Advice on saving a "small" amount (on a shoestring) - Suggestions Please

ReefDebt

Hi there my first post on these forums although i've been a trawler for a few months.

Right to the point.

I have around £750 sitting in a current account which I would like to save for a few years (no withdrawals).

I know it's not much, but I've recently graduated and would rather have a few ££ in a good account and then withdraw it all out to pay for my student loans in lets say about 3-4 years - ( I could stretch to topping up around £20 a month).

I already have a account with ICICI and B&B (online) for which i have a small amount in each.

I would love your suggestions on what i can do with this £750 so that it goes a long way in a few years - I've done my reasearch (looking at a Mini cash ISA) but am not a sort of "financial" bloke so would appreciate all your feedback.

Thanks for reading and i anticipate your replies.

dancingfairy

A Cash mini ISA would be a good start as it is essentially a savings account with the interest being given tax free and having a limit on how much you can put in per tax year - currently £3000 and set to rise slightly in 2008. I would go for perhaps one of the best paying ISA's over the last few years- I'm sure you can find this ina Sunday paper. You could also pick one with a rate gurantee otherwise what is a good deal now may not be quite such a good deal in a few months time. When you have picked one - keep an eye on it and check the rates still seem to be competitive every few months.
sadly you are not going to make your fortune on £750 - you should be able to get about 6% at the moment so about £42 ish a year- not a fortune but every little helps.

Mikeyorks

dancingfairy wrote: »

...I'm sure you can find this ina Sunday paper.

You'll find a lot more sense / detail on this site, however! Fantastic selection of ISAs carefully maintained at post #1 on this thread :

http://forums.moneysavingexpert.com/showthread.html?t=401374

.... but read the article on Cash ISAs (link directly above your post) first.

If you've graduated and are working .. an ISA does sound your best bet

ReefDebt

dancingfairy wrote: »

A Cash mini ISA would be a good start as it is essentially a savings account with the interest being given tax free and having a limit on how much you can put in per tax year - currently £3000 and set to rise slightly in 2008. I would go for perhaps one of the best paying ISA's over the last few years- I'm sure you can find this ina Sunday paper. You could also pick one with a rate gurantee otherwise what is a good deal now may not be quite such a good deal in a few months time. When you have picked one - keep an eye on it and check the rates still seem to be competitive every few months.
sadly you are not going to make your fortune on £750 - you should be able to get about 6% at the moment so about £42 ish a year- not a fortune but every little helps.

Sound advice, thankyou dancingfairy.
Yes true say every little helps, I just rather have the money accumulating in a solid account rather than a current account. Thanks for the reply.

Mikeyorks wrote: »

You'll find a lot more sense / detail on this site, however! Fantastic selection of ISAs carefully maintained at post #1 on this thread :

http://forums.moneysavingexpert.com/showthread.html?t=401374

.... but read the article on Cash ISAs (link directly above your post) first.

If you've graduated and are working .. an ISA does sound your best bet

Cheers Mikeyorks. Will deffo give them a read. Thanks for your input.

At the moment am still looking for that all illusive job, but i hope my luck will change for the better very soon!