Best saving accounts for 16/17 year olds

teensaver

Does anyone know of the best savings account, the highest interest ones, for 16/17 year old. I have looked at articles on best saving accounts but the childrens ones are mainly up to 15 years old and the adults are over 18. Any suggestions much appreciated. 

friolento

Until April 5 this year, 16 and 17 years olds can open adult ISAs. From April 6, they can keep existing adult ISAs but can no longer apply for them before their 18th.

You can find other children's savings accounts here https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/. The details for each account listed will tell you the accepted age range.

refluxer

16/17 is quite an awkward age as you've discovered, but there are actually a few suitable accounts in the current top 5 childrens savings accounts - you can get 5% on balances up to £3,000 in the HSBC MySavings account (which they can hold up to the age of 18) and the Saffron and Coventry building societies have kids regular savers which pay 5.80% and 5.25% respectively, if you don't mind restrictions on the amount you can deposit each month.

Note that you can only normally open kids savings accounts by visiting a branch or by phone/post, so having a branch nearby is useful for both opening an account and also for providing proof of ID, as it saves you having to post off important documents like birth certificates. I'd also recommend checking out the accounts offered by any local building societies you have nearby, as these sometimes give kids attractive rates but don't get mentioned on some comparison sites due to geographic membership restrictions.

Two adult savings accounts which can opened from the age of 16 are Ford Money's Flexible Saver (currently paying 4.60%) and Yorkshire BS's Online Rainy Day Account which pays 5% on balances up to £10,000 (and 3.90% on amounts over that). Withdrawals from the latter are restricted to 2 days per year but you can close it at any time.

Note that many adult savings accounts (eg. the Ford Flexible Saver) require you to have a linked current account for deposits and withdrawals.

macy08

If you don't mind a regular saver I recommend Natwest. My son has their teen 'Adapt' current account which allowed him to open their digital regular saver, £150pm and 6.17% aer.  There is no max balance and if he spends on the debit card he can switch on round ups to the regular saver.  He also has the HSBC 'My Money' account and Nationwide Flex One Saver both @5% and the Nationwide regular saver @8%