Savings account for young person

Mitch92uK

hi everyone .. 1st post

I wanted to find out what account type and which bank is best for my situation.

What I am wanting to do is begin putting £200 aside each month of my earnings into a preferably high interest account, I will not need to withdraw anything during this time.

I am also 16 if this influences/limits my options.

Any account/bank/building society recommendations welcome.

thanks.

LucyTheDwarf

Are you a tax payer? I am assuming not, as you are 16. If you are, you should open a cash ISA. http://www.moneysavingexpert.com/savings/best-cash-isa

However, if you think you can put in an amount every month, then a regular saver will maximise your interest. Just give the bank an R85 if you're not a taxpayer, so you'll get the interest gross. http://www.hmrc.gov.uk/forms/R85.pdf

Mitch92uK

hi

i'm not paying any tax yet as i'm still in full time education and will be for at least the next 2 years.

thanks