has a Mini Santander account & Child Trust Fund so isn’t eligible for a child ISA). There are adult accounts where I can get 1.01% interest but you need to be 18 to open them.
Anyone suggest any other accounts, she won’t need access to the money for at least 2 years and maybe even 5 years so open to long term saving accounts.
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