Savings account for 16 year old

mrobbo

My son, who has just turned 16, wants to start saving. It looks as though he needs to wait until he is 18 before opening an ISA. What would his best option be? Thanks.

eskbanker

mrobbo said:

It looks as though he needs to wait until he is 18 before opening an ISA.

No, he can open a Junior ISA:

https://www.moneysavingexpert.com/savings/junior-isa/

Or consider other accounts that may fit his needs:

https://www.moneysavingexpert.com/savings/child-savings-tax-free/

Sarahspangles

A Nationwide FlexOne current account pays 2% on balances and the linked FlexSaver pays 5% a year. It’s how I started my children managing their own money and they stayed with Nationwide for their student and graduate accounts.

mrobbo

Sarahspangles said:

A Nationwide FlexOne current account pays 2% on balances and the linked FlexSaver pays 5% a year. It’s how I started my children managing their own money and they stayed with Nationwide for their student and graduate accounts.

Many thanks Sarah. I will take a look