Getting the Best Rate of Interest

Question:

I have 2 grandchildren and have just over £1000 each in a Nationwide Smart Saver which is earning not very much interest. Could you advise on a different kind of account that they cannot get their hands on until they are 21 years old please.

Answer:

Hi Pauline, with the amounts of money you’re talking about you will be a bit limited in terms of options available, your grandchildren will be too young for ISA’s or premium bonds but other national savings products will be available can I suggest you have a look at www.nsandi.com which should give you an overview of things. The only alternative to that will be other bank accounts but interest rates across the board are very poor at the moment, if you had more money you could look at unit trusts which are asset back investments rather than deposit backed investments, there is a section on www.myeggnest.com which covers these, please let me know if you have any more questions, regards, Steve

Comments? Questions? Use this thread to share your thoughts! I am an Independent Financial Adviser.

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Steve Weisner ~ Independent Financial Adviser ~ Radcliffe & Newlands ~ 5th Floor Crystal Gate ~ 28-30 Worship Street ~ London EC2A 2AH ~ sweisner@myeggnest.com ~ Tel (0845) 0217000 ~ Direct Tel (020) 73820437 ~ Fax (020) 73740462 www.rad-new.com

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