Okay so heres my situation

Neato

Ive got roughly 5K in a Brandford and Bingley Smart saver which gives 5% interest if I make less than 3 withdrawels per year (I dont need to withdraw at all. (Im 16 btw) Have about £900 in my currect acc which I dont neeed so could put into the saver...which i assume putting money in does not affect my withdrawel. Is there any higher interests rates going but not one of those transfer part of you money every month and get 15%!!! things because that too much hassle for me at the moment.

Neato

damien1_2

First of all i think your doing great for your age! Wish i'd have started off saving then!
Anyway, I think the best thing to do is to put the £900 in an ISA as i'm sure most people would suggest for you to do, otherwise maybe open a regular saver if say you've got a job that pays monthly.

Neato

Oka mate thanks for your help...the saving money kinda runs in my family

grumbler

Just a thought ...
Dou you have any regular income? What is the source of your money? If your income is less than £4895 and the money does not come from your parents, have you regestered your accounts for interest to be paid gross?

Neato

I get £10 a week for a paper round but give £5 to a friend. I recieve no money off my parents. My account is set up to be paid gross to the best of my knowledge...how would I go about this?

grumbler

Neato wrote:

I get £10 a week for a paper round ...I recieve no money off my parents

(£5000+£900)/£10=590 weeks=11.3 years without holidays :think:

My account is set up to be paid gross to the best of my knowledge...how would I go about this?

The simplest way is just to check your statements. When interest is added there is always information whether it is gross or tax was deductet. The other way is just to ask your bank(s).

Neato

Haha mate that money was off my uncle who died. and it looks like tax is deducted off my non b+b account. How do i set it up so it is not?

grumbler

Submit R85 form to your bank.
Print the from and bring/send it to the bank.
Also you can claim tax back: Claim a tax or NI repayment

P.S. And don't forget to register your accounts to receiver interest net when you become a taxpayer in the future.

Neato

Great thanks for the help grumbler.