£6600 Safe in ISA, What about the other £7,400?

Driving_Soon

For about a year now I have had an Barclays Easy Saver account!, and have been just putting all my cash I don't use in there .. On my last statement it says the credit intrest rate was 2.97%, I don't know much about intrest's but this is very bad right?

Anyway I opened an Isa a couple of weeks ago and put £3000 in, and Plan to put another £3600 when the next tax year but it will leave me with about £7,400.

Can anyone Advise me what's the best for the rest of my Money? I'm only 19 so don't really have any experince into stuff like this!

SJ_Jones

I wish I'd had that kind of money whenI was 19!! Or even now in fact!!

I'd put it in a high interest account, probably the best ones are the ones that lock it away for a certain amount of time. I've just put some in the regular saver at HSBC. Can't touch the cash for a year, but get 8%. You do have to put a certain amount into it each month though - not just a lump sum once...

Lokolo

Driving_Soon wrote: »

For about a year now I have had an Barclays Easy Saver account!, and have been just putting all my cash I don't use in there .. On my last statement it says the credit intrest rate was 2.97%, I don't know much about intrest's but this is very bad right?

Anyway I opened an Isa a couple of weeks ago and put £3000 in, and Plan to put another £3600 when the next tax year but it will leave me with about £7,400.

Can anyone Advise me what's the best for the rest of my Money? I'm only 19 so don't really have any experince into stuff like this!

wow you have a lot of money, send some over here....

If you want to take a risk you can open a Stocks and Shares ISA, thats what I am planning on doing when I have some money (argh uni sucks for having money).

I am assuming you aren't at uni as you don't want to keep some back for that..? Are you in FT work or Gap Year or what?

jamesd

If you're willing to take more risk than with a savings account but not as much as the main UK stock market you might take a look at the BlackRock UK Absolute Alpha fund. It's not guaranteed but it's been doing a good job of producing fairly stable growth of 9-10% a year. You can buy it inside a stocks and shares ISA or outside. Since the gain is in growth it won't be taxable anyway until you sell and make a gain of more than the 9k+ CGT allowance that's tax free.

It's hard to make decent suggestions because we don't know when you might want the money and how much up and down variation in value you might accept to get greater growth over the long term.

If safety is your only concern, take a look at regular saver accounts.

Driving_Soon

Thanks for all the replies so far

Sorry I did not say a little about me! I'm in a Gap year ( which turned too two! ) But I plan to go back to education within the next few months, and My income will go down alot! So i just wanted somewhere safe for the rest of my savings really ...

jordan_2k1

waw, cracking effort with the saving mate, keep at it.

Im only 20 myself. Im using the Fixed rate bonds with barclays, 9 month, 1,2 or 3 years, i opted for 9 month.
Just my suggestion from experience, but the money will be locked away.

Keep at it.
Jordan.

Driving_Soon

jordan_2k1 wrote: »

waw, cracking effort with the saving mate, keep at it.

Im only 20 myself. Im using the Fixed rate bonds with barclays, 9 month, 1,2 or 3 years, i opted for 9 month.
Just my suggestion from experience, but the money will be locked away.

Keep at it.
Jordan.

Cheers man! :T As I said above I am planning to get back into training soon so I won't be able to add anything to it i don't think! But hopefully I won't have to use it either!!

Thanks for your Suggestion! :cool: