17 year old savings

leeksnroses
Forumite Posts: 1 Newbie
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?
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Comments
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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.
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How much is involved?
Does she have a CTF?0 -
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?0
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She could open a standard ISA.
Example
https://www.coventrybuildingsociety.co.uk/member/product/savings/cash_isa/limited-access-isa-online-4.html
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@RuthHutchCheck out Cahoot - available from age 16, now paying 4.9% easy access0
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