Where is the best place to put £500

bmwboi99

hi

i have £500 to save/invest, however i am only 17 so i dont think i can buy any type of shares or open a trading account ?

dont need instant access to the money and could probably lock away for a year

was looking at the nottingham building societys 1yr cash isa at 5% any opinions on this or any other alternatives?

thanks

p.s. i live in northern ireland and dont currently have a job if that helps

bmwboi99

any thoughts? plz

hallmark

Putting it in a cash ISA is a great idea. I haven't looked at what the current best is but the best instant-access one (that allows transfers out with no notice or penalty) would be my idea of a good place to start.

Sceptic001

bmwboi99 wrote: »

any thoughts? plz

I think everyone is looking for the Nottingham BS account paying 5%. I think you have this wrong.

Assuming you are a non-taxpayer you need to compare the best gross rate (ie. no tax deducted) with the ISA rate. You can get 3.25% from the Derbyshire with easy access, or 3.45% with the Skipton fixed for one year.

ses6jwg

Cash ISA buddy

bmwboi99

its the starter isa issue one you can pay in £445 a month max and mi

bmwboi99

*miss payments as far as i am aware

Sceptic001

bmwboi99 wrote: »

its the starter isa issue one you can pay in £445 a month max and mi

Wow, you are quite right, my apologies.
This looks like an amazingly good deal.
http://www.thenottingham.com/savings/starter-isa-issue-1/
The only drawback may be that it is only available in branches, but if you have one near I suggest you go for it. Well spotted!

EDIT: I have started a new thread in the ISA section about this account.

scott_lithgows

Fortnight in Magaluf

bmwboi99

i know this sounds stupid but can u not apply for it in the post? i live in northern ireland