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Top interest Rates for under 18s
IRISHGENIUS
Forumite Posts: 7
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I need to transfer to a better rate for my son who is under 18, but most of the deals at the moment are for 18 years and above, are there are any for under 18 that aren't ISAs
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https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=falseIRISHGENIUS said:I need to transfer to a better rate for my son who is under 18, but most of the deals at the moment are for 18 years and above, are there are any for under 18 that aren't ISAs
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How old is your son and what type of account do you want ?
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He is about 4 months short of 18, ideally I would like a fixed one for 1 or 2 years, as as an instant access one too
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ForumUser7's link above lists the best fixed rate accounts that an under-18 can open. Many of the childrens' instant access accounts in the list are likely to automatically convert to adult accounts when he becomes 18 though (usually on very poor rates) so, as he's so close to his 18th birthday, I would suggest that opening the best adult instant access account (that he can currently open as a 17 year-old) would be a more convenient option as it'll save him having to move his money again in 4 month's time.
One that springs to mind is Ford Money's Flexible Saver which can be opened from age 16. It's currently paying 3.75% AER but a recent Twitter post suggested that it's set to rise to 3.91% on Wednesday which would make it the joint-highest easy access adult account without a limited number of withdrawals. Withdrawals are to and from a nominated bank account (eg. a current account) and the account can be managed online or via an app. The Flexible Saver used to be a 'next working day'-type of account for withdrawals, however this has improved in recent months and payments both in and out are often processed within an hour or two if sent in the morning or early afternoon during the week (it's normally best to avoid transactions late on a Friday or over the weekend for this type of account).
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