Saving for around 20 months

Stevenj214

I'm planning on going abroad for 3 months to study in jan/feb 2008, i'm not sure how much I need to save, but i'm looking to travel after the 3 months as well.

At the moment I have £400 in my Lloyds current account that I'm using to start saving with, and I should be making regular payments too.

So whats the best way to save this money? The 2 options i've thought of at the moment are Credit Union (as then I can borrow twice as much as i've saved when I go) or Premium Bonds (the money is safe, and theres the small chance of a decent win)

Any other options available to me? What's the best thing to do?

Debt_Free_Chick

Just a couple of things for you to think about ....

Stevenj214 wrote:

The 2 options i've thought of at the moment are Credit Union (as then I can borrow twice as much as i've saved when I go)

But would you qualify for a loan if you are out of the country and/or have no income? If not, then there's no real advantage here.

or Premium Bonds (the money is safe, and theres the small chance of a decent win)

But no interest if you don't win

Any other options available to me? What's the best thing to do?

What about a plain vanilla savings account or even an ISA - have you considered these and discounted them? If so, just wonder why ....?

EagerLearner

I'd suggest a good ISA account as it's tax free. NS&I and Bradford & Bingley are doing very good offers right now.

Otherwise, a standard savings account - ICICI savings account (5.03%) as it's a high rate of return.

Start saving now, then you can enjoy the travel and may not need to borrow anything...

EagerLearner