Financial noob wanting to start a savings account.

[Danny S]

As title, i'm 17 and want to open my first savigns account with my bank.

I'm currently with HSBC, would like easy access if for example i wanted to use the money i had saved to book a holiday etc

One thing i definitley don't want is for money to be tied down into one of these yearly savings as i don't know how secure my current job is...

http://www.hsbc.co.uk/1/2/personal/savings/cash-e-...

Will that do everything i need? To give an idea on numbers i want to deposit about 800-1k and save 100 a month.

cheers danny

[holloway_dave]

Have a look at the ING Direct online savings account. It has to be linked to another account (like your regular day to day account with HSBC) - but they pay a decent amount of interest (currently 2.8%) instead of the pathetic interest you will get from HSBC. They pay interest monthly and there are no minimum terms.

I struggled to find something with OK interest and no minimum - they were the best I came across.

[Danny S]

WOuld going with ING be any more difficult than just going with HSBC? Ie transferring money between accounts?

With HSBC i can only get 0.05% interest :|

[andrewh]

If you use quidco you can get £20 cashback on a minimum £1000 deposit on the alianace and leicester account. (2.75AER)

[blackburn]

Another vote for ING. I use them, linked to my current account. Very easy to transfer money in or out - only takes 3 - 4 working days. I do it all on-line or very occasionally by 'phone. Interest paid monthly, you can open an account with £1, you can also make 'internal' transfers to an ING ISA.

[Danny S]

musclecarmad said:

firstly good on you for being sensible danny - it's good to see

secondly, any savings account is good go on moneysupermarket to compare accounts, BUT read and read again the terms and conditions of the account so you don't get caught out.

finally, try to 'save' some money long term for a nest egg or future house deposit and so on rather than saving short term for holidays etc.

so, save the £100 per month for holidays but if you are depositing £900 ish per month I think you could prob save another £100 for a longer term nest egg so you can get your own place in a while.

thanks for the advice pal!