Best savings method for a 16 year-old?

TJux

Hi there,
I run an online business and therefore handle somewhat large amounts (to a 16 year old at least haha) of money from time to time. As my regular bank account can only offer me good interest up to £2,500. Where would be the smartest (tax-free if possible) place to save my money? The starting amount will be anything upwards of £5000 I think
Thanks a lot,
Tom

xylophone

You might want to use your JISA allowance a handy amount when you turn 18.

http://www.moneysavingexpert.com/savings/junior-isa

https://www.gov.uk/junior-individual-savings-accounts/overview

As you are 16 you can open and control it yourself.

Bank of Scotland, Lloyds or TSB under 19 bank accounts might suit.

However if you are actually running a business, you might need to discuss your options with a bank