What would you do with £22,000 in order to make moneyif you were in my position

Jesc

Hi everyone,

I am a newbie when it comes to saving strategies etc and was after a bit of advice on what people like yourselves (who more than likely have more knowledge on this stuff) would do if you were in my situation.

I am a disabled (visually impaired) 24 year old who works part-time on minimum wage. I live with my parents and thus have no financial commitments and thus don't have any direct d3bits to account for. My monthly outgoing paying council tax which is by phone not direct debit ad it is still in my dad's name but it is my board contribution. I also pay my mother's petrol as she has to take me everywhere. All in all, I therefore spend around £275 a month in bills and around £50 a month on personal outgoings.

Over the years, I have managed to save. Total of £22,000 from birthdays, Christmas money, earnings and prize winning. It is currently in an old lloyds bank account earning no interest.

I don't have any major financial goals but would like to put my money in something that would earn me money in case this changes in the future like buying a house etc.

What would you do to earn the most interest if you were in my position?

Any device would be much appreciated.

Thank you in advance.

bigadaj

First thing might be to transfer your account to a tsb classic plus, get a switching bonus and 5% interest in your first £2000. This also gives 5% cashback up to £100 a month so if your mum buys fuel where you can use contactless that's up to £5 a month as well.

An east website to give you some ideas is bankaccountsavings.co.uk, if you put your money in it will suggest some accounts you can use. It misses out the nationwide flee direct but gives. A good summary of most other accounts. You can open tesco savings accounts and set up your own direct debits to pull money from other current accounts if needed.

xylophone

You might want to consider a help to buy ISA.

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

The Halifax might suit, £1000 to start and SO for £200 a month thereafter.

For simplicity and a reasonable return, you might consider opening both a TSB plus account and a Santander 123 account, particularly if the household DDs could be taken from it - you are already paying the CT from your account - if the other household DDs came from your account (with balancing payments in from your parents), the fee could well be covered by the cash back.

You could deposit £2000 in the TSB account and pay your help to buy from this account, topping up each month as required. There is a regular saver available through TSB as well.

There are other high interest bank accounts- plenty of information on the board.

richy999

If you don't want exposure to the stock market, i.e. investments, then your best bet for maximum returns is one or more high interest current accounts. As suggested above, take a look at the bankaccountsavings.co.uk account and take time to read the Savings & Investments sticky;

https://forums.moneysavingexpert.com/discussion/4896154

You will then be in a better position to choose the account(s) that best meet your needs.

Jesc

Okay thank you everyone.

You know when you say exposure to the stock market, does that mean investing in shares? (Like I said, I am a newbie so forgive me if I am wrong)

Where would I find info on the best share investments if this is what you mean? Are there other investment strategies too?

richy999

Jesc wrote: »

Okay thank you everyone.

You know when you say exposure to the stock market, does that mean investing in shares? (Like I said, I am a newbie so forgive me if I am wrong)

Where would I find info on the best share investments if this is what you mean? Are there other investment strategies too?

Yes, I meant shares or funds. You say that you may want to buy a house in the near future, if this is the case, I would not recommend investing the money... keep it in high interest savings/current accounts instead.

Eco_Miser

You might want to try maximising your savings income, by using the highest paying current accounts and regular savers, and the Halifax Help to Buy ISA.