What to do with £22,000?

tennis_fan_2

Hi,

I am new to this website so apologies if I break norms, posted in the wrong place etc. But I wanted to know what my options are with my savings?

I am 21 years old and have got my savings largely through doing a one-year placement (working in the industry midway through your degree). At the moment, I have put the maximum amount in a Cash ISA with Santander and around £7000 in a two-year bond which I recall gives me ~4%. The rest I have is in my current account.

I have one year left in my normal degree and am thinking about doing a Master's which would cost anything from £7000-£16000. But my parents have said if need be they can help me cover these costs.

So what can I do with what I've got right now? I have thought about dabbling in the stock market and big amount sports betting. Or do I save it for now and when I enter the job market, use my savings to get on the property ladder.

Thanks for any help!

atush

I would not gamble it. I would consider taking aout a low cost stakeholder or personal pension.

I would save most of it, and I would drip feed into an investment trust savings plan. Say 100 or so a month. Of the savings part, I would put some into NSI inflation+ savings bond. It is a 5 yr bond, but withdrawals are allowed after year 1.

tennis_fan_2

Sorry what is a low cost stakeholder? And investment trust savings plan = monthly payment to an investment manager's fund?

I am a bit cautious about long-term bonds because I would want access to it if I invest in a property 2-3 years down the line.

opinions4u

If you're talking about needing this as a cash fund in 2-3 years then forget investing or gambling.

Continue with your current approach - sticking it in the most appropriate savings accounts. Exciting? No. Sensible? Yes.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?utm_source=forum&utm_medium=clicks&utm_campaign=resourcebar

kidmugsy

ns&i Index-Linked Savings Certificate: but be sure to hold for at least one year.