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  • FIRST POST
    • Glammr
    • By Glammr 13th Jan 18, 2:49 AM
    • 2Posts
    • 0Thanks
    Glammr
    Best way to save
    • #1
    • 13th Jan 18, 2:49 AM
    Best way to save 13th Jan 18 at 2:49 AM
    So my daughter is 18 and has 200 a month to save. What is the best way?
    Thanks
Page 1
    • Eco Miser
    • By Eco Miser 13th Jan 18, 3:12 AM
    • 3,444 Posts
    • 3,234 Thanks
    Eco Miser
    • #2
    • 13th Jan 18, 3:12 AM
    • #2
    • 13th Jan 18, 3:12 AM
    Put it in the highest interest account available.

    http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

    http://forums.moneysavingexpert.com/showthread.php?t=608697
    Eco Miser
    Saving money for well over half a century
    • eskbanker
    • By eskbanker 13th Jan 18, 11:34 AM
    • 7,402 Posts
    • 7,964 Thanks
    eskbanker
    • #3
    • 13th Jan 18, 11:34 AM
    • #3
    • 13th Jan 18, 11:34 AM
    As well as the above, she should consider what she's saving for and tailor her approach accordingly. If she's planning on saving for retirement (an admittedly unlikely scenario at that age) then it's never too early to start a pension, but if (more likely) she'll be planning on getting onto the housing ladder at some point then she could do a lot worse than Help To Buy or Lifetime ISAs, each of which offer a 25% government bonus that will typically trump interest earned in other accounts.

    And while I'm sure you're not seeking parenting advice, she could do worse than coming on this site (and others) herself and doing her own research as she embarks on adult life!
    • Money Help
    • By Money Help 14th Jan 18, 7:52 PM
    • 63 Posts
    • 26 Thanks
    Money Help
    • #4
    • 14th Jan 18, 7:52 PM
    • #4
    • 14th Jan 18, 7:52 PM
    Also consider introducing a personal finance app such as Moneyhub or Money Dashboard (there are plenty). They can link up all their bank and saving accounts. This will help them track spending and set budgets and savings targets. All good habits for the future.
    • jimjames
    • By jimjames 14th Jan 18, 8:01 PM
    • 12,645 Posts
    • 11,311 Thanks
    jimjames
    • #5
    • 14th Jan 18, 8:01 PM
    • #5
    • 14th Jan 18, 8:01 PM
    Regular saver will give the best interest rate, currently 5% but she'll need a current account too
    Remember the saying: if it looks too good to be true it almost certainly is.
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