Help with savings to pay kids uni expenses for now

beckstar1975

Currently have 1 at uni from Sept hopefully 2. We are somehow going to have to find £1.2k a month for them, which we can't afford but have no choice. We are putting money away each month which we will need to access approx 3 times a year, what's the the best type of account we should be looking for which will allow us easy access (expect we'll need it more than 3 times paying deposits etc)?

Thanks

eskbanker

If you'll be needing to access the money on a semi-regular basis then yes, an easy access account is the way to go:

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccess

And while you didn't ask for parenting advice, if you can't afford it then expecting them to make a contribution via part-time work, etc, wouldn't seem unreasonable?

beckstar1975

They are! Accommodation is £200+ a week so they're topping that up, taking full loans and working all holidays. We are paying for the cheapest accommodation and ensuring they have a modest minimal amount a week, any extra they want is on them! We've got one year of two at uni, one of one and then potentially 2 more years of 2 after that. 

Am on old style and working towards frugality but know there's more to do. 

Thanks though, need to tighten belts and revise expectations

Alexland

Could they work during term time? I managed to get onto my university payroll while also working in a local shop on Sundays. I had an agency at home who would keep me on assignments in-between terms. Still had lots of fun, slept around a bit, and got a good degree. Things may be different now.

beckstar1975

The one going this year might try and work, they work in a cafe so will have plenty of experience. They're doing engineering though such is a pretty full on timetable. 

Kat78MFW

Atom Bank have a reward saver that is instant access.  It pays 4.85% for any month where you make no withdrawals and drops to 3.25% for any month when you have to withdraw.

Some regular savers pay 6.5%ish interest and money can be withdrawn when needed. I think the Lloyd's monthly saver and the Club Lloyd's one is like this. Possibly Nationwide as well. You do need a linked current account with these though I think. 

If you haven't done it before, you could take advantage of the bank switching offers to make some easy money to add to the uni savings pots. If you don't want to switch your main accounts, you can open up a switching account with somewhere like Barclays that doesn't tend to offer switcher deals. Make sure you have the right number of direct debits set up on the account and then you can be a serial switcher, making £150 or so on each switch.

beckstar1975

Thank you, that Atom is perfect, just opened one. I'll be paying in monthly but only withdrawing three times a year.

Will look at switching but think I've either done them or we're not eligible . . .

thegentleway

beckstar1975 said:

The one going this year might try and work, they work in a cafe so will have plenty of experience. They're doing engineering though such is a pretty full on timetable. 

I did engineering (35h pw timetabled) and had a part time job (parents didn’t support me financially). Teaches you how to manage your time that’s for sure! I only paid £60pw for accommodation though, 18 of us in a shared kitchen with only 2 bathrooms! The £200pw accommodation was the plush en-suites with double beds, concierge service, gym, etc…

Speculator

beckstar1975 said:

Thank you, that Atom is perfect, just opened one. I'll be paying in monthly but only withdrawing three times a year.

Will look at switching but think I've either done them or we're not eligible . . .

My daughter will be starting uni this September. I've opened a Skipton Bonus Saver issue 10 paying 4.40%. As many withdrawals as you like and withdrawals are same day so if I request a withdrawal at 12pm, its in my current a/c in about 1 hour.

https://www.skipton.co.uk/savings/easy-access/bonus-saver

CricketLady

Speculator said:

beckstar1975 said:

Thank you, that Atom is perfect, just opened one. I'll be paying in monthly but only withdrawing three times a year.

Will look at switching but think I've either done them or we're not eligible . . .

My daughter will be starting uni this September. I've opened a Skipton Bonus Saver issue 10 paying 4.40%. As many withdrawals as you like and withdrawals are same day so if I request a withdrawal at 12pm, its in my current a/c in about 1 hour.

https://www.skipton.co.uk/savings/easy-access/bonus-saver

Speculator, thanks for the info on the 4.4% account with Skipton, I have a regular saver with them so was easily able to open this bonus easy access - it's showing as 3.3% interest now I've added £1 in to it, even though it said I was applying for the 4.4% (3.3 +1.1 bonus for twelve months) - do you know if I have to do anything else to 'kickstart' that extra 1.1 so it will show 4.4?  I will message them if it doesn't appear within the next day or so but just thought I'd ask as this 'silly old bat' usually gets things wrong!

Many thanks 

CricketLady

It's okay, Skipton said that as I paid my initial opening £1 by debit card, the 4.4% should show in a couple of days once the payment had cleared.