What can a 14 year old do? Got a bit of money...

ggecko

Hi, Im new to the forums, I want to make a good start to my life, not having to struggle later on.
Right, I currently have £300..... :T

What can I do with it... Are Premium bonds worth it, I have read alot about them, but think I will win, not many have won... Just the odd £50

I would be overly pleased with £50 a month! Thats good for a 14 year old, on top of £35 a month from my paperound.

I may be able to put £30 a month in aswell for bonds, but will I need to take my money back (£300) each time, then buy in a bigger block for £330, is that a better idea.

I hope someone has some advice, I have dreams like many others have :j

SteveyJC

sweep chimneys?

ggecko

Please be serious...

uberzoldat

If you want guaranteed returns for your money, like continued annual interest, I would have thought asking a parent to open an account for you that you will be able to access when you are 18 could be a good idea?

You might win in premium bonds, but then again you might not. And to win something every month I think would be very unlikely.

See here and here for more information on premium bonds.

You might get a better response if you post a question in the Savings and Investments forum, btw.

ctraub0888

A cash isa may be an option but im not sure how old you have to be. That is what i have done. Go and talk to the bank manager they will advise u.

alexandra1

You have to be 16 to have a mini cash ISA. Premium Bonds have to be purchased in minimum amounts of £100.00, and whilst every bond number has a chance of winning, your chances of winning a big prize is remote. Even for someone with the full £30K invested, although he/she could get 12 to 13 prizes per year they more than likely will be small.
For what you are interested in there are some good deals with Halifax to earn tax free interest for a year on monthly regular savings. Fill in the R85 as a non tax payer for full interest, then after a year see what else is available. Good Luck, most young people think money burns a hole in their pocket!

fabwitch_2

Yorkshire Building Society offer a high rate of interst for childrens account. My daughter has a few thousand in there and the interest is very good. Its money she earnt whilst modelling.

weaver

if your gonna save a set amount per month try halifax regular saver with 10% interest

save £25 to £100 per month - catch is if you make withdrawals in the year your interest rate reverts to save4it rate