30k Parental Gift as a Student

torch_tale

Hi forum,
I had a quick look through other threads but I couldn't quite get clarification. So my dad is giving me £30,000 (ish) to put in a savings account in my name, I'm in my last year of uni and we're a low income family and I just wondered whether this will affect my means tested grants and stuff? Also not sure which would be the best savings account for this as I will need access to the money on a regular basis?

Any tips appreciated!

george4064

I personally don't know about means tested grants etc.

But with regards to best savings accounts, read here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Your easiest option would be to stick it all in a Santander 123 account earning 3% interest (minus the account fee).

[Deleted User]

You say you'll need to access the money on a regular basis - how much, how often? If you only need to access £1000 a month, you could put £12000 in easy access, £12000 in a one-year bond, and the remainder in a two-year bond, for example.

Eco_Miser

george4064 wrote: »

Your easiest option would be to stick it all in a Santander 123 account earning 3% interest (minus the account fee).

That might be easiest, but it only earns interest on the first £20,000.
http://www.bankaccountsavings.co.uk/ suggests Santander, Club Lloyds and Bank of Scotland for ease, or spread over 7 accounts to maximise interest.

thenudeone

I'm not sure about whether Student Finance takes the student's savings into account, but as far as your income to declare to them is concerned, gifts do not count as income.

IF excessive savings would put student finance at risk, your dad could simply keep it for now and give it to you as and when you need it.