Savings Transfer

ncfcstar

Hi

I'm 16 (nearly 17 if this affects anything?) and have around £4000 in the Nationwide Smart Account.

I've been looking around on the Internet, and haven't found much, so I was wondering if it is worth putting this money somewhere else?

Any help would be great!

P.S. The interest rate is 5.01% per annum with the Smart Account

johnllew

It's not a bad rate but you can get 5.5% in an Egg Internet savings a/c for 6 months (see link in my sig below).

But as you're 16, you can now invest in a Cash ISA and build up a tax-free fund. You're probably not taxable now but you may well be in the future and the cash in the ISA will remain tax-free for the forseeable future.

Best Buy Cash ISAs can be seen here: Money£acts - Halifax do a 5 year fixed rate ISA at 5.70% gross.