Best child savings

emmeyefive · 5 July 2018 at 10:55AM

Hello everyone. I've been looking at bank/savings account for my 17 year old. He is a student but doesn't need or want an overdraft. You have to be over 18 to get the Nationwide 5% deal and I cant find anything decent out there for him. Any advice on whats the best way to get him saving and earn some decent interest. There doesn't seem to be any great encouragement from banks to save or get kids saving.

Savvy_Sue · 7 August 2018 at 1:45AM

There are articles about savings on the main site.

There's very little 'decent' interest out there, and really the best incentive has to come from himself - if there's something he wants, how long does he have to save up for it? Otherwise tying the money up for a year or more may be best. Or have you considered a JISA?

You don't have to take up the offer of an overdraft, so don't discount banks which offer them to students. He wouldn't be offered one before he's 18 in any case.

What might be worthwhile is to look at what account(s) might work for him once he turns 18. I know my lads were very easily able to 'upgrade' their NatWest teenage accounts into 'proper' student accounts.

Best child savings

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