Posted 18th Dec 2022
Does anybody know what the maximum amount you can deposit into a 14yr old teen current account is please daily?
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    Well he's got two accounts and one is NatWest and the other is Santander. I had a look on the website but can't see anything but knowing me I'm probably not looking well enough
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    NatWest tend to place more limits on accounts than Santander. Especially if not linked to an adult parent account holder.

    Santander don’t have a special limit on the 123 mini accounts. All deposits are welcome although interest will not be paid above a set threshold for a current account, and if it’s a cash payment you can’t pay in more than 10k every 180 days at a post office or ATM, or 10k cash every calendar month in branch over the counter.

    If you exceed this limit there will be various checks that must be satisfied and likely the need to open a different kind of account afterwards.

    Beware though. While you can pay an unlimited amount in (or 10k limit if cash) withdrawing such a high amount again comes with numerous terms attached.
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    What’s account has he got . Are you talking about the 123 mini account for Santander and adapt account for NatWest if so for the adapt account with NatWest you can deposit as much as you want and can get 1% interest on it . For the 123 mini account with Santander you get 3% interest on 2000% maximum and no interest over that
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    Author
    Both of them accounts you named that's correct. Thankyou for that (edited)
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    It will vary from bank to bank. Some are very strict with youth accounts whereas others are just as relaxed as their adult counterparts.

    Some even have specific clauses that vary depending upon if it’s linked to a parent’s account at the same bank or not.

    You will find this on the paperwork you were given when opening the account, or likely on the website of whichever bank it is. If all else fails, call up or ask in branch.

    Feel free to post here which bank it is and the specific name of the account your teenager holds so if someone here works for said bank or is familiar with their policies they may be able to advise further.
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    Just be aware that there are limits on how much you can put in a chids account before it gets treated as the parents for tax purposes.
    Lots of people wee slapping large amounts into kiddy accounts to avoid tax - so hmrc changed the rules.
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    Author
    Oh bugger. That's not what I wanted to hear

    Be interesting to know what that amount is . Maybe open more than one child account (edited)
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