Savings for 14 year old

Sarrie

NEWBY here so please be kind - My son :mad: now has £1,500 in premium bonds, saved from when he was new & want best investment for say 3-5 years - is there anything anyone can recommend please?

Lokolo

A tip:

Take the money out, stick it in a regular savings account under his name (try northern rocks new 6.5% interested bond) and get him to fill in an R85 form to get tax free savings.


http://www.northernrock.co.uk/savings/fixed-rate-access-bonds/

http://www.hmrc.gov.uk/forms/r85.pdf

Hope this helps

Sarrie

Lokolo - many thanks for your help will investigate Northern Rock

kazd

I was going to ask a similar question, I am just about to cash in my kids premium bonds and was looking for a vehicle to save the money in, ideally for a fixed period, say 5 years.

My son is 13 and has about £2k the other two being younger only have about £1200 ea. I want this to be either car money or to put towards set up costs for University. If you buy this bond can you add to it over the years.

Just realised you can add to it, can you tell me which is best monthly or annual interest.