Savings account for a teenager

[Idratherbepaddleboarding]

I might just be being stupid here, but I can’t seem to find a bank that allows a teenager to set up a savings account. Surely this must exist?? DS is 14 and has just got his first weekend/ holiday job and wants to set up a savings account that he is able to manage himself and pay into/ withdraw as he needs.

He doesn’t want an ISA that he can only access when he’s 18 (we have that covered) but surely it’s a good thing for a teenager to be able to do this and learn to manage their own money responsibly? Cynical DS says it’s because they don’t want people to manage their money responsibly as they make more money out of debt 😂.

Can anyone recommend a bank that offers this or a bank like Monzo that allows children to have an account and be able to put money into pots etc? We use Monzo and that would be perfect for him! His current account is with Nationwide.

Would the Nationwide Smart account fit the bill? I've not looked at the Ts and Cs to see if it fits your criteria, but a brief look at it would seem to suggest it does what you want.

Thanks I hadn’t seen that before! I’ve tried to ask on DS’s app to set one up but the “virtual assistant” says there are no children’s savings account available anymore, which is weird. Perhaps we’ll have more luck in a branch?

my teen DC have an account with Lloyd’s, I think it’s called smart saver, so they have a current account and a savings account linked to it.
im with Lloyd’s myself so it was easy to open, not sure how easy if you aren’t with Lloyd’s yourself

DS has a Nationwide Flex One - current account that and he can sweep money into a linked savings account. Not sure if they still do the savings bit?

https://www.nationwide.co.uk/current-accounts/flexone/

Who is his current account with? Mine just opened savers online with their normal bank.

Sorry just saw the current account is nationwide

HSBC childrens savings account is 5% for first £3000. Most banks make you also have a bank account and debit card and flip you into an adult account at 18 to try and keep your business but you dont have to use those.

Awful name but my teenagers have the Ronnie the Rhino one with Leeds BS (3.9% interest).

www.leedsbuildingsociety.co.uk/savings/childrens-savings-accounts/

There's usually a best buy table for kids' accounts on moneysavingexpert

This is the account he has but weirdly all the saving accounts that we’re options to open online are for over 16s so maybe they’ve stopped ones for younger children but I can’t for the life of me think why?

Ds is 19 now but had a nationwide flex one and flex one saver from age 11. Maybe ask on their online chat and ask what they advise, it is usually pretty helpful.

When we set up DC current account with HSBC they automatically set up a saving account alongside it.