Saving advice for a 22 year old please!

dazcouz

Hi,

I have managed to save up £21,000 which I have tied up in several bank accounts and ISA's. Currently I am able to save several hundred pounds a month out of my monthly pay check of £1,000 (salary £15,000). I was just wondering what is the best way to get a good return of my money. At the moment I have very small outgoings as I pay £40 a month rent and do not own a car. I also have no pension scheme set up. Basically I'm looking for some good advice on how to maximize my savings so that I can be able to lay down a deposit on a home eventually, thanks:j

emma396

do u know when u mau buy a house? next year? 5 years? i'm in a pretty similar position as yourself, looking to buy a house sometime so saving lots of money. try and find the best rates you can and save as much as u can is probably the best advice

kingmonkey

If your buying a house in the next 10 years then putting all of your money into the best savings account taking advantage of ISAs is the safest bet.

If you want returns higher than the best savings accounts then you will need to take on some risk to your capital.

Although not really related to your question, paying into a pension would really be beneficial.

You have done well to save £21k at your age.

dazcouz

Yes looking to buy a house within 5-10 years (will be 27-32) by then. Thanks

jonesMUFCforever

Looking even further forward - you are never too young to start a pension.

Fire_Fox

What you do with your savings rather depends on how certain you are that you won't want to touch the money for the next few years. What would you do if you fell pregnant/ got someone else pregnant? What would you do if you got made redundant or fell ill? If house prices dropped enough would you buy a house sooner rather than later? Might you want to buy a car if you got a better job or would you move to, say, London and use public transport?

littlemrtinkle

barclays monthly saver 6 %

open hsbc account pay in 500 each month (can withdraw afterwards), this entitles you to open a 8 % monthly saver (go through quidco or topcashback for a bonus £50).

These are some suggestions to supplement your isa allowance of £3600