Age Restriction

There are commonly age restrictions placed on savings accounts; eleven, sixteen, eighteen and twenty-one years of age are the common thresholds imposed. You should investigate any age restrictions before applying for an account, to save yourself time and effort. Most banks do offer specialised savings accounts to young people who do not yet meet these age requirements: children's savings accounts are available for parents to set up on behalf of their children from a very early age. Children's savings accounts have the added benefit that parents, grandparents and/or legal guardians can contribute to the savings account on behalf of the child, and the money that accrues benefits from very favourable rates of interest. Individual Savings Accounts (ISAs) require that the account holder is at least eighteen, unless you are only opening a mini cash ISA option: in this case the minimum age is sixteen (see ISAs).