How can i apply for a high interest savings account? -

I am 16 years old and i have a part time job which i earn a fair amount of money from. The money is just sitting in bank account and not being used - can i transfer it to a high interest account? I have been looking around and there are lots of these types of accounts where you can enter anything from ￡1 upwards and receive 5% interest every month but they all appear to be for over 18s only. What can i do?|::::|simple you can get a adult that you trust to act as a trustee to open the account with you!!! bear in mind that the trustee can take the money and run so like i said get a adult you can trust!!!|::::|If there are those offering 5% interest per month then I would run away very quickly. Legitimate interest rates are down. I would be very suspicious of anyone who offered high interest rates at this time. With the economy in a downturn it would be much better to keep it in your bank rather than taking a chance on someone taking all of your money. If you want to earn a higher interest rate you may check into CD s rather than a regular savings account. The down side is that you won t have immediate access to your money. Another thing you might consider is a money market account or investing in a mutual fund. Most banks require depositors or investors to be at least 18 years old or have a parent or guardian to co-sign the account with you. You must be at least 18 in order to enter into a legally binding contract. If you can start investing or saving now you could have a really nice nest egg by the time you get to retirement age.