Just what is best for me?

InsertWittyNameHere

I'm 16 and so I can't get the best deals shown on this site
Also, as you can guess I'm not dealing with huge sums of money as I'm at college so the best I've got is a part-time job, but I'd like to try and get the best possible deal I can. I've got a lump sum at the moment that I'd like to move, at the moment it's in a NatWest account earning 3%. Now I'm sure that can be beaten somehow. I'm not paying any tax so I've got a feeling that an ISA wouldn't be worth my while but I may be wrong, can anyone help me?

elona

If you do not pay tax - have you filled in an R85 form so that you do not pay tax on your savings?

InsertWittyNameHere

Yes, I've had the tax man already try and get at my money so I filled out one of those forms and I managed to get a rebate.

elona

Have you had a look at ING and at Halifax regular saver where you have to save a certain amoount each month for a year?

InsertWittyNameHere

Well I can't open an ING high interest savings account, as I'm under 18...

However the Halifax regular saver looks exceedingly good. Ok, so now I'm looking for an account to move the majority of my money into while I transfer it into the Halifax account... here is where I would open an account with ICICI except I can't as i'm under 18... does anyone know of any accounts that I can open? [remembering that I've not got a cheque book so I can't open the second best account, Newcastle Building Society's Newcastlenet account]

Walshy

Even though you don't pay tax its still worth opening a Mini Cash ISA (max £3000 per financial year) as the interest rates are often better than standard savings accounts.

The Halifax Direct ISA is 5% and operated by phone or internet. Open to ages 16+

Try not to make withdrawals from it though as you'll waste your allowance. If you think you'll need to get your hands on some of the money, put as much as you can in the ISA, then the rest in an instant access savings account.

grumbler

For instant access consider Nationwide online e-savings account that pays now 4.75% and comes with their flexaccount (current account) available for 16+.

http://www.nationwide.co.uk/banking/current_account/flex-intro.htm

HGLTsuperstar

As Walshy says, still consider an ISA as the rates are up there even as a non-tax payer. The other point is that when you do start paying tax, the money in the ISA is safe and by allowing it too accumulate, the same interest rate generates a greater return.