Investment help!

[Info Freak]

Hi Everyone.

I have just got my GCSE results and as a reward i have been given �700. Now i have a healthly sum in my bank already and i have some premium bonds and im looking for another way of investment. i dont mind need access to the money and i can invest more then �700 if there is a minimum. The only problem is that i am only 16. has anyone got any ideas or experiences that they can share to help me???

Thanks in advance

 

Info Freak

[Minimatronic]

At 16, you're old enough to put it into a mini cash ISA if you want.  check out the major bank websites, they offer some competitive rates, and will help to explain some of your options. 

as far as i can tell (at 16 myself and having just opened an ISA - i feel so grown up lol) ISAs basically give you tax free interest on your money, and you can put in up to �3000 over the tax year. generally you leave your money in for a year.

hope this helps, just put your money into a bank account somewhere, get yourself some interest! 

[WendyS]

I don't think there is a minimum age limit for a cash ISA so this looks a good option.  But if you see a building society or bank which is offering higher interest rates, do consider them as if you're still at school and not earning any income you can ask your bank or building society to supply you with a form called R85 which ensures tax is not deducted at source.     However, if you have a part-time job with income that annually puts you on a level where you have to pay tax,(i.e. over the annual personal allowance) an ISA is probably better as it will save you hastle.  Congratulations for being a young person who is thinking more about saving than spending.  There can't be many of you about and it's a good habit to cultivate for the future.