Cash ISA For 16 Year Old

Compare Cash ISA Deals for 16 Year Olds

Although there are a variety of different savings products available, a cash ISA for 16 year olds could be an ideal way of investing for your child if you meet certain eligibility criteria. After all, many children begin part time employment at this age, making it a great time to begin seriously saving for the future. There are many different savings accounts on the market for 16 year olds, with cash ISAs being a popular choice. However due to the tax-free benefits of cash ISAs, they are widely used by a large number of customers and are well worth considering.

 

It is important to remember that, as several different banks and building societies may be offering cash ISAs for 16 year olds, rates and terms available will tend to vary greatly. It could therefore prove beneficial to compare cash ISA deals from several different providers to ensure that you find an account that is most suited to your requirements. Here at Fair Investment, we want to make your search for a suitable cash ISA as easy as possible.  We have compiled the following cash ISA comparison tables that feature several deals that could be appropriate for you:

Easy Access Cash ISA Deals
ProviderAccountInterest RateTermApply
0.75%Easy AccessApply Now >
  • Earn 0.75% tax free/AER variable
  • Save from just £100
  • Interest calculated daily and paid in March
  • Online access only
  • Partial ISA transfers out not available - transfers out in full only
0.80%30 Days NoticeApply Now >
  • Manage your account online
  • Unlimited withdrawals subject to 30 days notice
  • Transfer from other cash ISA providers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 18 or older
  • Minimum opening balance of £1,000
0.75%Instant AccessApply Now >
  • Instant access
  • 0.75% AER/Gross
  • Minimum deposit £1
  • Open and manage your account online or in branch
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be 16 or older
0.75%35 Days NoticeApply Now >
  • Apply and manage your account online
  • Unlimited withdrawals subject to 35 days notice
  • Transfer from other cash ISA providers
  • Interest paid annually into ISA
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 16 or older
  • Minimum opening balance of £500
  • Variable rate of interest
0.35%Instant AccessApply Now >
  • No bonus included in the rate
  • No notice period or loss of interest for withdrawals
  • Transfers accepted
  • Minimum balance £10
  • Access – online, telephone and post
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be 16 or older
  • Annual interest
  • Variable interest rate

There are several different types of cash ISAs that you may wish to consider, including:

  • Instant Access
    This type of cash ISA would allow you to withdraw funds instantly, should you need to.  This could be best if you are likely to need to withdraw your savings, and for those looking to set up an account with a fairly small deposit.
  • Fixed Rate
    This would involve you storing your funds for a set period without withdrawing them for a potentially higher interest rate.  This could be suitable if you are looking for a more long term investment for a longer period
Fixed Rate Cash ISA Selection
ProviderAccountInterest RateTermApply

1.20%

per annum

3 YearMore Info >
  • Manage your account online
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 18 or older
  • Minimum opening balance of £1,000
1.15%3 YearMore Info >
  • Apply and manage your account online
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Interest paid annually into ISA
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 16 or older
  • Minimum opening balance of £500

1.15%

per annum

2 YearMore Info >
  • Manage your account online
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 18 or older
  • Minimum opening balance of £1,000
1.10%2 YearMore Info >
  • Apply and manage your account online
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Interest paid annually into ISA
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 16 or older
  • Minimum opening balance of £500
1.05%1 YearMore Info >
  • Apply and manage your account online
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Interest paid annually into ISA
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 16 or older
  • Minimum opening balance of £500

0.95%

per annum

1 YearMore Info >
  • Manage your account online
  • Withdraw cash early if you need to (subject to loss of interest)
  • Transfer from other cash ISA providers
  • Covered by the FSCS (Financial Services Compensation Scheme)
  • Must be UK resident and aged 18 or older
  • Minimum opening balance of £1,000

 Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested.

Investments in Stocks & Shares ISAs do not contain the same degree of capital security as investments in deposits. Stocks and shares ISAs are designed as medium to long term investments of, for example, five years or more. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.