Where to save £10K for 16mths ?

steve99

Hi,

My daughter has around £10,000 savings that she will need access to when she goes to university in September 2013. She will be on a gap year starting September 2012 and will work in the UK during this period so any account where she could make additional savings to may be useful.

Any advice as to where to invest the initial £10K and any future savings ?

Thanks

Steve

Lokolo_2

steve99 wrote: »

Any advice as to where to invest the initial £10K and any future savings ?

I think for such a short period, Saving rather than Investing makes more sense, as you don't want to risk that £10k do you? (except for the risk of inflation eroding savings of course)

Check out the Banking and Savings tab of this site, it offers some good options, especially a fixed term account for maybe 1 year would be best as your daughter can claim interest tax free by submitting the relevant declaration when applying for the account. (assuming she won't be earning over the personal allowance during her gap year)