which bank account to open
hi,
I want to open sa young person saving account (I'm 17 and will turn 18 in april) i don't have a job so i cant contbute monthly (just have money from my parents like an allowance) into the account. I'm already with barcalyst but want to swith cause they don't cahrge an intrest on the savings plus therse no perks to it. Are their any banks that have high intrest rates on saving accounts which you do ot have to cntbute monthly. I dont mind opening one account where I wont be able to acces (withdraw form it) it just their for rainy days in a way.
I want to open sa young person saving account (I'm 17 and will turn 18 in april) i don't have a job so i cant contbute monthly (just have money from my parents like an allowance) into the account. I'm already with barcalyst but want to swith cause they don't cahrge an intrest on the savings plus therse no perks to it. Are their any banks that have high intrest rates on saving accounts which you do ot have to cntbute monthly. I dont mind opening one account where I wont be able to acces (withdraw form it) it just their for rainy days in a way.
Original post by 3kas
hi,
I want to open sa young person saving account (I'm 17 and will turn 18 in april) i don't have a job so i cant contbute monthly (just have money from my parents like an allowance) into the account. I'm already with barcalyst but want to swith cause they don't cahrge an intrest on the savings plus therse no perks to it. Are their any banks that have high intrest rates on saving accounts which you do ot have to cntbute monthly. I dont mind opening one account where I wont be able to acces (withdraw form it) it just their for rainy days in a way.
I want to open sa young person saving account (I'm 17 and will turn 18 in april) i don't have a job so i cant contbute monthly (just have money from my parents like an allowance) into the account. I'm already with barcalyst but want to swith cause they don't cahrge an intrest on the savings plus therse no perks to it. Are their any banks that have high intrest rates on saving accounts which you do ot have to cntbute monthly. I dont mind opening one account where I wont be able to acces (withdraw form it) it just their for rainy days in a way.
What do you mean by "they don't cahrge an intrest on the savings" and what perks are you expecting an account to have?
The "high street" banks offer notoriously poor interest rates on savings, with only occasional exceptions. Barclays are currently offering 1.66% on their Everyday Saver account.
You can find regularly updated lists of savings accounts online; for example, ThisIsMoney.co.uk has lists here: https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
MoneySavingExpert: https://www.moneysavingexpert.com/savings/
You need to be careful about the terms and conditions. The accounts with the highest rates tend to have restrictions on the number of withdrawals you can make in a given year. Some accounts have high minimum balances.
If you really won't need access to the money, you can tie it up for a fixed term. Such accounts (sometimes called "bonds") pay higher rates. But you really can't get the money back before the end of the term. But before tieing money up in that way make sure you have enough money accessible at short notice for emergencies.
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