Best saving account for 16-17 year olds

Smurf13

Hi everyone, 

I have twins who are 16, nearly 17, and am looking to help them open their own savings account (not one thats in my name too).
However, most of the child accounts are up to 16, and then "adult" accounts are 18 and over.

Any advice on what sort of account I should go for would be gratefully received.

Many thanks

Daliah

Try this: https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/?id=null&business-type=16&activity-type=null&investment-amount=1000&investment-type=1&account-types=32&interest-paid-frequencies=null&terms=null&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=17&has-withdrawal-restrictions=2&existing-customers-only=2&joint-account-only=2

You can modify the Full Search, top right hand corner.

You might also find something under Junior ISAs.

JGB1955

Nationwide 1 year triple access is available to 16+ (and currently pays 1.4%).  It does, however, rely upon internet banking, so the twins would need to have current accounts to 'feed' the saver account: perhaps the Nationwide FlexOne current account (currently paying 0.25%)?

MX5huggy

HSBC Pay 3% on up to £3000 you can open while 17 https://www.hsbc.co.uk/savings/products/mysavings/

Bridlington1

If I were you I'd look at under-18s current accounts. I would recommend TSB's under 19s account. That'll pay 2.5% on up to £2.5k, is easy access, but they'll need to open it in branch. https://www.tsb.co.uk/current-accounts/under-19s-bank-accounts/

They could also open a Natwest adapt account (1%) https://www.natwest.com/current-accounts/adapt_account.html  This would give them access to Natwest's digital regular saver (3.3%). https://www.natwest.com/savings/digital-regular-saver.html

Failing that Nationwide do a start to save regular saver paying 2.5% variable. The twins could open that at 16.as long as they each have a bank account in their name that lets them make faster payments (doesn't have to be Nationwide) and can put up to £50/mth in it. This is also easy access. Like the 1Y triple access saver, this relies on internet banking. 
https://www.nationwide.co.uk/savings/start-to-save/

Alternatively YBS do a Family saver at 1.5%, which can be opened in branch or by post but can be managed online as well. This only allows 3 withdrawals/year though. https://www.ybs.co.uk/savings/product.html?id=YB921546B