Under-18s will be barred from opening an ISA from next month
From next month, rules around Individual Savings Accounts are set to change, with under-18s locked out of opening new accounts. This has prompted Martin Lewis, the Money Saving Expert, to remind parents and teenagers that they have just days to open an account before the law changes.
All any parent or teenager needs to do to open one of these ISAs before the new tax year, April 6, is to deposit a minimum of £1 into the account. This will give them access to up to £20,000 in tax-free savings each year and could help them on their way towards every parent's dream of a financially independent child.
Currently, there are very few banks still offering ISAs to people aged 16 to 18 but Martin Lewis is flagging to parents and financially-minded teens that there is still one ISA option at Virgin Money that offers a high savings rate - but you don't have long to claim it.Martin Lewis said on X: "An exception is Virgin Money . So consider adding £1 now, as once open you’ll still be able to contribute £20,000 a year to it over the next two years.
"And while pointless for many, just in case you come into big money, so that your savings’d be taxed, it keeps the option opens and you don't lose anything by doing it." One follower asked the Money Saving Expert how many teenagers were likely to earn over the income tax threshold, and so benefit from tax free savings. But Martin Lewis said: "It's currently better than the top easy access normal savings. It's also only about putting £1 in until you know you need it."
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