Help with what's best for me?!

bc3000

Ok.. I'm getting a bit confused atm. I'm 18, I don't have a lot to save.. minimum would be about £50 (after I buy a laptop). I'm looking to find a better savings account than the one I have at the moment (I have a Nationwide Smart Cart Children's saving one, which pays about 5.5% interest I think).

I know that the interest I have now is quite good, because I don't have to pay anything in per month and I don't have any limits on withdrawals (only £100/day, unless I get a cheque written, and I mean how often do I need £100+ for the next day!?)

Anyway, I love love love Nationwide, but if there's another account that would give me better interest but that is safe, I'd be willing to change, I think.

Could anyone help?

Also, I found a Halifax regular savings one with 7% interest, you have to pay £25+/month in, which I could do, but I'm just not sure what the limits are on taking money out, and I don't want to get stuck in a bad situation! Does anyone know anything about it?

Thank you!

spalding

Do you need the regular access to the account?

Are you working thus paying tax?

martinman3

You don't really say why you are looking but the Smart Account is only available to customers up to the age of 18yrs and 6mths when it converts to a Cashbuilder which has a dreadful rate. Instant access children/young persons accounts rates are subsidised to encourage new members, once you turn 18 (and a bit) you will notice that branch instant access rates drop considerably.

To beat the rate you that you currently have you will need to open a tax-free Cash ISA or an Internet based savings account and I suggest that you look for one of these in an organisation that you feel comfortable with.

see http://forums.moneysavingexpert.com/showthread.html?t=596724
and www.moneyfacts.co.uk

bc3000

I don't pay tax, I should be working soon, I have that account because I turned 18 last month and they haven't taken it off me That's why I need to find another account, because I know they will soon. I really need to check out ISA's, I don't understand how they work

Baldur

bc3000 wrote: »

I don't pay tax, I should be working soon, I have that account because I turned 18 last month and they haven't taken it off me That's why I need to find another account, because I know they will soon. I really need to check out ISA's, I don't understand how they work

Have you read http://www.moneysavingexpert.com/savings/best-cash-isa ?

liitleblackcat

The Nationwide Smart account has a cash card (I think). If you want a savings account with a cash card for easy access, you can probably do better than the Cashbuilder which is what it will turn into. The Yorkshire BS Internet Saver, for example pays 5.75% with a cashcard for instant access.

[Deleted User]

If I were you I'd start by reading this page:

http://www.moneysavingexpert.com/savings/which-saving-account

And take note of the "The Savings Fountain" which amongst other things contains links to other pages which go into more detail for each section...