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Best fixed savings rate for 16 year old
keelyann
Posts: 52 Forumite
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!
Thank you!
0
Comments
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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)#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3660
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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.1
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