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  • FIRST POST
    • MollyFinch
    • By MollyFinch 13th Jan 19, 12:27 AM
    • 1Posts
    • 0Thanks
    MollyFinch
    16-18 Saving Accounts
    • #1
    • 13th Jan 19, 12:27 AM
    16-18 Saving Accounts 13th Jan 19 at 12:27 AM
    Hey there!
    Im planning on going to university abroad in 2020 and have been stressing about money. My parents arent well off at all and have no savings in place for me either to support me. Ive recently started working so that when i eventually get to uni ,i have something to rely on while looking for work but i cant seem to keep it in my bank.I give into the temtation all the time and its a habit im humiliated to admit. As of this,i want to open up a savings bank until i turn 18.
    I know that some banks dont allow saving accounts to be created by 16 year olds however some do and ill like to know your opinions. I dont want my parents to be responsible for the account either.
    Whats the best bank(in your opinion) to open a savings account for a 16 year old who doesnt want to open it until shes 18.
    many thanks,
    molly
Page 1
    • tibbles209
    • By tibbles209 13th Jan 19, 7:08 AM
    • 112 Posts
    • 183 Thanks
    tibbles209
    • #2
    • 13th Jan 19, 7:08 AM
    • #2
    • 13th Jan 19, 7:08 AM
    Hi Molly,

    No need to feel humiliated, having difficulty avoiding spending money unnecessarily is extremely common and it is admirable that you are looking for ways to tackle this rather than burying your head in the sand.

    It sounds like what you need is a Junior ISA (cash rather than stocks and shares given the short timeline). You can open one of these yourself at the age of 16, and will have control over it yourself. Any deposits you make into this account cannot be withdrawn until you turn 18. Just bear in mind that the no-withdrawal rule is absolute (only excepting extreme situations such as terminal illness) so even in the event of emergency you would not be able to withdraw early.
    • Alexland
    • By Alexland 13th Jan 19, 2:08 PM
    • 4,707 Posts
    • 4,043 Thanks
    Alexland
    • #3
    • 13th Jan 19, 2:08 PM
    • #3
    • 13th Jan 19, 2:08 PM
    Good point Xylophone if the OP has a CTF it would need to be transferred into the Junior ISA. Alternatively they could just contribute into the CTF.

    There is a tool to track it down:
    https://www.moneysavingexpert.com/savings/child-trust-fund-vouchers/#dormant

    Alex
    • xylophone
    • By xylophone 13th Jan 19, 2:10 PM
    • 28,888 Posts
    • 17,492 Thanks
    xylophone
    • #4
    • 13th Jan 19, 2:10 PM
    • #4
    • 13th Jan 19, 2:10 PM
    You are 16?


    Do you already have a Child Trust Fund?

    https://www.moneyadviceservice.org.uk/en/articles/child-trust-fund-accounts

    You can't have both but the CTF can be transferred into a JISA.

    The best rate for a JISA is currently offered by Coventry BS.

    https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html
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