Best Savings Account for 16-year old?

MummyD

Son currently has a Halifax Saver. He's 16 this week so the rate will drop to 0.01% so I need to look for a new product. I've looked at the MSE page on children's savers but either we don't have a current account in the right place or he's too old or he doesn't have the right amount of money!

He's got about £1,500 and I just want a simple savings account with a rate that's more than 0.01 that he can open as a 16 year old! I've seen one at Yorkshire BS at about 0.6% that he can have at 16. Is he likely to get any better?

He has a current account (Lloyds) but maybe we could get a better deal elsewhere?

Thanks. 

refluxer

I was in exactly the same position with my daughter recently and after looking at this for her, we opened an HSBC MySavings account for her which is currently paying 2.75% on balances up to £3000. The interest rate is variable, however it did increase recently when HSBC passed on the BoE base rate rise.

Parents only need to have an account with HSBC if you want to apply online - if (like me) you don't, then you can open an account by visiting a branch with your son. Once open, they get a debit card and can manage the account online. They can have the account up until the age of 18, at which point it'll convert into the equivalent adult bank account.

refluxer

If you do decide to open a MySavings account, make sure you read up carefully on which identity documents you need to take (see 'How to apply' at the bottom of the product page). From memory, I think we had to take her full birth certificate and a recent bank statement showing her name and address, but make sure you check the appropriate list. It might be worth making a note of his NI number in case that is needed.

Also check that your nearest branch does account openings (Cash Service Branches don't).