Savings account suggestions!

alexakasloth · 28 Mar 2006 at 12:00

Hey all,
I need to get a savings account (so I don't spend all my wages when I get them!)

Basically I need one which:

-You don't need a large amount for a first deposit (preferably just £100 max).
-You can be 17 to join.
-You can take it out/transfer when you want.
-Preferably be able to transfer online.

I've currently with lloyds so one with them would be good, I've looked at their online saver but I need £250 for a deposit!

Help is greatly appreciated!

Bes · 28 Mar 2006 at 12:04

suicidle_tramp said:
Hey all,
I need to get a savings account (so I don't spend all my wages when I get them!)

Basically I need one which:

-You don't need a large amount for a first deposit (preferably just £100 max).
-You can be 17 to join.
-You can take it out/transfer when you want.
-Preferably be able to transfer online.

I've currently with lloyds so one with them would be good, I've looked at their online saver but I need £250 for a deposit!

Help is greatly appreciated!

Can you not get an ISA? Halifax do a 5% one, remember these 10% ones (like Barclays) are before tax, so will work out to more like 6% and if you miss one payment you can forefit all the interest you would have earned.

alexakasloth · 28 Mar 2006 at 12:09

I'm not too bothered by the interest, anything above 3/4% is fine, just be able to put it in easily (branch or online) and take it out online. I'm not too clued up on isa's.

Bes · 28 Mar 2006 at 12:21

suicidle_tramp said:
I'm not too bothered by the interest, anything above 3/4% is fine, just be able to put it in easily (branch or online) and take it out online. I'm not too clued up on isa's.

ISA it is then! Cash mini ISA allows investments of up to £3000 PA but you can also take a Maxi ISA which is £3000 cash and £4000 something like index tracking. Halifax offer the best rates on cash ISAs (5% and can be administered online) watch out for the ones that offer something like 4.5% +.5% for the first 6 months and then 4.5% after that!

Sirrel Squirrel · 28 Mar 2006 at 12:22

HSBC do quite a good one I think

edit/ savings account I mean

but an ISA from Halifax would probably be better for you

Bes · 28 Mar 2006 at 12:22

Sirrel Squirrel said:
HSBC do quite a good one I think

No their interest rate drops to 4.5% after a few months... Go Halifax.

Sirrel Squirrel · 28 Mar 2006 at 12:23

Bes said:
No their interest rate drops to 4.5% after a few months... Go Halifax.

see my edit

LeperousDust · 28 Mar 2006 at 12:24

If your not bothered about interest rates, get any then?
If you are, get the HiSAVE one i've been harping on about in every other thread like this thats appeared within the last few weeks!

Skiddley · 28 Mar 2006 at 12:26

Remember that you might be exempt from Savings tax depending on your circumstances.

Sirrel Squirrel · 28 Mar 2006 at 13:03

LeperousDust said:
If your not bothered about interest rates, get any then?
If you are, get the HiSAVE one i've been harping on about in every other thread like this thats appeared within the last few weeks!

They're website looks amatuerish to me, don't think I could trust it

also one part says "we require these information", don't think that's proper English

alexakasloth · 28 Mar 2006 at 13:35

Skiddley said:
Remember that you might be exempt from Savings tax depending on your circumstances.

erm.. i'm a student if that helps

I'll have a look at the halifax one, thanks very much

[edit] The Halifax one says this:
Your minimum opening balance of £3,000 can be made up from one or more of the following: current tax year subscription and/or transfers from previous tax years' mini cash ISA subscriptions

Does that mean I need £3000 to open it, or is that the max you can put into it? :confused: