Best fixed savings rate for 16 year old

keelyann

Hi, my daughter who is 16 would like to invest about £5,000 into a fixed rate account (ideally for to be 1-2 years fix) but all the ones we are looking at have a min age of 18. The child's accounts seem to be for under 16s and pay a lower rate of interest. Can anyone advise please as i've hit a wall! 
Thank you!

JGB1955

If you have a look at Best Children's Savings Accounts (moneyfactscompare.co.uk)  you can find accounts paying over 5.5% fixed.  (Use the Full Search function on the right hand side to filter your results)

DeLaSole

Hi keelyann,

Kent Reliance have a 2-year fixed bond (5.98%) and 1-year (5.96%) and Moneyfacts suggests there's no minimum age on those products. In an ISA wrapper, Natwest and RBS have a 2-year fixed rate ISA which 16-year-olds can open (5.9%). Not a fixed offering, but at 16, >6% regular savers are available at Natwest/RBS.

Best wishes.