ISA help.

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Just been reading through a uni thread on the forum and a lot of people are mentioning that they put there uni loan into an ISA. Is there good profit to be made out of this? Can anyone give a rough estimate to what £1000 would give profit wise per year ? :) I have no clue with this sort of thing but this interests me :P
 
You're going to get max 2.5% really, so only £25 at the moment with such low interest rates for savers.

It was advisable about 18 months ago when you could get 5-6% but now it's a bit poor.
 
Not particularly something I have the ability to do right now anyway I just wanted an idea of what percentages where talking :) thanks for the help guys.
 
you can't touch an ISA for atleast a year so if you can go for a year without touching your loan, i wouldn't advise you get a loan and i don't believe the government should be giving you one. you're meant to use it to live off, not profit from
 
cm1179 said:
you can't touch an ISA for atleast a year so if you can go for a year without touching your loan, i wouldn't advise you get a loan and i don't believe the government should be giving you one. you're meant to use it to live off, not profit from
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Bad advice ^. It's perfectly possible to get money back from an ISA whenever you want.
 
clv101 said:
Bad advice ^. It's perfectly possible to get money back from an ISA whenever you want.
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Well yes it is, but you usually lose the interest gained in that month/year.

To answer the OP: It's a good idea to start saving, £1,000 is nothing these days sadly but it will at least be a start and something you can contribute to once you start earning.
 
RandomTom said:
You're going to get max 2.5% really, so only £25 at the moment with such low interest rates for savers.

It was advisable about 18 months ago when you could get 5-6% but now it's a bit poor.
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3.20% is the best instant access one at the moment i think, still only £32 though :(.

Gah i was getting 6% in my RBS ISA and 6% in my RBS direct saver a few years ago, bought my current rig with the interest.
 
cm1179 said:
either which way, a loan is to get you through, not profit from
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I see no problems with what you're saying. There are no morals involved, it's not a gambling situation, if you can profit from it then surely you're just a better financially able person than the next guy?
 
either which way, a loan is to get you through, not profit from
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Perhaps, but due to the way the system is run you can get a loan without 'needing' one. And even if you do need it to meet every demand, you won't be spending it all at once. What else are you meant to do with it?
 
there are no 6% savings accounts anymore ?

oh my mistake, those AER APR acronyms are such scams. basically they say interest for them is like 17%, which is a real 17%

but for savers. they say it is 6% but realy it is 0.06%
 
£70.

Please show me where - as I have yet to see anything like that (even with all the penalties on the best buys).

Most I would expect him to get would be around £30 - and even then (as was stated) - to get that - he has to leave it in there for the year - which can prove very difficult for some. To me it's harly worth it anymore - unless you are willing to put a bit more to it over the year.
 
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I've always used up "free" loans to put in ISAs. £x interest at the end of the year is still £x more than I had before.
 
you ever heard of stooging ?

where you take multiple CCs and max them out and use the 13 months no interest balance transfers and put all the money from the CCs into an ISA for 12months, just before you are about to end the free interest, take all the money and pay off the CC and keep the interest :D

but ssshhh don't tell anyone.
 
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