Help with savings

maddogjack

Hi

my son who is doing an Apprenticeship so does not have to pay tax, put £1,000 into a savings bond (Abbeys) last year, the term for the year is now up and he only got £45 in interest. He also has about £300 in a ISA again through Abbey.

anyone any idea were the best place to put this money is at present is it better to leave it seperate or put it all together into what type of savings account? ideas welcome.


regards

maddogjack

Quietgirl

I would just stick the whole lot into a top paying ISA. Even though he's not a tax payer now he probably will be after his apprenticeship. Forgive me if my calculations are wrong but an ISA paying 6% in a years time on £1300 would make about £78. Or perhaps use regular savers. Personally I would put all the money in a ISA, then top it up with anymore spare cash I had.

Hope that helps