What can a 15 year old do?

paddy2006

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Rikki

Well done for saving.:T

Are you looking to put the money in and leave it or wanting to get at it in an emergency? Like buying me a birthday present?


My youngest sons money is in the Halifax, worth a look. I can't remember the rate off hand.:o

Indispensable_Hobbes

http://www.moneysavingexpert.com/savings/child-savings-tax-free

in that article there is a regular saver at 10% or Chelsea BS 5.95%

Rikki

Save4it Halifax/under 16Winner of a Tommy’s Parent Friendly Award for Best Children’s Savings Account in 2006. A pocket-money savings account specially designed for children under 16, with a variable interest rate of 5.80% AER.
(rate and account will obviously change when you get to sixteen)


Is it worth keeping your money some where like there until you are sixteen and then look at tax free ISA's?

Rikki

Those accounts are probably about the best rates you can get till your older.

Something to remember as soon as you turn sixteen the accounts change and they start taking tax off the interest. You need to fill in a form R85. Its your job to contact them. They won't get in touch with you.

At sixteen I would definitely look at ISA's. Tax free even if you do work and pay tax at any time in the future.

Also check out the regular savings accounts. If having a parents name on the account means you get a higher interest rate it maybe worth it.
Look at getting a current account at sixteen to keep your day to day money in (if you get a part timejob/or summer work etc) use the high interest regular saver for just that.

Poppycat

mizz18 = :spam:mer Dubit is a company that doesn't take its members activities ie spamming seriously

gax23

paddy2006 wrote: »

I want to save in an account that gets me some decent interest,no kiddy accounts.I mean I have a Nationwide,Natwest (paying 3.11 % :eek: )and a Halifax.All meant for Under 18's.Are there any high interest accounts that I can open (would love to be able to open an A&L at 12%....:rolleyes: ).I can currently afford to put a lump of about £300 in one go.Any suggesstions?

I'm afraid I can't help you with the savings accounts, but I just wanted to say well done for starting your savings so early and getting on the right track. Coming on this site at 15 is a very wise move! I left it until my early 20s when I already had four credit cards and a loan, and I'm now just under £9,500 in debt (but reducing it quite quickly). Worked out that over just a couple of years, I've lost almost £2,500 in pure interest. That's just what the debt has cost me, ON TOP of the debt! Glad to hear you don't plan to go down the same route!

BlightyAndy

Northern Rock have a pretty high interest "bond" available. You can choose to get interest paid monthly or annually. If you choose to get it paid monthly for some bizzare reason it has to go into another bank or building society.

You can apply online (paying by sending a cheque or a deposit from another bank) or at any Northern Rock branch (were you can pay in cash!).

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

They also do a branch saver, which came's with a passbook. Obviously that needs to be opened at branch, but the interest rate is 5.50% P.A and unlike the bond you can add to it whenever you want (so not just until the bond has closed and a new issue is coming out!).

If not, there's always HSBC's u18 accounts. MyAccount for spending with a debit card, which has virtually no interest.
But it does come with a MySavings account which has 5.37% interest!
Both accounts can be managed online at HSBC.co.uk
More info here:
HSBC 7-17 Account

PBA

Moneysupermarket is a good site to compare accounts, and it tend to be pretty up to date. It's showing at the moment the best childrens standard savings account for a balance of £300 is Yorkshire Building Soc at 5.9%, of Halifax paying 5.8% (both branch based only). Also Abbey offer a current account for under 18 year olds paying 6%.

If you're 15 at the moment you can have the accounts in your name but you'd need a parent to sign an R85 form to confirm you're not a taxpayer. Then when you're 16 you can transfer the savings to an ISA to probably get a better rate and guarantee it would always be tax free.

BlightyAndy

Get in touch with Northern Rock, I'm sure they can help. Just explain the situation and if they will accept it (A German Passport).

Meltdown_2

paddy2006 wrote: »

Any money in there is safe,due to Nationalisation?
I am positive it is.??

Yes, it's as safe as the Bank of England.