£900 quid

iBot

iBot

iBot

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Hi guys, I have £900 in my current account.

There is nothing I want right now, So I'm thinking about putting 750 of it in some sort of saving account.

Any suggestions on the best risk free way of saving my monies? I dont want immediate access to the money if I need it urgently, but within a week say if something came up.


I'm with the RBS if it matters.
 
Find out if there is some sort of online savings account which will earn you a bit more interest. That would be available almost immediately if you need it.

Otherwise open an ISA and get tax free savings, also immediately available to take out and you wont hit your limit of £3k. [best option if you pay tax]

Otherwise you can tie it up into a bond, which should earn you more interest but you'll be paying tax on that, unless you are exempt for whatever reason.. education/age.
 
From an investment advisor...

Depends on your attitude to risk really, the ISA is the safe option and if you need a weeks' notice for access, the best.
 
I've just gained £2100 from US tax.
I've just graduated but haven't bothered starting work yet, and I'll most likely be doing a PhD so will remain a student, hence tax free.
I'm wondering if I should start paying off my Student loan, it is sitting at over £10K and alhough the interest is quite low it adds up. but then i can stick it in my ING account and gain 4.75% tax free, about 2.5% more than the loan's interest.
 
D.P. said:
I've just gained £2100 from US tax.
I've just graduated but haven't bothered starting work yet, and I'll most likely be doing a PhD so will remain a student, hence tax free.
I'm wondering if I should start paying off my Student loan, it is sitting at over £10K and alhough the interest is quite low it adds up. but then i can stick it in my ING account and gain 4.75% tax free, about 2.5% more than the loan's interest.
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As you've just worked out yourself, there is never any point in paying off your student loan early (you'd be losing money by doing so) - save the money. Bear in mind that as far as I know even as a student you'd be subject to tax if you earn enough in the year (ie. if you have a job while you're studying)
 
reading an article yesterday. You need a savings account with at least 5.5% intreast to keep it's current value. As the real world inflation is around 5.5%.
 
PinkPig said:
As you've just worked out yourself, there is never any point in paying off your student loan early (you'd be losing money by doing so) - save the money. Bear in mind that as far as I know even as a student you'd be subject to tax if you earn enough in the year (ie. if you have a job while you're studying)
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Yeah, i knew it is better to keep the money and not pay offf the loan, I just don't like having a huge loan on my shoulders, and I don't know how it would effect my credit rating etc.


I didn't have enough time to ****, let alone work!

It depends how you get paid and you're a student. i'm looking at PhDs paying around the £20K, all tax free :cool: + other perks like no council tax...
 
I dont mean to sound rude, but its only 750 pound, and with comments like put it in a high interest ISA i just find funny. Its £750 its hardly going to get you any interest in the year. Just throw it in the back and be done with it.
 
leave it in the bank? It isn't worth the hassle messing around with an ISA for only 750 quid. Maybe open a high interest savings account but that's about it.
 
teaboy5 said:
I dont mean to sound rude, but its only 750 pound, and with comments like put it in a high interest ISA i just find funny. Its £750 its hardly going to get you any interest in the year. Just throw it in the back and be done with it.
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I don't understand where you're coming from at all - it takes all of zero effort to open a new account, 5% of £750 is £35 or so, and once the account is open you're less likely to waste the money in the first place. I would say it's absolutely worth the effort, no one's saying you're going to get rich, but you're wasting money if you leave that much in a current account - my current account never has more than £150 in it, keeping more than that earning practically no interest is just silly.
 
gambitt said:
leave it in the bank? It isn't worth the hassle messing around with an ISA for only 750 quid. Maybe open a high interest savings account but that's about it.
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You do know that not everyone fills their ISA with £3K a year and that almost all other accounts pay tax on their interest, so your effectively giving your money to the government.. along with income tax.. council tax.. inheritance tax.. are you Tony?
 
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