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  • FIRST POST
    • Russell29
    • By Russell29 12th Jun 17, 7:20 PM
    • 1Posts
    • 0Thanks
    Russell29
    How to invest
    • #1
    • 12th Jun 17, 7:20 PM
    How to invest 12th Jun 17 at 7:20 PM
    So after 18 years I finally get access to my savings which my parents saved for me.

    Its's roughly around £6500 and I was wanting to know how it would be best to invest the money?

    It wouldn't be ideal to have a no-access account, since I am starting university and may at one point need the money.

    Thanks
Page 1
    • eskbanker
    • By eskbanker 12th Jun 17, 7:59 PM
    • 4,788 Posts
    • 4,517 Thanks
    eskbanker
    • #2
    • 12th Jun 17, 7:59 PM
    • #2
    • 12th Jun 17, 7:59 PM
    http://www.moneysavingexpert.com/savings/which-saving-account is a good place to start - concentrate on saving rather than investing at this stage!
    • JessaEra
    • By JessaEra 13th Jun 17, 7:29 AM
    • 10 Posts
    • 37 Thanks
    JessaEra
    • #3
    • 13th Jun 17, 7:29 AM
    • #3
    • 13th Jun 17, 7:29 AM
    Since you still need the money, then its best if you will just use the money you have for your schooling. If its entitled for the needs of your studies, you would not want to divert it to other things such as investment or anything because anytime you will be needing it. If you have other source of income, maybe you can try investing it but if your focus enough with your studies, then let it be. Just use it in your studies and everything you need from it. Save as much money as you can and try to budget everything you need. Differentiate your wants from your needs and then later on if you finish your studies, you can be more knowledgeable of how to handle your money well and invest it to a more secure investment company.
    • binaryuniverse
    • By binaryuniverse 13th Jun 17, 9:17 AM
    • 301 Posts
    • 126 Thanks
    binaryuniverse
    • #4
    • 13th Jun 17, 9:17 AM
    • #4
    • 13th Jun 17, 9:17 AM
    My first port of call would be to open a Nationwide Flexdirect current account and put £2500 in to that immediately. That will give you 5% for one year, and £10+ worth of interest per month.
    You have to pay in £1000 a month to get the interest but you can move the money out, and back in again, on the same day (or put in £1000 from elsewhere, then move it out again).

    I'm presuming your 18, so I imagine you don't have much in the way of direct debits. However, if you have 3 already, then a Tesco bank account is the next best option, with 3% on up to £3000 balances. Like the above, this also needs money cycled in to it, £750 I believe. But that can be done in the same way as the above also. You can also have 2 accounts, but this would need 6 direct debits total.

    Next best: TSB offers 3% up to £1500. This only needs 2 direct debits (and you can open a couple of Tesco savings accounts, and do a £1 direct debit to those, to satisfy this) and £500 paid in per month. Also TSB offers cashback per month for using the account, and that can be better than the interest.

    Use these as savings accounts. So don't take an overdraft with them and remove that temptation to spend more than you have.

    If the above sounds like hassle (it isn't once you get used to it), or you don't feel you could satisfy the requirements of the account, than a instant access savings account would be the next place to go. However, the interest rates are far lower than what you get on the above options, and you won't see much return on your cash.
    Charter Bank Savings account is 1.11% and allows you to make as many withdrawals as you need. And that's pretty much the best deal on offer. Most of the others offer around a similar rate of interest, so it's worth looking at savings page on this site, for other options.
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