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    Hi,
    I am currently looking to open some sort of savings account where I could put an amount of money in each month, say £200 each month. I'm 16 years old and would just like to save this money up over the months/years for the future. Basically I have no idea where the best place is to set up a savings type of account that would be best for me and would greatly appreciate some help! I have all the necessary ID and have about £500 to start with the account when I set it up, I also currently have a Visa Electron card from Halifax. I would prefer it with easy access, maybe a card I could withdraw from if needed?
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    If you can live without making any withdrawals, Halifax have a regular savings account that has fixed 5%, which is a very good rate right now.

    If you do need to withdraw the best rate you will get will be in a cash ISA, which won't have a card but you can transfer into your card online.

    It might be a good idea to put say £150 into the regular savings and the rest in an ISA if you need it.


    Just say if you need anything clarified etc.
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    Have a look at this http://www.moneysavingexpert.com/sav...-best-interest

    I assume you're probably still in full time education and not paying tax (i.e. your income is less than £6.5k), in which case you won't pay tax on a normal savings account so an the benefit of a cash ISA is limited (since you can get better rate savings accounts).

    However if you are paying tax then definetely look for the best cash ISA, although beware with both savings accounts and ISA's the advertised rates are normally introductory for a year, so you need to be ready to chop and change.

    I guess the main bonus to filling an ISA now is that by the time you are earning you'll have a decent amount in it and will be benefiting from its tax free status (the amount you can put into the cash part of an ISA is limited each year to about £3.6k if I remember correctly).

    I'd advise looking through money saving expert at the different types of accounts available and making up your own mind what suits you.
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    http://www.alliance-leicester.co.uk/...1-account.aspx <this one is really good
 
 
 

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