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How much is in your current account right now?

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Original post by Runninground
It's not discrimination, it's legally being allowed to enter into a contract. If you're under 18 you can't, so they aren't going to open an account for you if you can't agree to a contract.
And if you leave your money in a non interest bank account it will lose it's value...

I understand the problem eg. A five year old walks into a bank and gets locked into a two year ISA where they have to pay in £500 each month.

What I'm talking about is 16-17 year olds just trying not to lose a huge amount of money to interest. Anyone can open a bank account. A child's savings account will pay 0-3% interest(3% if you're extremely lucky and have just the right amount). The major difference between a child's and adult's saving account is the interest rate(easily 4-6% with not much looking). The point you've given would be valid if they accepted parental permission to open the account.
As they don't accept parental permission, it's just plain discrimination, giving some people one interest rate and others a different interest rate.
What if they assigned interest rates based on gender or ethnicity? That would immediately be seen as unfair.




Also accounts with a low interest rate will lose value.
Original post by morgan8002
I understand the problem eg. A five year old walks into a bank and gets locked into a two year ISA where they have to pay in £500 each month.

What I'm talking about is 16-17 year olds just trying not to lose a huge amount of money to interest. Anyone can open a bank account. A child's savings account will pay 0-3% interest(3% if you're extremely lucky and have just the right amount). The major difference between a child's and adult's saving account is the interest rate(easily 4-6% with not much looking). The point you've given would be valid if they accepted parental permission to open the account.
As they don't accept parental permission, it's just plain discrimination, giving some people one interest rate and others a different interest rate.
What if they assigned interest rates based on gender or ethnicity? That would immediately be seen as unfair.




Also accounts with a low interest rate will lose value.

I always found below 18 accounts gave highest interest rates, than what my parents got, My Parent's ISA gave about 4.5% whereas mine gave 6% which was extremely good in the most recent years up to now with 1% inflation.
Original post by Penguinfarts
I always found below 18 accounts gave highest interest rates, than what my parents got, My Parent's ISA gave about 4.5% whereas mine gave 6% which was extremely good in the most recent years up to now with 1% inflation.

No, nowadays you won't find one above 3%.
Original post by morgan8002
No, nowadays you won't find one above 3%.

I got mine 2 years ago, though I did just check and they only offer 4% now in that ISA.
Enough to need to look at some better investment options.
Original post by Penguinfarts
I got mine 2 years ago, though I did just check and they only offer 4% now in that ISA.

Which one?
Reply 106
Avatar for si82
si82
5
Original post by i.am.lost
Your current account should have no more and no less than what you need to get you through until the next paycheque.

The rest of my money is in an array of regular saver accounts, stocks and shares investments, index tracker funds, ISAs, and foreign currency accounts.


Disagree;
People should ideally have a minimum of 3 months income in a current account or safe readily available for life's unknown eventualities
(edited 9 years ago)
£376.07

There's some rich people on this thread! Haha wish I had that kinda money
Student loan dropped... I now have £2.8K :smile:
£-392.56. I haven't had a positive balance since like... September...

I do have 3p in my savings account though, so good times!!!
Um a few thousand pounds which is all my own money btw. Not that much.
Original post by namename
You are rich. :eek:


Well I have a few thousand and i'm not rich. I just budget my money well and save like £300 a month.
Original post by si82
Disagree;
People should ideally have a minimum of 3 months income in a current account or safe readily available for life's unknown eventualities


Pretty much all ISAs are instant access, with the vast majority incurring no penalties for withdrawal. Even many normal savings accounts are like that now too, there's no reason to be sticking to current accounts for emergency funds.
-£1600

graduate account............
The real question is, how much is in your savings account with 3% interest? If it's not accumulating interest, what the heck are you doing??
£100... unemployed (please can I just get one job interview - it's been *months*) and I also spent alllll my life savings on vet bills for my lovebird and rabbit in the last few months :]]]] financially doing awful tbh #bestgapyearever
Original post by Castro Saint
Student loan dropped... I now have £2.8K :smile:


Now I'm living month to month. I'm lucky to still have over 600 right now. **** you 4 year old @Castro Saint :smile:
(edited 5 years ago)
Original post by RabidRabies
Yup, where normal people buy nice clothes and CDs or whatever, I just save for some reason >.<

Because mummy and daddy get you nice clothes and CDs. Let's be honest.
l would never say on TSR
Original post by laughinglad999
l would never say on TSR

That's a good idea...

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