Bank account for 16yr old?

[LeadFarmer]

My lad has just turned 16 and the Halifax child’s account that I’ve paid into monthly will now attract almost zero interest and the funds need moving to a different account.

There about £1k in there as the other year I emptied it and opened an ISA.

So I just want an account I can continue to pay my standing order into, are there any that include any decent benefits?

He won’t be using it by the way as I never told him it existed. Will be a surprise for him one day.

[RicksAlfas]

Have a look at Santander 123 MINI.
Good up until he's 18.

[superpp]

yep the Santander Mini account has decent interest up to £2k (IIRC).
All other saving accounts are poor or not permitted until 18yrs old.

[boyse7en]

superpp said:

yep the Santander Mini account has decent interest up to £2k (IIRC).
All other saving accounts are poor or not permitted until 18yrs old.

This i what Im finding.
My daughter turns 16 in a month's time and the Halifax is shifting her child savings account to a "normal" saving account paying 0.25% interest.
No other savings accounts will take the money until she is 18...

Bit stuck on what to do with it. It's a few thousand quid, so i don't really want it sitting around losing money to inflation.

[LeadFarmer]

boyse7en said:

This i what Im finding.
My daughter turns 16 in a month's time and the Halifax is shifting her child savings account to a "normal" saving account paying 0.25% interest.
No other savings accounts will take the money until she is 18...

Bit stuck on what to do with it. It's a few thousand quid, so i don't really want it sitting around losing money to inflation.

I guess one option would be to invest it under your name until she is 18, unless tax is a problem?
When my lads savings account got to £5k I put it in an ISA in my name and will decide some time in the future when I am going to tell him about it,

[superpp]

My son (17) is on an apprenticeship and taking home a fairly decent amount each month.
He keeps a float of 2K in his Santander 123 account and the rest goes into his Child Trust Fund.
Once he turns 18 he'll have the freedom to sort out better accounts.