Best place to put £3000 per yr?

spykes

Ok so Im going to be going to uni next week as a mature student and have decieded to use the Halifax student account as they offer £3000 overdraft which I hope to bank elsewhere to try and increase it. (hopefully I ll not be in a position to need any of it.)


Question is how much can I expect to make on it and do I go for an ISA or just a 12 month bond type thing??

KingL

Do you pay tax?
Do you have further funds you can add (e.g. to make you eligible for accounts requiring a minimum of say 5 or £6000 )
How 'hopefully' is hopefully (i.e. what are the impacts on you if you lock it up and later find you need it)
How long is your course?
Presumably you get another £3000 each year, is that correct ?

spykes

Sorry, 4 yr course and its upto 3k a yr so with decent credit history I was thinking I d be ok for it but not 100%.

I d say I was 100% certain not to use it but who is to know whats round the corner etc. I have and ISA for emergencies so be an extreme case to use it.

And as for the tax I am not too sure I have a part time job but doubt I ll earn enough to pay tax and obviously if I go down the ISA route then not on savings either.

atypical

Halifax is notorious for not giving the full £3,000. There's a poll somewhere in the student section that confirms this. Plus taking all the £3,000 and not using the account will probably lead to Halifax demanding repayment.

The fact that they can demand repayment means the only thing suitable are instant access accounts. Don't forget to fill in an R85 form so you're paid interest gross.

spykes

I know they would nt approve but might work.