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student savings
Spuddy17
Posts: 1 Newbie
My son is going to uni soon, and will take out a student loan. He has some savings which he does not want to touch whilst at uni, but wants them to 'work for him' whilst he is there. I suggested putting half in a cash ISA and half in a stocks and shares ISA. Opinions/advice welcome
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Comments
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I would put 10% high interest savings account, remaining 90% in stocks & shares ISA.
Given his young age, he can afford to take risks. Time is on his side, so make sure he makes the most of it.
"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
He is unlikely to pay tax on the interest from bank accounts, so no sense using a cash ISA.0
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How long is he planning to stay at Uni? When does he need his money? S&S ISAs are investments, and investments should be held for at least 5 years, preferably 10. Anything on a shorter timescale should be held in cash.
How much money has he got? Is he over 18? Current accounts can pay anything from 3 to 5% interest, potentially way more than cash ISAs.0 -
Definitely make sure he fills in the forms to let the banks know he does not need to pay tax on the interest. (Assuming he doesn't)2nd Aug, 15: £276k. 18th Sep, 15: £269k. 30th Oct, 15: £265k.0
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