16 year old.

Katie6363

My 16 year old has a Halifax account with approx £16.5k. It currently pays very little in way of interest. I would ike to move it before 17th birthday in October.  Any advice please? 

[Deleted User]

Loads of savings accounts paying over 1% interest now. I'd recommend Marcus (1.30%) and Atom Bank (1.35%). Maybe spread the money out over a few savings accounts instead of having all eggs in same basket.

silvercar

Welcome to the MSE forum @Katie6363.

This post would be better placed on the savings board, I have asked the MSE forum team to move it over.

In the mean time, you will find lots of helpful posts on savings over on the savings board here: https://forums.moneysavingexpert.com/categories/savings-investments

eskbanker

Katie6363 said:

My 16 year old has a Halifax account with approx £16.5k. It currently pays very little in way of interest. I would ike to move it before 17th birthday in October.  Any advice please? 

Deleted_User said:

Loads of savings accounts paying over 1% interest now. I'd recommend Marcus (1.30%) and Atom Bank (1.35%).

OP's offspring is 16 so can't access accounts only open to those who are 18 or over:

https://www.marcus.co.uk/uk/en/savings/online-savings-account

To open an account in either sole or joint names you must be aged 18 or over and be a UK resident (including for tax purposes).

https://www.atombank.co.uk/instant-saver/

You’ll need to be 18 years old or over, have the Atom app downloaded to your device and a UK current account registered in your name.

16/17 are quite awkward ages for savings products but try https://www.moneysavingexpert.com/savings/child-savings-tax-free/

Daliah

If it doesn't need to be instant access, there are quite a few more: https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false

[Deleted User]

eskbanker said:

Katie6363 said:

My 16 year old has a Halifax account with approx £16.5k. It currently pays very little in way of interest. I would ike to move it before 17th birthday in October.  Any advice please? 

Deleted_User said:

Loads of savings accounts paying over 1% interest now. I'd recommend Marcus (1.30%) and Atom Bank (1.35%).

OP's offspring is 16 so can't access accounts only open to those who are 18 or over:

https://www.marcus.co.uk/uk/en/savings/online-savings-account

To open an account in either sole or joint names you must be aged 18 or over and be a UK resident (including for tax purposes).

https://www.atombank.co.uk/instant-saver/

You’ll need to be 18 years old or over, have the Atom app downloaded to your device and a UK current account registered in your name.

16/17 are quite awkward ages for savings products but try https://www.moneysavingexpert.com/savings/child-savings-tax-free/

Ah no worries, I wasn't to know as I've not been looking for 16yo savings accounts. No need to quote Marcus & Atom at me to prove a point.

Daliah

Deleted_User said:

Ah no worries, I wasn't to know as I've not been looking for 16yo savings accounts. No need to quote Marcus & Atom at me to prove a point.

As you first mentioned Marcus and Atom in this thread, it's not a big surprise if people post the relevant details about them. 

Bridlington1

If the child doesn't need easy access to the money before the age of 18, then a JISA would probably be a good bet. You can put £9k in a JISA each year and quite a few of them now pay over 2%. Coventry for example pays 2.6%

Then there are children's current accounts (some of which pay 3%). There's nothing to stop your child opening multiple children's current accounts with different providers to get the higher interest rates. Santander pays 3% if the balance is between £1.5k and £2k.

There are also quite a few easy access savings accounts that you can open if you are over the age of 16. I know YBS do a Family savings account that can be opened online at 16, that pays 1.5% on balances under £10k as an example.

Many regular savings accounts can be opened at 16, such as Natwest, which pays 3.3%.