17 year old savings

leeksnroses · 7 July 2023 at 1:35PM

Hi I have to transfer my daughters saving account over as my current bank (intelligent finance) are closing all accounts. I know I can still apply for a junior savings account at 17, but will it only last for a year or is better of applying for an adult saver?

refluxer · 7 July 2023 at 1:56PM

Yes, the majority of children's savings account revert to an adult account (often with a poor rate) when they reach the age of 18 so they're probably not worth bothering with if she's not far off her birthday.

There are a few adult savings accounts that can be opened by under 18s so I would personally look into those. The Ford Money Flexible Saver, for example, can be opened from age 16 and (at 4.25%) isn't that far off the best adult easy access rates currently available. One good point about this account is that there are no 'issue' hassles - Ford just have the one issue so when there's a rate increase, so you don't have to switch accounts.

She'll need a nominated bank account (usually a current account) for payments and withdrawals. Withdrawals are the same day if requests are made before 1pm (on a working day) or the next working day for requests after 1pm. The account can be accessed online or via an app.

xylophone · 7 July 2023 at 6:30PM

How much is involved?

Does she have a CTF?

RuthHutch · 16 August 2023 at 9:33PM

leeksnroses said:

Hi I have to transfer my daughters saving account over as my current bank (intelligent finance) are closing all accounts. I know I can still apply for a junior savings account at 17, but will it only last for a year or is better of applying for an adult saver?

Did you get anywhere with this? I also have a 17.5yr old and want to transfer her savings pot, but they seem to fall between the cracks at this age. The account we currently have is paying something like 0.5pc, it would be good to take advantage of some higher interest rates just now but most of them are for either under 16s or over 18s.