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Savings accounts for 16 year olds

Last post Tue, Sep 30 2008, 11:22 PM by backfoot. 2 replies.
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  •  Tue, Sep 30 2008, 11:22 PM

    Re: Savings accounts for 16 year olds

    Consider Egg who are offering 6.3%. I think this includes a bonus for one year so you may need to review in 12 months. The account is open for 16 year olds. You may need to confirm in writing that they live at home with you as part of the ID process.

    Register for Gross Tax and it's a decent return.

    • Post Points: 5
  •  Tue, Sep 30 2008, 8:49 PM

    Re: Savings accounts for 16 year olds

    When i was that age, about 7 years ago, i had the Nationwide Smart Account, you can opt only to have the book.

    I did this because if i had the card i was more likely to dig into it, i left the book with my mum to look after.

    http://www.nationwide.co.uk/savings/under_18s/smartaccount/introduction.htm

    The interest rate is 5.27 AER on ever pound in the account.

    I remember getting lots of vouchers and coupons when i opened as well. which was helpful, cos it had money off thorpe park and chessington and over theme park.

    It seems to evolved since with the online account managment.

    Personally, from experience i found this really useful, and they can upgrade your account to the flexaccount when she turns 18.

    • Post Points: 20
  •  Tue, Sep 30 2008, 5:57 PM

    Savings accounts for 16 year olds

    My daughter is 16 and is planning on going to university in two years time. She has £5000 from savings accounts she is happy to lock away for 2 years, to help fund her university life!! Is there a fixed rate account of bond open to a 16 yo as all the best interest accounts have a minimum age of 18 for web based savings. Is an ISA a better idea although she is not likely to become liable for tax over the next couple of years? Any ideas??
    • Post Points: 20