What to do with my money?

stuartw101

I currently have just under £5k in a natwest account, its just a normal account. I also have £450 in premium bonds which havent won me anything in the last year.

Im just wondering what should i do with all my money? Obviously its all the money i have to my name. I am 18 and at university so i may need access to some of the money, but i am interested in getting the most from my money in terms of interest etc.

I hope you can help as im a little confused after reading all the different options.

Thank you so much.

tomstickland

Stick it into an instant access account paying 5% ASAP. It's losing value at the moment. Convert the premium bonds back to cash and add them to the savings.

ChrissieI

I've never posted before but have been watching this site for weeks. I have brought £100 in premiun bonds instead of putting the money in my savings account. As this way I have a chance (if only a very small one) of winning some thing. And can still get the £100 back if I need it. Has anyone on this site ever won any thing on premiun bonds. Was this the wrong thing to do with the money?

ChrissieI

Thanks StuartW101 for the link. I have decided to leave the premiun bonds where they are for a year but not play the lottery (normally £2 a week). So I still have a small chance of winning. If I haven't won anything in a year I will take my money back. Seems sensible to me.

canny_yorkshireman_2

put 3k in a cash isa and the other 2k in april by far the best returns and tax free that is unless you already have one.

vision_uk

ChrissieI wrote:

I've never posted before but have been watching this site for weeks. I have brought £100 in premiun bonds instead of putting the money in my savings account. As this way I have a chance (if only a very small one) of winning some thing. And can still get the £100 back if I need it. Has anyone on this site ever won any thing on premiun bonds. Was this the wrong thing to do with the money?

I had £100 of Premiun Bonds for nearly 4 years and won nothing. Now i've moved it into my ISA. So i wasted about £20 of interest i could have got if it was in my ISA.

vision_uk

stuartw101 wrote:

I currently have just under £5k in a natwest account, its just a normal account. I also have £450 in premium bonds which havent won me anything in the last year.

You could get a Natwest e-savings account which you can easily transfer money in and out of your current account online if you need it fairly instant. Yes it might not give you amazing interest but beats having to mess around with transferring from different accounts that are with different companies just for the sake of minor interest differences. But I would put most of it in a Mini Cash ISA which will allow you to withdraw whenever you need it. And don’t forget max £3000 per year in an ISA.

stuartw101

tomstickland wrote:

Stick it into an instant access account paying 5% ASAP. It's losing value at the moment. Convert the premium bonds back to cash and add them to the savings.

Is that an ISA?

MPH80

vision_uk wrote:

Yes it might not give you amazing interest but beats having to mess around with transferring from different accounts that are with different companies just for the sake of minor interest differences. But I would put most of it in a Mini Cash ISA which will allow you to withdraw whenever you need it. And don’t forget max £3000 per year in an ISA.

Agree about the ISA.

However, current rate on the E-Saver is 4.2%

Compare that to 4.75% from Nationwide (for example) and by keeping your £5000 in Natwest you actually lose out on £20 a year!

Personally - I'd like those extra beers!

M.