isa,account

[slinky.kate]

my 2 sons and i decided to put money away for emergencies,so opened an isa account,i put in £10 a week and sons put in £20 a month,oldest son is getting a 2nd.hand car first,do you think this is a good idea???????

[anneasquith]

kate. saving is a great idea for you all. i wonder if there is a better deal for interest ?

[slinky.kate]

i wonder,open to suggestions.

[bednobs]

not really sure exactly what you are asking. If you were helping him with money with an idea that it would be for "emergencies" then in my book buying a car dosen't really count as that. However, if the money was given as a gift, without the stipulation it was for emergencies (and gave him some idea what might constitute an emergency) then it's up to him what he does with it

[starone]

Last year I bought an ISA with about 2.5% interest, I think. Two weeks after I bought it they lowered the interest to 1%. I cashed it in and put it in my current account where they were paying 4% as long as I kept £7000 in and had at least £1000 worth of business going on throughout the month (that was easy with money going in and out). Interest is paid every month. I think that this year it will be less but in the meantime I certainly gained over the ISA. I would certainly look very carefully before I bought another ISA. They did not tell me they were reducing it and I only found out through a friend who also had one. Banks are out for one thing - your money.