17 year old saver

rictus123

A family member has it out with rbs,gave me the money as im 17 and i repay them.

Lokolo

Surely you could pay extra to the family member and pay it off early to them? Then let them do as they want with the money.

rictus123

This is fantastic.

rictus123

Well paydays getting closer! I signed up to the A-L Premier 21 account. Says il have a £2k overdraft limit which will charge £5 a month intrest at most. Whats the catch?

MrsBartolozzi

rictus123 wrote: »

Well paydays getting closer! I signed up to the A-L Premier 21 account. Says il have a £2k overdraft limit which will charge £5 a month intrest at most. Whats the catch?

I don't think there is one per se. It's 50p per day up to 10 days per month. If you are continually in the overdraft they might reduce it/limit it in some way perhaps - might be an idea to ask in branch?
I think that because it is a young adult's account - it only lasts til you turn 21 - they may be encouraging you to get used to using the overdraft in the hope that you continue to do so later (and get hit with bigger charges then).
I think it is a kind of "loss leader" account, paying good interest and having good terms in the hope you stay with them into your adult life - get a mortgage there etc.
As long as you are aware of this and continue to shop around to get all the deals you can then it should be fine.

MrsB.

rictus123

This is fantastic.

rictus123

This is fantastic.

tinkerbel

heya mate!
how you doin?
sounds like you had some fun activities lined up at the weekend and theres loads of fun stuff you can do for free!!
did you get my pm?
I hope the savings/debt paying off is going well what are the totals at now?
Tinks

rictus123

This is fantastic.

tinkerbel

awesome sounds like a hectic but fun weekend have you been with your girlfriend long cos she sounds like a keeper if shes into painting with you and mmoneysaving lol
Hmm for my 18th I went out in town with my friends but had loads of food and drinks at mine first, I didnt want a big party because I thought it was too expensive and my parents put the money towards buying my car instead. plus there were a million 18th parties happening and my birthday (yesterday lol) was quite close to A level exams so mine would have just faded in
With regards to the college food, why dont you try taking a packed lunch? if people ask, tell them youre saving money/skint/watching what you eat/the girlfriend made you?
Or try doing this but leaving your wallet at home? Also how about a thermos/bottle of water to drink? it doesnt have to be expensive just supermarkets are way cheaper then canteens/vending machines!
Do you have a seperate savings account btw? or just use the one current account?