Where to put £1000?

rrogerson

Ok this looks pathetic compared to the 'where do i put £10000+ threads but im a student and managed to save £1000 while at uni and want to put it somewhere as a start to a car / mortgage fund that I can start paying into when i start work, I won't be touching this money at all.

I'm useless with money language so please be nice to me

ashapala

If it was my £1000 to put somewhere,

i'd put it into the natwest cash ISA plus, or the new Barclays one.

That way you:

-don't have to faff around with tax (none to pay)
-Are using up your ISA allowance
-Are getting a good rate considering current rates.

If you have an account with natwest already go with them as you can set it up online in no time.

Robert_Sterling_3

Why do'nt you read the posts on MSE for half an hour each day and become a savvy saver.

rrogerson

Robert_Sterling wrote: »

Why do'nt you read the posts on MSE for half an hour each day and become a savvy saver.

i plan to !

thank you for the Natwest tip i will look into it.

Rustvaar

Whether saving £1,000 or £10 it's never 'pathetic' - you've done what a lot of people struggle to do and that's be in the black.

I would have to agree an ISA is going to be your best bet, my first post on MSE was my gleeful declaration that I'd opened my first ISA - It soon turned out I had opened an IASA, which is very different, I then resigned myself to confusion and opened another IASA with another bank (with a handsome fixed rate, I must say, even with tax!)

I still haven't opened an ISA and feel a bit silly for it, because it should always be your first port of call for savings! (That's right guys, isn't it?)

Good luck with your savings plan!

johncolescarr

If you definitely will not want to touch it then maybe consider fixed period ISAs of 1 or more years , whichever you are comfortable with. However be very careful in your decision to do this as if you withdraw the money early there are usually penalties.

I'm also assuming you do not have any personal debt? If you do, pay this off with your savings.

Finally, do not pay off your student loan with the cash, this is the cheapest loan you will ever get and it depends entirely on your ability to pay it back (or rather your salary). Saving the money will almost always give you a better rate of return