Savings/Investment help

Jaikay47

Hi
im 17 and have about £2500 in a natwest savings account, theyve told me the interest rate will be cut to 0.01pc. so is there a better savings account i could put my money in or would it be wise to look into investing my savings into a bond/fund or stocks maybe?
any help or information would be appreciated

thank you

Trentenders

I'd suggest putting it into a better paying savings account - or better still, a current account offering even higher rates.

Do you see the Banking & Saving link at the top of this webpage? Click on it and read.

Pincher

Jaikay47 wrote: »

Hi
im 17 and have about £2500 in a natwest savings account

I seem to remember 18 is a threshold for some accounts.
Probably can't sue you, if you misbehave, being under 18.

I wonder, can you apply for a student account when you are not at university. Presumably you still have to be 18.

jimjames

Even Nationwide under 18s current account pays 1%

xylophone

How long until you are 18?

http://www.nationwide.co.uk/products/savings/junior-isa/features-and-benefits

Maybe consider TSB under 19 account.

http://www.tsb.co.uk/current-accounts/under-19s-bank-accounts/

slowpoke_rodriguez

LLoyds under 19s account pays 2.5% now, falling to 1.5% from 2nd Sept, on balances up to £2500

Jaikay47

Im 18 in January so is it worth opening one that finishes when you're 18?

xylophone

Im 18 in January so is it worth opening one that finishes when you're 18?

A bit of a toss up.

If you were to open the Nationwide JISA you'd have the possibility of 3.25% on your £2,500 for say four months - the rate is not fixed and could drop and you would not have access until your birthday.

You might end up with around £27 of interest.

Or you might open the under 19 account with TSB which offers 2.5% AER (2.47%) on up to £2,500 paid quarterly

This rate is also variable but you have instant access to your money/ Debit Card etc.

You choose!