I need advice on the money I want to save.

megan01

Hi everyone.

I am saving quite a fair bit of money for my age at the moment, and I was wondering if anyone can recommend the best way to do it, and any bank accounts or anything which would suit me.

This will be the money I can save:

January 2012: £1791
April 2012 : £1815

September 2012 : £1791
January 2013: £1791
April 2013: £1815

I also have a job where I get paid £72.96 weekly. I will probably only need £12.96 a week as I don't drink, or smoke, I will just need it for bus fares etc, so will be able to save £60 a week. I am also going to attempt to sell christmas cards on Etsy. I don't pay any rent or bills or have a car or any debts.

What is the best way for me to save this money?

Edit: must add I also have £1000 in a savings account at Natwest, but the interest rate isn't very good.

edit 2: also add £1800 for bursaries.

alastair_h

If I was in your position I'd use my Cash ISA allowance first - so for 2011/12 (to 5th April 2012) you could save £5,340 tax free. Click here for best rates (around 3% is available).

From 6th April 2012 you could save a further £5,640 - click here for details, any spare you may want to keep handy for emergency purposes, click here for best buy savings accounts.

Margey

Hello,

Yeah the best way would be to open an ISA account. Have a look at this: Natwest just being an example. Look around at other banks too http://www.natwest.com/personal/savings/g2/isas.ashx

Hope this helps