The other day I encountered a 17-year old schoolgirl who was fanatical about saving. Her part-time job pays her the rather princely sum of £140 a week and she saved most of it. To say I was gobsmacked is an understatement but then I suppose I don’t know that many teenage girls or what they do with their money, whether it’s an allowance from their parents or earned income.
Nevertheless, apart from telling her that I was very impressed, I was able to tell her that as she was over 16, she could take advantage of saving in a Cash ISA. Being able to shelter up to £3,000 a year from the taxman is only one bonus; another is that the rate of interest is usually higher than ordinary savings accounts….