Best Method of saving for a non tax payer

markl202

My daughter is an 18yrs. old student living at home with little or expenses. She has opened a current account with Lloyds has a part time job & has started to pay she keep at home, all a bit of a shock to her. She was in a road accident at christmas & has been told she will receive about £2500. I have asked her her intentions & was told "I want to save it." Being a non tax payer what options should she consider?

dunstonh

For savings accounts, she should look at mini Cash ISAs.

grumbler

markl202 wrote:

Being a non tax payer what options should she consider?

Even though she is not a taxpayer, she will become a taxpayer in the future. If she wants to keep the savings untill then, and save more after then, cash ISA is probably the best option. Otherwise she can use any savings account.
See Instant Access , Mini-cash ISAs, Moneysupermarket* , Moneyfacts links in the blue box above.