I have 1.3k best place to save - short term 4 - 5 months

jojothemonkey69 · 28 Feb 2009 at 14:26

So I've got a £1,300 in my student account and I'm looking to save it away somewhere. I don't know much about ISAs but they seem quite long term. The money is basically my money to buy my first car in June (when I turn 21)

So what are the options. Please no silly stick it all on black comments.
Thanks

Morba · 28 Feb 2009 at 14:31

wont make much difference really, just leave it in a normal account. You wont make much in terms of interest on such a small amount over a short period.

Kemik · 28 Feb 2009 at 14:31

ISA.

Best return for the low risk you want.

Teki187 · 28 Feb 2009 at 14:32

jojothemonkey69 said:
So I've got a £1,300 in my student account and I'm looking to save it away somewhere. I don't know much about ISAs but they seem quite long term. The money is basically my money to buy my first car in June (when I turn 21)

So what are the options. Please no silly stick it all on black comments.
Thanks

Under your bed or in a millennium capsule!

Cairnsey · 28 Feb 2009 at 14:33

Sounds like you want an instant access savings account...

Motley fool or love money as it's now called, is a good site to look at

www.lovemoney.com

Sign up to their newsletter to get daily updates on the current best financial products

They've just sent one out this morning saying that the best interest rates are only around 3%...

Stretch · 28 Feb 2009 at 14:34

Black

Seriously though, if you want a meaningful return in that time you're going to have to take a risk.

Haircut · 28 Feb 2009 at 14:35

Morba said:
wont make much difference really, just leave it in a normal account. You wont make much in terms of interest on such a small amount over a short period.

This, you aren't likely to make anything more than 3 or 4 quid in interest over that time period with rates as they currently are so the differences between rates will be negligible.

K.C. Leblanc · 28 Feb 2009 at 14:57

Haircut said:
This, you aren't likely to make anything more than 3 or 4 quid in interest over that time period with rates as they currently are so the differences between rates will be negligible.

Agreed, just ask your bank for an instant access savings account so you can keep it separate from your general spending money.

I've got one with Lloyds, since I already had a current account and online banking I was able to set it up in about a minute.

Amnesia · 28 Feb 2009 at 15:06

borrow it to someone currently in need but will pay it back with interest....someone who u know will pay it back

teaboy5 · 28 Feb 2009 at 15:15

Its only 1.3k, just dump it in a normal account and be done with it.

Your hardly going to make a lot of money on it.

iviv · 28 Feb 2009 at 15:36

memory said:
borrow it to someone currently in need but will pay it back with interest....someone who u know will pay it back

You mean lend?

Sinque · 28 Feb 2009 at 16:24

In Spie's bank account