Bank account for 16yr old?

LeadFarmer

Looking to move my sons bank account now he has reached 16yrs, his Halifax child saver account has now closed due to his age.
He has no knowledge of the account as I opened it without him knowing and have been paying money in each month, he has about £1K to date.
The Santander 123 Mini account pays 2% on that amount, rising to £3% when it gets to £1.5K, are there any other accounts to consider please?

Daliah

Are you looking for a current account or a savings account?

Rob5342

At 16 I think he'd need to open it himself.

Have you looked at a junior ISA, that would lock it away until he was 18. Tesco bank offer 2.25% of £1+

wmb194

LeadFarmer said:

Looking to move my sons bank account now he has reached 16yrs, his Halifax child saver account has now closed due to his age.
He has no knowledge of the account as I opened it without him knowing and have been paying money in each month, he has about £1K to date.
The Santander 123 Mini account pays 2% on that amount, rising to £3% when it gets to £1.5K, are there any other accounts to consider please?

It shouldn't have closed but rather become an Everyday Saver which would continue as a bare trust. I'm guessing you actually closed it yourself?

https://www.halifax.co.uk/assets/pdf/savings/pdf/savings-account-conditions.pdf

LeadFarmer

No this Halifax account hasn't closed, that was just a figure of speech, but the type of account has changed.

LeadFarmer

Daliah said:

Are you looking for a current account or a savings account?

A savings account, for the next 2 yrs when he can then take it over.

Daliah

LeadFarmer said:

Daliah said:

Are you looking for a current account or a savings account?

A savings account, for the next 2 yrs when he can then take it over.

There is a whole lost of savings accounts that should still be available for under 18s. https://moneyfacts.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false

p00hsticks

LeadFarmer said:

Daliah said:

Are you looking for a current account or a savings account?

A savings account, for the next 2 yrs when he can then take it over.

Personally I'd be getting him involved in the process - you don't need to be telling him about the existing account if you don't want to. It's never too early to start learning about finance, and you sitting down with him and going through the pros and cons of the different accounts available would IMHO be a good idea ....

LeadFarmer

He's already got bank accounts that he uses, but this one I don't want him knowing about yet.

Daliah

LeadFarmer said:

He's already got bank accounts that he uses, but this one I don't want him knowing about yet.

Until he's 18, I think (but not 100% sure) you can open / manage accounts in his name, without his knowledge, and on the understanding that any of the money in such accounts is his.

If you want to be in complete control of a sum of money for him, it would need to be in an account in your name, and unless he's your sole heir, you'd need to have a will that assigns the money of this account to him.