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    Hi,

    I am on a gap year working full time. I currently have a savings account set up, which I can collect the interest on after a year.
    However I also have some money in my normal bank account which is sitting there doing nothing. I can't increase the amount I put into the savings account as it was fixed when i opened the account. Is there any other types of saving account that I can put this into until just until sep/oct time? I have heard about ISA's but I don't actually know what they are . Any suggestions would be appreciated.

    Thanks
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    I have a mini ISA which I have some money in that I want to save. It has a pretty high interest rate so it is quite good although if you only wanted to save it for a few months I am not certain about an ISA being the best option...

    Sorry my help and advise turned out to be non existant..
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    An ING account maybe? I receive monthly interest on mine at a great rate... www.ingdirect.co.uk
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    I have a mini ISA too. I get interest monthly (although I couldn't tell you at what rate, sorry). It's connected to my current account so I can put any spare money I have straight into it so that too will gain a bit of interest. Unfortunately, it also means I can get it out quite quickly which proves a bit of a pain...
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    ISA's have good interest rates, but then so do some normal savings accounts. ISA's were originally for people to save up to £3000 (maybe a bit more) tax free, but as most people on here wont be tax payers i.e. earning over £4000 per year theres no need to open one. Check out the Smart account at Nationwide, it is just a normal savings account but with a very good interest rate paid twice yearly. It may seem like a kids account, however if you actually compare the rate to other accounts you will see its quite good.
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    Thanks for the advice, hopefully it will be helpful to other students aswell.
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    I always end up spending my interest.. lol

    I get about £500 a year, and I usually end up spending it on something stupid. I need one of those accounts that makes you fill in a form before you withdraw any money
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    (Original post by SinghFello)
    I always end up spending my interest.. lol

    I get about £500 a year, and I usually end up spending it on something stupid. I need one of those accounts that makes you fill in a form before you withdraw any money
    Or a National Savings account, which you have to give a months notice to withdraw any money, that usually puts me off!
 
 
 
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