Can someone recommend a bank with high interest for £5,000 for someone aged 17 - HotUKDeals
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Can someone recommend a bank with high interest for £5,000 for someone aged 17

speedy1477 Avatar
banned5y, 9m agoPosted 5 years, 9 months ago
I have £5,000 thats just sitting in a low interest account doing nothing so I thought I would be good to put the money into a account with a fairly high interest.

I was going to apply for the account at the post office that pays 2.9% however after reading the t&c's, you need to be over 18.

Any advice would be helpful. Looking for around 3%, obviously a little lower in most cases.
speedy1477 Avatar
banned5y, 9m agoPosted 5 years, 9 months ago
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3 Likes #1
put it in mine, i'll take a lot of interest in it :p
banned#2
michelleleemoo
put it in mine, i'll take a lot of interest in it :p

Lol, you wish X)
#3
How long can you lock the money away for?
#4
speedy1477
michelleleemoo
put it in mine, i'll take a lot of interest in it :p


Lol, you wish X)


is that a no? drat :(
banned#5
rwm24
How long can you lock the money away for?

I'm looking for a easy access account because I've already got 4 other accounts with money tied up.
#6
Isa would be your best bet. Must be able to find 3% somewhere and it's tax free.
banned#7
gbspurs
Isa would be your best bet. Must be able to find 3% somewhere and it's tax free.

Sorry I forogt to include, I already have a ISA.
#8
In that case wait until April
#9
speedy1477
rwm24
How long can you lock the money away for?


I'm looking for a easy access account because I've already got 4 other accounts with money tied up.


Have a poke around http://moneyfacts.co.uk
banned#10
gbspurs
In that case wait until April

I'm going to do that then but I would like any extra money that is possible so I thought i could get a little extra by changing accounts in the meantime.

rwm24
speedy1477
rwm24
How long can you lock the money away for?
I'm looking for a easy access account because I've already got 4 other accounts with money tied up.
Have a poke aroundhttp://moneyfacts.co.uk

Thanks
#11
Same age as you. Looking to do the same but I was looking to put it in a ISA.
banned#12
mighty mugger
Same age as you. Looking to do the same but I was looking to put it in a ISA.

If you look around, there are some good ISA accounts however at the present moment but you cant expect high interests such as a couple of years ago.

The most annoying thing for me is that can you can put upto £5,100 per tax year into a ISA.


Edited By: speedy1477 on Feb 09, 2011 20:44
#13
You are better off investing the money IMO.
#14
In My Opinion

Investing would be semi easy access. and if you picked the right ones would yield you a higher income than the banks (since you have a loaded ISA already. Higher risk as well, but potentialy higher reward, come check out the sharedealers thread :P

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