Where to put my money

lexilex

I have no idea about money whatsoever just to let you know.

I'm expecting a cheque for two thounsand pound in the next month. I want to put the money away but I'm not sure whats best to do with it. I'm a student and don't have a regular income but also plan on putting a small amount of money away monthly too. I'm planning on using this as a start of a house deposit.

Help please!

alastair_h

If you go for a cash ISA your interest will be tax free, see attached link for best buys. Barclays Golden ISA seems to be best for new money at present.

http://forums.moneysavingexpert.com/showpost.html?p=4603369&postcount=1

lexilex

I hope this isn't a daft thing to say, but would this actually benefit me been a student, as I don't pay tax anyway?

Flamehearted

Hi Lexilex,

You would still benefit as you would pay tax on any savings account which is not a ISA - so it's definitely worth it.

Martin

nzseries1

So that you have all the options, I would suggest you start by reading the Savings article on this site:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

orangeslimes

Flamehearted wrote: »

Hi Lexilex,

You would still benefit as you would pay tax on any savings account which is not a ISA - so it's definitely worth it.

Martin

No you wouldn't pay tax unless your income for the tax year is over the tax threshold (think it is £6035) - if you do pay tax then then you can claim it back. You need to fill in a form when you open the account to say you are not a tax payer.

An ISA might be worth it in the sense it will always be taxfree even if you become a tax payer.

lexilex

Thanks very much for all of your advice, I shall have a read up on that link.