We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Best way to save?
Gemmzie
Posts: 14,876 Forumite
Just wanted to run this past some savings experts. I have just under £5k coming in three lumps over the next year (student loans/grants) - these aren't needed so I want to save them long term. Plus my student overdraft (£1k - £2.5k not sure yet) which will be saved while I'm a student, but I don't want to lock up anywhere.
The highest interest route I can see at the moment is to put the loans into a standard saving account(5.3%), drip it through a regular saver (7%) as fast as possible and on maturity stick £3k of it in an ISA. Or is it worth just putting £2.5k in the isa and dripping the other half?
I have a mediocre ISA which has had £500 go in and out of it so far this tax year. I'd like a better one but the one I've seen doesn't accept transfers so not quite sure how to go about that.
The other overdraft bit, I'm not sure where to put it. I might need immediate access, so something like a Sainsbury Saver?
Any ideas? Thanks
The highest interest route I can see at the moment is to put the loans into a standard saving account(5.3%), drip it through a regular saver (7%) as fast as possible and on maturity stick £3k of it in an ISA. Or is it worth just putting £2.5k in the isa and dripping the other half?
I have a mediocre ISA which has had £500 go in and out of it so far this tax year. I'd like a better one but the one I've seen doesn't accept transfers so not quite sure how to go about that.
The other overdraft bit, I'm not sure where to put it. I might need immediate access, so something like a Sainsbury Saver?
Any ideas? Thanks
No longer using this account for new posts from 2013
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards