Saving my placement wage

dp247

Hi guys!

I'm here to ask for advice. Currently, I'm starting my placement year away from uni and wanted suggestions with what to do with the money. I'm completely hopeless at figuring out banking and saving so I thought I'd come here and ask for help.

First things first, my placement will pay me about £6,000 between now and next September - not a lot, I know, but I'm living with my parents, so have no accommodation or food costs to cover - only travel. After that expense, I'll have around £400 per month, as well as two lots of £600 from Student Finance England - one in January and one next May.

Currently, the only bank accounts I pay into is my HSBC account, which also has a savings account attached to. However, it doesn't gain much in the way of interest (despite having £1000+ in). I do have other accounts - an ISA from my grandmother and a savings account from my parents, although I don't pay into either of those.

So basically, I wanted to know what my best option is - I'm wanting to save the money, but have no idea what to do, or where to store it. I also wouldn't mind investing some of the saved money, although that would have to come later. If you have any suggestions, please let me know!

David

GTR_King

Id say TSB Classic plus 5% interest on balances up to £2,000 and TSB Regular saver 5% interest up to £3,000 for one year pay in between £25-£250 each month

Archi_Bald

Top Savings Accounts at the top of this page.

le_loup

Amazing how these intelligent graduates can't do the most basic of research.

bstoke211

Does asking for advice not count as research then?

dp247

le_loup wrote: »

Amazing how these intelligent graduates can't do the most basic of research.

Your trolling brightened my day. Please tell me more about your opinion.

Thank you to the other two posters! :beer:

dp247

bstoke211 wrote: »

Does asking for advice not count as research then?

That's what I was thinking...

ViolaLass

bstoke211 wrote: »

Does asking for advice not count as research then?

When there's a section of this very website devoted to answering that question, why not start there?

xylophone

http://www.santander.co.uk/uk/current-accounts/student-graduate-current-accounts/123-student-current-account

I wonder would the above bear investigation?

le_loup

bstoke211 wrote: »

Does asking for advice not count as research then?

Maybe in modern parlance. When I had to do research it involved going to a library. Today the internet is your library.
Even more, this website answers the specific question. However you seem to think that research is getting someone else to do the work for you.
Is that opinion enough?

dp247

Yes to all of the above. I didn't start there because I don't really understand what any of it means. I was hoping someone would explain it: what the heck is AER and APR? Is a savings account what I should be getting, or an ISA - what's the difference. I have absolutely no idea about this and thought I'd get an opinion or two.