Grandmother's gift to 17- and 15-year-olds

Spamfree!

My daughters are each being given £3,000 by their grandmother.

Lucky things: i) for being my daughters; ii) for being gifted the dosh.

I'll be setting up a mini-ISA for the 17-year-old.

What's the 'equivalent' that I can do for the 15-year-old (16 next June).

Regards to group.

YorkshireBoy

A quick search on https://www.moneyfacts.co.uk shows Halifax Save4it at 4.80% with no catches.

There are one or two smaller regional building societies offering slightly better rates, although some do have conditions, so I suppose it all depends where you live.

waterbaby

I'm not sure it is really such an issue, in terms of 'equivalent'. ISAs are good because you don't pay tax on the interest, but non-taxpayers saving in non-ISA accounts can register to receive the interest gross anyway.

So you can just go for a savings account with a good rate. And then you can transfer it to an ISA when she's old enough.

Does your 17 year old pay tax, if not then the same applies. But the ISA habit is definitely good to get into.