Hello all, just looking for some help.
I'll hopefully be going to University Next year and am looking on starting to save some money each week so I have a bit behind me.
I went to Barclays (which I have my current acount with) and my wages from my weekend job go straight into there. I asked the woman could I open up another current account and start a direct debit every week into the other account to start saving.
However, she said it would be better if I opened an ISA, but only one ISA option was open to me because of my age (16). I was on my dinner at work so couldn't spend ages chatting, but I just want to know if:
1. Can you get instant access to the money?
2. Is there a minimum amount of time you have to save up for?
If anyone's got one i'll be interested in knowing, and also which bank.
Also I won't be putting a large amount of cash in, it'll only be something like £80 a month.
Thanks in advance guys, I have looked up on the internet but was hoping someone could translate it to layman terms for me if you have one.
Isa's?
Started by
carty23
, May 01 2010 05:33 PM
8 replies to this topic
#2
Posted 01 May 2010 - 11:49 PM
It would definatly be worth saving your money in an isa account as the interest is tax free most isas you can get your money straight away but you may lose a bit of interest.
There wasnt a minumun amount when i had one but there is a maximum amount i belive its £3000 a year but i could of changed
As for which one i would personally look around to see who is offering the best deal but there usually all very similiar
There wasnt a minumun amount when i had one but there is a maximum amount i belive its £3000 a year but i could of changed
As for which one i would personally look around to see who is offering the best deal but there usually all very similiar
#3
Posted 01 May 2010 - 11:54 PM
Carty, have a look at moneysavingexperts article on them, it's explained pretty clearly 
http://www.moneysavi...s/best-cash-isa
http://www.moneysavi...s/best-cash-isa
#5
Posted 02 May 2010 - 09:41 AM
Remember investments can go up as well as down.
*sigh*, Like so many things as we age.
#8
Posted 02 May 2010 - 03:02 PM
Hello all, just looking for some help.
I'll hopefully be going to University Next year and am looking on starting to save some money each week so I have a bit behind me.
I went to Barclays (which I have my current acount with) and my wages from my weekend job go straight into there. I asked the woman could I open up another current account and start a direct debit every week into the other account to start saving.
However, she said it would be better if I opened an ISA, but only one ISA option was open to me because of my age (16). I was on my dinner at work so couldn't spend ages chatting, but I just want to know if:
1. Can you get instant access to the money?
2. Is there a minimum amount of time you have to save up for?
If anyone's got one i'll be interested in knowing, and also which bank.
Also I won't be putting a large amount of cash in, it'll only be something like £80 a month.
Thanks in advance guys, I have looked up on the internet but was hoping someone could translate it to layman terms for me if you have one.
An ISA would be much better than just another current account as the latter usually earn a measly amount of interest.
Have a look around the different banks as they all do ISAs but might give slightly different interest or conditions. I would recommend NS&I.
There's typically a minimum deposit amount of about £50 and the yearly maximum is currently £5,100.
You should be able to set up deposit by standing order/direct debit from your current account each month so that you don't have to remember to do it manually.
There's no penalty for instant withdrawl, at least not from my provider. I don't think there's a minimum investment period, but interest is usually paid yearly (but calculated daily), so you probably want to leave it in for a multiple of years if that makes sense.
#9
Posted 02 May 2010 - 07:29 PM
An ISA would be much better than just another current account as the latter usually earn a measly amount of interest.
Have a look around the different banks as they all do ISAs but might give slightly different interest or conditions. I would recommend NS&I.
There's typically a minimum deposit amount of about £50 and the yearly maximum is currently £5,100.
You should be able to set up deposit by standing order/direct debit from your current account each month so that you don't have to remember to do it manually.
There's no penalty for instant withdrawl, at least not from my provider. I don't think there's a minimum investment period, but interest is usually paid yearly (but calculated daily), so you probably want to leave it in for a multiple of years if that makes sense.
The financial adviser agree's with this post! Pretty much spot on, although there are better rates than NSI around. But its swings and roundabouts!
