looking for the best savings account for a 16yr old

adevlukia

Hi, i've just turned 16 and looking for an account with the best interest. have any of you got any ideas? thanks

debbie42

Hi, belated Happy Birthday, and welcome to the forum.

You can look in the best buy savings accounts list?

Are you looking for instant access or regular savings? You can often get better rates on a regular saver, but it normally has stricter t&c than an easy access account.

Whatever, now you are 16, if you are below the tax earnings limit, make sure you apply for gross interest, via an R85 form.

adevlukia

i would prefer regular access however, if i can get a much better interest rate without, it would be ok.
where can i find an account with the highest interest for a person of my age?
thanks!

Lokolo

Egg will allow you.

You can apply for their fixed savings account which is 6.3% for 12 months.

If you have online banking with some current account you can also use their Money Manager thing so you can see all balances and easily transfer money between your egg savings and external accounts.