Savings Accounts

[BackforGood]

dd has turned 18 now, and has some money she'd like to save.

Looking on-line, I can only find complicated "current" accounts, where you need to have £1K or £1.5K coming in each month - which rules her out, or accounts paying less than 1%

Anyone know of any straightforward, old fashioned deposit accounts where she can put money to earn a little bit of interest whist she isn't using it?
Doesn't really want to tie it in to a locked in account, though could for a year if it were a particularly good rate.
She does work part time, (is still at school) but can't really commit to saving £100 every month, even though some months she might be able to.

(She asked me to ask MN, before someone says 'she's an adult so should sort it herself)

savings account rates2764ri918980slid_pgrid1330107885ptaidkwd-165793382&uuid=11111111-1111-1111-1111-111111111111&Device=m&engine=google&ptaid=kwd-165793382&gclid=EAIaIQobChMI3Nqkrvzc5gIVArDtCh0AWgGAEAAYBCAAEgIX5vD_BwE&adloc=9046913&pgrid=1330107885 savings accounts

Post office one looks ok

High street banks and building societies still do savings accounts - look for 'easy access accounts'. Interest rates are appallingly bad at present though. If she wants to pay in or withdraw money in person, rather than online, she might as well chose a bank/BS based on location and ease of access.

Longer term it's worth keeping an eye on interest rates and opening new accounts elsewhere. Building societies tend to offer better rates than banks. And as she builds up her savings she can look at other types of accounts that offer higher interest but with restrictions, eg only one withdrawal per year, or fixed term accounts.

Traditionally ISAs have higher interest rates but that's not the case at the moment. But again, in the longer term, it's worth keeping an eye on them for when interest rates improve.

Interest rates are appalling but Money Saving Expert has a good page on easy access savings accounts:

www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Looks like Marcus and Post Office accounts can both be opened and managed online and have unlimited withdrawals.

Complicated “current” accounts as you put it are just the normal use everyday bank accounts 99% of people have. If she’s working part time surely she already has one of these or how is she paid?

Interest on savings is terrible at the moment and has been for years. More than 1% is doing well, unless you do want to lock it away and even then it’s nothing like the interest you used to get. I have a Marcus online account - one of those in the link above - it pays a bit more than the average, its instant access if I need it, but it’s separate to my normal banking so a bit out of the way. It’s internet only and links to one bank account to transfer in and out.

Thank you Pixie and everyone else.

@BuffaloCauliflower - yes, she has a current a/c with Nationwide. What she doesn't have is the £1K + per month they ask to get paid in

She says thanks all - will look at the links now.