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Suitable savings accounts for a teenager
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Lawrence Lever (Citywire)
Posted: 27 September 2010 15:48:19(UTC)
#1

Joined: 17/09/2010(UTC)
Posts: 3
Does anyone have ideas for a good savings account for a teenager?

Santander has just said that they are switching my eldest daughter's bank account from one that pays reasonable interest to one that pays nearly nothing. This, they say, was notified to us on a previous occasion and I have no reason to doubt them.

The question is where should she put her money now. She does not need instant access, 30 days would be sufficient to inhibit impulse spending of her savings and she may even expect a longer term tie up. But she needs to be able to access it over the net and to expect reasonable service. Her current account is with Barclays.

Any ideas gratefully received.
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COLIN MACMILLAN
Posted: 28 September 2010 14:12:43(UTC)
#2

Joined: 28/09/2010(UTC)
Posts: 4
Nationwide
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derek farman
Posted: 29 September 2010 10:06:40(UTC)
#3

Joined: 01/05/2009(UTC)
Posts: 45
Market Harborough BS ....30 days ...... 2.55%

or put money into Shell shares which i believe pay 4.6%
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M21er
Posted: 29 September 2010 10:15:40(UTC)
#4

Joined: 01/07/2009(UTC)
Posts: 1
Hi

The Smart Account from nationwide is currently only paying 0.75% pa

Northern Rock is currently offering 3% on its LittleRock children's savings account ( £1 - £10,000 )

http://www.northernrock....nstant-access/index.asp

Only drawback is you are required to open the account at a local branch and there aren't many in London / South East. You can add subsequent amounts by bank transfer.
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Richard Admiraal
Posted: 29 September 2010 11:11:22(UTC)
#5

Joined: 02/02/2010(UTC)
Posts: 1
Bath BS- pays 5% gross per annum , annually on the 1st £500, drops down to aroound 1% thereafter. good for smaller levels osf saving
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