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    Best instant cash ISA 22/year old - Deposit on a flat!

    As above I'm 22 and looking for an ISA so me and my girlfriend can save up money for a deposit on a flat, not earning much atm, but would still like to put cash aside. I've been on the moneysupermarket.com/sav…as/ page and I was about to get the tesco's one. But I'm unsure what to look out for and which would be the best for me? Just want to make sure that i'm getting the best deal for my money. Regards Oliver

    20 Comments

    Whichever you go for, be ready to move your money within 12 months when the rate plummets.

    Original Poster

    But which is best?

    i have given up on cash isa now that the rates are so poor, even the 5 years bond are dismal.

    i put my cash isa into stocks and can make 5% in a few months. no contest.

    mutley1

    i have given up on cash isa now that the rates are so poor, even the 5 … i have given up on cash isa now that the rates are so poor, even the 5 years bond are dismal.i put my cash isa into stocks and can make 5% in a few months. no contest.



    You can also lose money, it is important to note that.

    Inactive

    You can also lose money, it is important to note that.



    there is a risk yes, but low if i am in no hurry to get the money out so i can wait for the stocks to go back up. i invest in tracker funds so as a spread, they are safer than individual stocks.

    Original Poster

    Inactive

    Have a look … Have a look here;http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html



    Thanks for that want to open one tomorrow would say tesco isa is a good one? Just want the best one really

    oliverkennedy10

    Thanks for that want to open one tomorrow would say tesco isa is a good … Thanks for that want to open one tomorrow would say tesco isa is a good one? Just want the best one really



    just pick any one with the highest rate. they are all the same as one another so the provider does not matter. you switch away from them after 12 months anyway. you can also get rates comparison on moneysavingexpert site or other comparison sites available over the search engines.

    mutley1

    i have given up on cash isa now that the rates are so poor, even the 5 … i have given up on cash isa now that the rates are so poor, even the 5 years bond are dismal.i put my cash isa into stocks and can make 5% in a few months. no contest.


    You should make a Misc thread on it, you might help a few members Mutley.

    Transformers

    You should make a Misc thread on it, you might help a few members Mutley. … You should make a Misc thread on it, you might help a few members Mutley.



    no point trying to explain to people how to make money. i just make it and keep it.

    oliverkennedy10

    Thanks for that want to open one tomorrow would say tesco isa is a good … Thanks for that want to open one tomorrow would say tesco isa is a good one? Just want the best one really



    Sorry, I have no personal experience of Tesco as a bank, so I am unable to advise on their suitability, they are all covered by the government guarantee scheme that guarantees funds up to £85,000.

    Transformers

    You should make a Misc thread on it, you might help a few members Mutley. … You should make a Misc thread on it, you might help a few members Mutley.



    Perhaps Mutley could give others a " New Direction " ..

    mutley1

    no point trying to explain to people how to make money. i just make it … no point trying to explain to people how to make money. i just make it and keep it.


    That's not very nice Mutley.

    Inactive

    Perhaps Mutley could give others a " New Direction " ..


    It would make a change...

    Transformers

    That's not very nice Mutley.



    people don't want to hear what they don't understand. if i explain to members on here how to make money they won't thank me for it!
    this is a shopping site where people spend money, not make money so it's the wrong people i would be talking to.

    mutley1

    people don't want to hear what they don't understand. if i explain to … people don't want to hear what they don't understand. if i explain to members on here how to make money they won't thank me for it!this is a shopping site where people spend money, not make money so it's the wrong people i would be talking to.




    Well your input on this thread has not helped the OP one iota.

    The OP was not looking for a tracker ISA, just a safe place to invest.

    Inactive

    Well your input on this thread has not helped the OP one iota.The OP was … Well your input on this thread has not helped the OP one iota.The OP was not looking for a tracker ISA, just a safe place to invest.



    perhaps the OP should expand his horizon a little bit and look at something different in the future when he has more money to put away. just an idea....

    mutley1

    people don't want to hear what they don't understand. if i explain to … people don't want to hear what they don't understand. if i explain to members on here how to make money they won't thank me for it!this is a shopping site where people spend money, not make money so it's the wrong people i would be talking to.


    People on here like to save money, and clearly make money too (if you read some of the deal threads). Anyway it doesn't matter, it was just a thought.
    Edited by: "Transformers" 30th Dec 2015

    The only point of an ISA at the moment is that your money will keep its tax free status over the years ,so the cr** rates today wont matter as you'll have your tax free wedge built up over the years earning a decent tax free interest in the future . As I presume you aim to buy a flat in the not too distant future I would suggest you forget ISA for now . The advantage of tax free interest is only of use if you are getting a decent amount of interest (to be tax free) . If you can save £500 a month ,I would suggest a TSB current account (pays 5% and you can have 2 accounts , only pays that on balances up to £2000 though -so that's £4000 max . Then go for the Nationwide Regular saver - pay in £500 per month get 2.5 % , £200 per month 2 % . ISAs are a great idea, for long term savings , but with interest rates the way they presently are better deals are available on several normal accounts . Don't worry property prices will fall 5%- 8% over the next year .
    Edited by: "rogparki" 30th Dec 2015

    If you do go down the ISA route then you will have to get one each for tax reasons. You can save up to £15k pa each. Just shop around on MSE or comparison websites. Try Building Societies like Nationwide rather than banks as they tend to be more competitive
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