savings for a 17yr old going to uni

ladydriva

hiyas , im wantin to save approx £20 per week for the next year for my daughter goin to uni, sept 2009, not a lot i no but jsut something extra to take the burden for emergencies when she 1st starts

my questions are wheres the best place to save it in?
also if its in an account in her name would it make a difference to any grants etc she may get when starting uni? ( grants fees etc are something i need to start lookin into to get my head around)

many thanks

Lokolo

Ok well I can't say much for saving but if you are saving £20 a week until Septmber 09 is about £1600. That is a good amount.

I assume that she (your daughter) will also be getting the full amount of a loan?

Grant wise it fully depends on household income. New students for 2008 the maximum household income for a grant is £60,005, and this is likely to stay the same, maybe go up, for 2009.

I assume she is currently doing AS levels or 1st year at college?

However, if you haven't got an ISA use this as it will be tax free, otherwise a regular savings account will just have to do. Unless someone else can come up with a better idea...

ladydriva

thank you for the reply, do you not have to put in more cash for an ISA? £3,000? and would i be able to withdraw when needed,, approx august 2009?

im hoping she will get a grant, im jsut starting to take an interest in uni, grants etc,, it seems a minefiled the cash side of it.. i have to change my signature, im no longer a single student nurse! our family earnings are £34,000 which means she is unable to get EMA , but hopefully will qualify for grants etc at uni .

thanks again for your reply

manic_saver

Hi ladydriva, you can put as little or as much as you like in to the isa. As long as it does not exceed the £3000 mark (new isa rules this apr you can invest up to £3600). Have a look at kazzas thread that way you will have a better idea of which account to go for.