Saving money and debit card?

Brokelife

I've read online guides and then the articles on the Halifax website, but I'm still clueless about the different types of this and that, to be honest. I'm 18 so I'm hoping it's normal to be this confused. Anyway, I thought I'd make a thread about two questions I have, sorry if this is the wrong section!

Firstly, my debt card. Last year after my 17th birthday I wanted my own debit card. I don't know why, I was unemployed so it was quite pointless. Anyway, my mum got me one of them 16-17 year old youth accounts and that's what I've used since. Put money in, take it out... It's all I know really. Anyway, I got my first job recently and I'm going to be making money (I'll talk about saving next). I still have this 'youth account', but I don't see any point in changing... Should I just use it or apply for a new card? It's literally only to put money in and take it out but that's all I care for.

Secondly, saving money. I've read about ISA's and read the article on here, but when applying on Halifax I got lost. I'm saving up for December (I've planned out how much per week) and I was just going to stick it in my youth account thing (see above) originally. Shall I just get a savings account as it's only till December? Shall I just use the thing above?

Sorry to seem like a lost idiot, but I am.

davecullen86

Hi Brokelife
Great to see an 18/yo up for a bit of moneysaving advice. I can't stressenough how good you will feel when you have your first mortgage and a bit ofsavings at a young age so keep it up!

I would have thought that your current account should automatically switchto an adult account at 18, but go in branch and have a chat and see what can bedone for you. They will likely try to get you to sign up for their chargeableaccount to get the various insurances but you can more than likely ignore allof that in your case.

Depending on how much you are going to be paid in your new job, it might beworth exploring the benefits of switching bank to one that provides cashback orfree benefits of using their current account, check this link for details:
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

With regards to the ISA, you can apply for an easy access Cash ISA and saveup to £5,760 tax free and get it out in December. The interest rates are notamazing, but they are the best you will get for an easy access account. It’salways best to store your money in one of these account until you hit the limitof £5,760, but remember if you do withdraw the money in December and have moremoney to pay in between December and April, you still cannot go over the abovementioned paying in limit...

Look for the best ISA here:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest
Good luck!!

innovate

ISAs aren't paying as much interest as current accounts right now, so if all you do is save up for December, go for a Nationwide FlexDirect. But do think beyond December as well - browsing through this board and reading some articles on the main site should give you a fair few ideas.