Savings Account for 16 year old

davedunn

I was wondering if anyone could help me; I'm 16 and would like to start saving some money up in a savings account.

I just really wanted to know what people thought would be the best option for me? Which savings account should I open?

Thanks,

David :cool:

Kilty_2

Nationwide E-Savings is a good bet providing you want to open their FlexAccount that it accompanies.

5.30% and the FlexAccount has its own benefits such as free cash withdrawals abroad, etc.

baby_boomer

If you are earning £5,000 pa plus you should go for a tax free ISA.

If you are in full time education & get the interest rate gross by filling in a R85 form then you should go for the highest interest rate on an account which gives you the access you need.

Search on http://www.moneyfacts.co.uk/savings/bestbuys for more ideas.

davedunn

Thanks for that both Kilty and baby_boomer.

Will definitely have a look at opening the Nationwide e-Savings account, seems like a good deal.

I'm not earning more than £5k, as I don't have a job and I'm still in full-time education - last year of school.

David