We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Top interest Rates for under 18s
IRISHGENIUS
Posts: 7 Forumite
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
0
Comments
-
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
If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.0 -
How old is your son and what type of account do you want ?
0 -
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
0 -
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).
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards