saving for 17 year olds

savermum_2

it seems to me that this age group are stuck between a rock and a hard place. I have had to close my son's Halifax regular saver as he was over 16. I have taken advantage of the ISA allowence but still have some money he could lock away for a year or two. Are their any high paying fixed term accounts that do not require you to be 18 years old? He is 18 in December this year, but it seems a bit tough to have to wait. I can see some instant access accounts that he can open - but the rates are less favourable compared towhat he has been earning as a child saver?

I have been trawling the savinga accounts for the past hour or two and have not found one yet!!!

?:huh:

skoolmaster

Shopping around ... several BS run youth and young savers accounts until the end of full-time education ... with top age limits of 21 and even 26

BSA Building Society website has a link to all BS
http://www.bsa.org.uk/aboutus/buildsocmember.htm

moneysupermarket, moneyfacts, digital link, find and fsa savings listings include the full market ... not just best buys which are directed twords the 0-18 age market

MONEYFACTS DATASCREEN http://www.moneyfacts.co.uk/savings/default.aspx

Digital Look - Savings Products http://www.digitallook.com/dlmedia/personal_finance?page=best_buys&pf_product_id=8

MONEYSUPERMARKET http://www.moneysupermarket.com/savings/

FIND http://www.find.co.uk/

MONEY NET http://www.moneynet.co.uk/news/index.shtml

Chorley and District BS offer Young Savers accounts up to 21
Harpenden BS Club 18 converts into Club 21 Savings Account

R85 registration form applies until they start paying tax at 18 ... they will have to register to receive Interest paid gross with income tax at 20% in their own name from age 18

Shop around some of Banks offer some really great rates fro students ...
Most of these products offer interest free or favourable overdraft facilities (mainly launched from August until October to cover start of University year )

savermum_2

wow! thanks for all the links - I will have a look now!:T

savermum_2

thank you for your efforts - found a very interesting article on Moneyfacts about the new website from the FSA - called what about money.

I will be sitting my son down to take a look at it:D