Savings for 16 year olds

bungalowbill

Hi,
Could anyone recommend the best savings accounts at the moment for 16's and above? My boy does not pay tax, and has savings to transfer, but will also have saturday job that he will save. Can I keep the ones he has (Halifax and Nationwide) but just fill in R85s? Should he go for one that has a cash card? ( he doesn't like spending his money, so not essential!)

Thanks

martinman3

Use http://www.moneyfacts.co.uk/ to find the best accounts for 16yr olds but I happen to know that the Nationwide Smart account can be held up to the age of 18yrs and 6mths. So as long as a R85 is filled in your son will get a good rate there for instant access without needing an internet account.
I am not sure about Halifax but think someone posted that you can only hold a Save4It up to the age of 16yrs.

Don't forget that he can also have a Cash ISA from the age of 16 !

emma396

how much does he have to save? i know a&l are offering premier 21 account, it gives 10% for first 1k. you could open it and leave 1k in there, u also get £49.10 cashback on topcashback