Best savings account for my almost 16 year old

Baking_Mad

My son has just over 4K in a children’s savings account with Bank of Scotland, the decent rate ended ages ago and we need to move the money elsewhere to make it work a bit better.

What would your recommendations be please? Does it have to be a children’s saver or would it be more beneficial to invest in an adult account in my name?

Any help would be hugely appreciated.

Anagran

Mine has a Nationwide FlexOne Saver which pays 5% interest on balances up to £5000. I think you can open them for children aged 11 to 17 and they can then have the account until they are 23. I believe I had to open a current account at the same time.

nottsphil

https://forums.moneysavingexpert.com/discussion/6678775/best-savings-account-for-my-almost-16-year-old

Good luck explaining to the Inland Revenue that the interest was actually his and shouldn't be assessed on your tax return 😀

eskbanker

https://forums.moneysavingexpert.com/discussion/6678775/best-savings-account-for-my-almost-16-year-old

It's his money so should remain in an account in his name, not transferred to yours.

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

GrubbyGirl_2

https://forums.moneysavingexpert.com/discussion/comment/82092398#Comment_82092398

If you read the details of the account you will see that the current account is also the child's account along with the saver

https://www.nationwide.co.uk/savings/flexone-saver/

Enzo_L

https://forums.moneysavingexpert.com/discussion/comment/82092444#Comment_82092444

And if you had read the posting to which @nottsphil was replying to properly you would have realised that his response was to the comment "Does it have to be a children’s saver or would it be more beneficial to invest in an adult account in my name?" and so his comment is perfectly reasonable.

wmb194

https://forums.moneysavingexpert.com/discussion/6678775/best-savings-account-for-my-almost-16-year-old

https://moneyfactscompare.co.uk/savings-accounts/childrens-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

sunlight432

I think it should remain on his name, my kids have it with hsbc

artyboy

https://forums.moneysavingexpert.com/discussion/comment/82092935#Comment_82092935

HSBC isn't the most competitive any more. Depending on the age of your kids, they could be getting up to 5% rather than the 3.75% that HSBC are paying…