Best savings for 17 year old

toasted-lion

I'm 17 and have about £3k I've saved up that's currently in a Lloyds TSB monthly saver that expires this month and need somewhere to put it for a year. ICICI, IceSave and Kaupthing all demand that you are 18 before opening an account. Are there any institutions that offer such competitive rates (ie over 7%) that allow you to be under 18? If anyone can help it'll be greatly appreciated.

LucyTheDwarf

I can't see anything on FirstSave's terms and conditions about minimum age... http://www.firstsave.co.uk/accounts/#interestrates & http://www.firstsave.co.uk/terms_and_conditions.html. It's probably there somewhere, alas, but it's worth a try just in case...

toasted-lion

Applying is easy

Just follow these simple steps – it should take no more than 10 minutes of your time.
1. To open an account with FirstSave you will need to:

• be aged 18 or over;
• Be a UK resident (this excludes the Channel Islands and Isle of Man);
• Hold a personal U.K. current account that allows transfers to be made or received by Direct Debit;
• Have a valid personal email address (we suggest you don't use an email address provided by your employer).

Though I've just seen the Post Office have a growth bond at 7% available to anyone over 16. The early withdrawal penalties seem quite steep (no interest paid, and a fee charged), but that shouldn't be a problem. Thanks for your help.

Doomcow

why not put it in an ISA : 5.6% or above?

(alas i dont know any accounts with +7% savings)

a7man

Cash ISA's at 6.5% are around these days. Interest is tax free so the rate you are getting compared to a saver is about 8%.

Doomcow

i opened my isa like a month aago..

yorkshire building society @ 5.5% - took my dad's advice re the company - basically he couldnt pronounce "kaupthing edge" or whatever it is so didnt go with that, lol.

that and YBS seem to have (so far) good customer phone support, much like HBOS (in my opinion)

Lokolo

6.05% with Egg

Money_Magneto

Hi toasted loin.

Why not give the £3k to a member of your family over 18 years of age to investment in Icesave, ICICI or Kaupthing until you are 18 years old. After you are 18 you can transfer the money into your account.

Money magneto

toasted-lion

Money_Magneto wrote: »

Hi toasted loin.

Why not give the £3k to a member of your family over 18 years of age to investment in Icesave, ICICI or Kaupthing until you are 18 years old. After you are 18 you can transfer the money into your account.

Money magneto

Because they would pay higher rate tax, and it would be worse than me just having an average savings account that is registered for gross interest, as my income will be less than £5k this year.

Thanks for everyone's replies.