Savings account for under-16s (instant access)?

BooJewels

Skipton also have child accounts - no idea of the details, just that I saw them listed when recently looking at their interest rise pdf, as what looked to be a children's tracker, that was the full Base Rate, caught my eye whilst looking for my own tracker - no idea if it's still available or what ID might be required etc.

refluxer

An adult doesn't need to have a current account with HSBC to open a MySavings account with their child. Not having one just means you have to apply together in a branch rather than online.

If you do have a branch you can visit, it's currently the highest-paying children's easy access account for balances under £3,000. They're also pretty good at passing on rate increases - it's increased many times since my daughter opened hers around 18 months ago.

blueberrypie

refluxer said:

An adult doesn't need to have a current account with HSBC to open a MySavings account with their child. Not having one just means you have to apply together in a branch rather than online.

That's the problem - we can't apply in a branch because we live in Northern Ireland and the nearest branch which can do more than provide support for using online services is in Glasgow.

blueberrypie

BooJewels said:

Skipton also have child accounts - no idea of the details, just that I saw them listed when recently looking at their interest rise pdf, as what looked to be a children's tracker, that was the full Base Rate, caught my eye whilst looking for my own tracker - no idea if it's still available or what ID might be required etc.

No current account though, and can only be managed in a branch or by post, so not an option for him (like hsbc, nearest branch is Glasgow).

BooJewels

Perhaps you should have mentioned that you are in Northern Ireland initially, that's rather a salient piece of information, which would have saved you having to discount most of the answers.  Good luck, I hope that you find something suitable and you son gets to start good financial habits early - good on him for wanting to.

DeLaSole

If you don't want to open an account to facilitate your son accessing that bank and you're not near branches, it's rather limiting. It may just be a case of sticking with the Nationwide current account which pays 2%, I think. Once 16, things will improve option-wise, both at Nationwide for savings options and elsewhere that allows young people that age to apply online for their accounts.