Best Savings Option

joey0027

Hi everyone

My Daughter who is an 18 year old student has a couple of thousand pounds to invest.

I was thinking about a high interest instant access savings account or an ISA.

What are your thoughts??

If the interest rate is exceptional, she is not concerned about having instant access but we want something without any risk.

Many thanks.

kingmonkey

Is she likely to be needing the money over the next year? and is she likely to be withdrawing and depositing lots?

joey0027

No, she basically wants to put it away and forget about it.

Many thanks.

kingmonkey

Probably best to put it into a Cash ISA then such as:

Egg Cash ISA (6.05% AER). Guarantees to at least match the Bank of England base rate until 5 April 2009.

or

National Savings and Investments Direct ISA (6.05% AER) guaranteed to beat base rate by 0.55% until 5 April 2008.

joey0027

Many thanks, I'll have a look at those.