What to do?

steve6018

Hi
I am currently 23 & living at home. I earn quite a small amount, but I don't have many outgoings and as of now my income is adequate for my current lifestyle. Over the years I have always been a saver however, and therefore have around £6/7000 sitting doing not a great deal...which I have decided seems a waste!
Therefore I was wondering what this expert forum would do? I am open to any ideas, I just do not like the idea of the money earning perhaps a few quid interest every now and then!

Thanks, Steve

colsten

Read http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=1.147174519.1970917942.1424978406

atush

I would join my work pension, and open a S&S isa and invest monthly. Use current cash as your emergency fund.

AndyPK

open a santander 123 account.

Archi_Bald

AndyPK wrote: »

open a santander 123 account.

For £6-7K and someone who doesn't have much outgoings/many cashback-earning DDs, there are better current accounts than the Santander 123. E.g. TSB Plus, Club Lloyds. Also Regular Savings accounts.

george4064

Keep £2k in TSB classic account earning 5% gross interest, invest the rest in a S&S ISA.

Drip feed further income into S&S ISA.

Archi_Bald

george4064 wrote: »

Keep £2k in TSB classic account earning 5% gross interest,

TSB Plus is 4.89% gross interest, 5% AER, both before tax.

george4064 wrote: »

Drip feed further income into S&S ISA.

This only makes sense for investments that the OP can afford to keep for at least 5, preferably more, years.

We don't know what the OP's requirements are so suggesting an S&S ISA without that disclaimer isn't a good idea.

Pincher

Marry a rich woman.

1. Rent "American Gigolo", watch multiple times.

2. Spend some money on a make-over.

3. Cruise some bars in Monaco.

I did see the movie, but was working on computers through my prime years, and totally missed the opportunity.


Alternatively, hang out in Sothebys, buy some Petrus.
£6,000 could buy a case of six, of the lesser years.

I hear Georgian wines are already up.

What's the point, you are just ging to get a Regular Saver, and a 5% current account.

colsten

Pincher wrote: »

I hear Georgian wines are already up.

Keep drinking, so the demand and prices stay high.

AndyPK

Archi_Bald wrote: »

For £6-7K and someone who doesn't have much outgoings/many cashback-earning DDs, there are better current accounts than the Santander 123. E.g. TSB Plus, Club Lloyds. Also Regular Savings accounts.

It however sounds like they will continue to save and therefore the S123 is the easy/lazy option.

As you say they may not have enough DD's for a club lloyds.

Archi_Bald

AndyPK wrote: »

It however sounds like they will continue to save and therefore the S123 is the easy/lazy option.

As you say they may not have enough DD's for a club lloyds.

The Club Lloyds needs no more DDs than the Santander 123, and any number of DDs are very easily to come by, as I am sure you know. If you don't, it is easy enough to find out from the MSE forum.

I agree, the S123 is the lazy option [for lazy posters to suggest to a newbie saver], and also the much more expensive one for somebody who does not have cashback DDs that generate at least £24 a year.