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Saving/investing
Marksuty
Posts: 5 Forumite
Hi, I'm Mark and just recently I decided I want to start saving and making my money grow. Problem is I'm only young and don't know where to start or what's best. I don't have alot maybe up to £100 a month. Any help? Cheers
0
Comments
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Hi Mark. If this £100 is 'new money' (ie it's not coming from existing savings) a Regular Saver account is your best bet for the time being.
Article off the main site to study :-
http://www.moneysavingexpert.com/savings/best-regular-savings-accountsIf you want to test the depth of the water .........don't use both feet !0 -
Could he not open an Instant Access account first and save the £100 each month in there first, then open a Regular Saver account and set up a standing order to the Regular Saver form the Instant Access, as this would maximise the interest.0
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What is an Instant access account and how long would it be best to save in there untill I Set up a standing order to the other. Cheers for both replys0
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An Instant Access is basically what it says, you put in money and you can have access to it when needed (There are a few which have some restrictions e.g. one interest free withdrawal a year). Instant Access Saving Accounts are good usually for one year until the bonus rate drops and you get a lower interest rate.
You're best putting the first £100 in the Instant Access, then set up a standing order to the Regular Saver, this is what I do.0 -
Oh and something else I looked at was a Scottish friendly savings and that was putting £25 away each month for ten years. Is this any good or not. Cheers0
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Ricky, would I be right in saying I put £100 into the Instant access account then a month later put it into a regular savings account. Cheers0
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There's not a lot of point in transferring the money twice: it mostly adds extra things for you to forget to do.
As suggested, the articles on the main site are a good starting point.0 -
Hi, I'm Mark and just recently I decided I want to start saving and making my money grow. Problem is I'm only young and don't know where to start or what's best. I don't have alot maybe up to £100 a month. Any help? Cheers
How young? i.e. under 16/18 or older?
These are generally not that great..Oh and something else I looked at was a Scottish friendly savings and that was putting £25 away each month for ten years. Is this any good or not. Cheers
Regards
Sunil0 -
I'm 24 thanks0
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