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What best to do with this money?

(8 Posts)
Fireinthegrate Thu 15-Dec-16 18:07:32

Daughter is 19 and works in retail. She reckons she can save £200 per month.
What should she do with it?
She has just started a help to buy ISA and pays £200 per month into this, but this is paid for from a savings account which was started when she was a baby.
Can she buy another ISA?

specialsubject Thu 15-Dec-16 20:22:27

Not a cash isa but she can have a stocks and shares one.

Or there are still current accounts just ahead of actual inflation.

Longdistance Thu 15-Dec-16 20:28:03

Was the help to buy ISA this tax year? If so she will have go for a sticks and shared ISA.

Although, your daughter won't be paying tax on her savings anyway, there's a 3% saver with the Nottingham Building Society at the moment, if you're near one?

BackforGood Thu 15-Dec-16 20:42:53

Be worth looking at a help to buy ISA next tax year.
One I looked at for someone happened to be at Nationwide B Soc, and the interest rate was good even if she doesn't then use it to help to buy a home, but if she ever wanted to, the Government will add free money on top.

Fireinthegrate Thu 15-Dec-16 20:54:46

BackForGood. It is a help to buy ISA she just got already.

Longdistance. Thanks. Will have a look at Nottinghamshire. We are near one.

BackforGood Thu 15-Dec-16 21:08:51

Oh Lordy. One day I'll learn to read blush Sorry!

Suttonmum1 Thu 15-Dec-16 21:12:02

Is there any chance that she will inherit property before she uses the help to buy ISA - if so then she will lose the benefit of it I believe - certainly worth looking at the govt terms and conditions very closely.

Fireinthegrate Fri 16-Dec-16 10:06:35

Suttonmum1. Hopefully she won't inherit before the end of the help to buy ISA!

I'll take a look on MSE and see what might be the best savings account too.

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