Investing money

ChelMalay

Hi everyone,

I have £10,000 available in savings that I am currently not using. I'm going back to uni in September and will not be touching this money whilst at uni. Can someone suggest to me what type of account I should open?

Thanks.:)

dancingfairy

Hi, Martin has an article on savings here:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

I would suggest:
1) getting a santander current account to get the 3% interest or

2) getting the top paying isa as this will be tax free


It depends on your timeframe and whether this is the total amount of money you have. Obviously if you were to properly invest it then you need to consider charges and how easy it will be to buy and sell, plus the fact that obviously shares/equities go down as well as up so to invest you should be looking at a 5-10 year time frame.
I assume you meant save (as in cash) in which case no.1 or no.2 would probably be your best solution.
df

bigadaj

Top paying current accounts if you can get them, tsb and nationwide ideally for 5%.

Isa rates are poor and if you're a student you may be able to register for tax free interest if you don't sue your personal allowance anyway.