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[ubereglu]

Well, having now got a job, (Finally!). I am wondering the best way on how to save my money. I'm 17 and ideally looking for an account which I can later have my wages paid into. I could pay in roughly £80 a month and would like it to have a debit card.

 

I've trawled the internet, but haven't been very successful and thought that some of you might give me some helpful advice!

[Cinnamon]

Have you not already got a bank account Liz?

You will need one to get your wages from this job paid in to, & most have a linked savings account.

 

Both my girls have a HSBC bank account for 14 - 17 year olds, which has a linked savings account.

Devon has set up a standing order online of an amount which will go from the bank account to the savings account each month

She has also set up another one to pay me back for her mobile phone rental each month

When you get to 18 it automatically changes to the next type of account that you need for uni & so forth.

[Space Chick]

As a former financial adviser, I would say that what you are describing is a current account rather than a savings account. This would allow you to have wages paid in and a debit card once you are 18.

 

However, I would also recommend getting into the habit of saving for a rainy day now, as you are 17 you can open a cash ISA account which you won't pay tax on your interest once you are earning enough to pay tax. This means you will have 2 separate accounts one for spending and one for saving.

 

Hope this helps

[ubereglu]

Have you not already got a bank account Liz?

 

Yes, I already have one, but I'd really like one which paid a bit more interest as I only get about 1%.

 

I've thought about getting an ISA before, but when I am earning I won't earn enough to pay tax and it would need to be an instant access isa and generally the rates aren't much better than my normal account.

 

I'll probably set up an ISA account when I'm at uni for my savings to go into though.

 

The annoying thing I have found with some current accounts is that I have to pay in money by standing order, which means I also have to have a savings account at the same bank, but this is difficult for me as I only bank at Nationwide, which is a building society.

[Valkyrie]

When you first start earning you will be put on an emergency tax code - which will be refunded to you when you fill in the claims form (Debs will know all about that). So future payments to you will be exempt from tax - which will give you more to play with and save. DD and DS have the same as Cinnamon's.

[Geoid]

Have you tried barclays/halifax? Get a current account with them (they have special accounts for under 18's, so no tax, you also get a proper visa electron/debit card, so you can buy stuff online, in shops etc) then, set up a direct debit to go into your savings account.

[Old Speckled Hen]

How about this from Alliance and Leicester?

 

https://www.alliance-leicester.co.uk/current-accounts/premier-21-account.aspx

[ubereglu]

I've previously filled in a tax form, so am exempt from that. Am currently looking up one of Abbey's accounts at the minute, but thanks for all your help!