About to turn 17, where should I put my money?

Brentwoodboy

Hi, I was wondering if anyone can help, I'm turning 17next month and therefore I can no longer benefit from a children's account. I have around £10,000 and was wondering if anyone can suggest where to put it? I have found out that I can get 4% in an isa at Halifax (upto 4000 grand), and 3% at Santander up £3000

Consumerist

Brentwoodboy wrote: »

Hi, I was wondering if anyone can help, I'm turning 17next month and therefore I can no longer benefit from a children's account. I have around £10,000 and was wondering if anyone can suggest where to put it? I have found out that I can get 4% in an isa at Halifax (upto 4000 grand), and 3% at Santander up £3000

You can put up to £15,240 into an ISA this year (£4M ??) and you can get 3% from Santander123 account for balances £3k - £20k but you'll need to have two direct debits set up from the account and pay in at least £500 pm to qualify.

TSB is offering 5% pa on balances up to £2,000 - no DDs required. Club Lloyds current account is offering 4% on up to £5k if you pay in £1,500 pm and have two DDs paid monthly.

Archi_Bald

Consumerist wrote: »

You can put up to £15,240 into an ISA this year (£4M ??) and you can get 3% from Santander123 account for balances £3k - £20k but you'll need to have two direct debits set up from the account and pay in at least £500 pm to qualify.

TSB is offering 5% pa on balances up to £2,000 - no DDs required. Club Lloyds current account is offering 4% on up to £5k if you pay in £1,500 pm and have two DDs paid monthly.

The 123 for under 18s is the 123 mini, for which the interest-paying limit is £2,000. The TSB Plus is off limits for anyone under 18, as are the other interest-paying current accounts.

The Halifax 4% JISA, like all JISAs, allows max £4,080 this financial year. Money in JISAs is tied up until the account holder is 18.

There are other youth accounts that pay interest - check Lloyds and TSB, and may be also Nationwide. You'll probably need 2 or 3 of them to get interest on all your money.

Assuming you are not a taxpayer yet, you probably also have to tell the banks that you are not a taxpayer so you can get your interest paid gross.

Well done for investigating your options and not just settling for a horrible savings account

xylophone

You might

open Halifax JISA http://www.halifax.co.uk/isas/cash-isas

open a Flexone current account with Nationwide plus regular saver.

This will give you access to the Smart Limited Access.


http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

You can move next year's JISA allowance to
the Halifax after 5 April 2016.