Kids (16-17yrs) instant access open online

yebaws

My daughter (16, soon to be 17) already has a Santander 123 mini current account and has used up her £2000 that pays interest. Now looking for an instant access account / current account that will pay her more than an insulting rate of interest on her savings above this. Problem are:

1. Most accounts are either for under 16's or over 18's

2. They have to be opened in branch. We live in a rural are and have access to very few banks / no building societies, so opening and managing account on line is vital.

Have trawled through moneysupermarket etc with no luck.

Any help appreciated

xylophone

These are savings rather than money required at instant access?

Does she have a CTF?

MX5huggy

HSBC any good? Especially if you have an account already. Only a year of the good rate left 2.5%.

https://www.hsbc.co.uk/current-accounts/products/children/#eligibility

ratechaser

I think the Monmouthshire BS have one at 1.25% that can be opened online and actually be kept until age 21 (has to be opened before 18 though). A lot better than anything available to adults right now...

Alpenney

I’m looking for an account for my 14 year old niece her dad will open the account I want to put in £1000 then the family want to put in money for Xmas and birthdays, we don’t want her to have access untill she is at least 21 so she can use for a house deposit or a car etc can any one help ? 

MX5huggy

Alpenney said:

I’m looking for an account for my 14 year old niece her dad will open the account I want to put in £1000 then the family want to put in money for Xmas and birthdays, we don’t want her to have access untill she is at least 21 so she can use for a house deposit or a car etc can any one help ? 

An often asked question, it’s not easy to do this, the options are JISA but they get them money at 18 or keep the money as yours so you decide when to give it. Trusts are too complicated for such small amounts of money. 

At 14 you will have an idea of the child’s attitude to money if you gave her £1000 today and said this is for you to save for a house? what would happen?

Similar question:-
https://forums.moneysavingexpert.com/discussion/6259803/investment-account-for-new-born-baby-no-access-until-21-25-preferably-25/p1

yebaws

Thanks for replies. She needs instant access. Unfortunately all of these accounts can only be opened in branch. Closest HSBC or Monmouthshire BS branches are hundreds of miles away

yebaws

Apologies. Looks like it might be possible to open Monmouthshire BS online. We'll have a go as sometimes it looks like you can then they say you have to come in with ID

ratechaser

yebaws said:

Apologies. Looks like it might be possible to open Monmouthshire BS online. We'll have a go as sometimes it looks like you can then they say you have to come in with ID

We sent ID by post, bear in mind it will need to be originals or certified copies though.

colsten

Complete list of children's savings accounts: https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/