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Help - Im confused over the squillions of options!
hevvabell
Posts: 2 Newbie
Hope this is in the right section - Im new to this!
I have £2000 savings currently in first direct e-isa, and £500 in hsbc student account (i know its rubbish, but Im not really planning on using it for anything other than emergencies!)
My question is this - where is the best place to put my cash (and student loan - i am v v v lucky to have family who are paying for much of my uni life) if I want to earn the most interest? My student loan is £3710 pa. I think I calculated that, at the end of year one (bearing in mind that the loan is paid in 3 installments), i will owe somewhere in the region of £3800 and I want to maximise my "profit" by putting as much of the cash as possible into high interest accounts!!! At the end of the 3 years, I think I will owe about £11320, assuming (and I know its a lot of assumptions), that the interest rate remains at 3.2%, and guessing that my final loan will be somewhere in the region of £3300.
I read Martin's article about student finance (v helpful
), but I think I need some more specific pointers cuz at the moment Im completely overwhelmed by the different options!!! It hadnt occurrred to me to take the overdraft HSBC are offering, but he convinced me!!! the trouble is that Im not particularly good at maths so am fairly dumbfounded by the seemingly random figures that are bandied about by the banks!!!
Help!!!
Cheeers x
I have £2000 savings currently in first direct e-isa, and £500 in hsbc student account (i know its rubbish, but Im not really planning on using it for anything other than emergencies!)
My question is this - where is the best place to put my cash (and student loan - i am v v v lucky to have family who are paying for much of my uni life) if I want to earn the most interest? My student loan is £3710 pa. I think I calculated that, at the end of year one (bearing in mind that the loan is paid in 3 installments), i will owe somewhere in the region of £3800 and I want to maximise my "profit" by putting as much of the cash as possible into high interest accounts!!! At the end of the 3 years, I think I will owe about £11320, assuming (and I know its a lot of assumptions), that the interest rate remains at 3.2%, and guessing that my final loan will be somewhere in the region of £3300.
I read Martin's article about student finance (v helpful
), but I think I need some more specific pointers cuz at the moment Im completely overwhelmed by the different options!!! It hadnt occurrred to me to take the overdraft HSBC are offering, but he convinced me!!! the trouble is that Im not particularly good at maths so am fairly dumbfounded by the seemingly random figures that are bandied about by the banks!!!Help!!!
Cheeers x
0
Comments
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If you want to keep it pretty damn simple, have a look at ingdirect.com0
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Take the money from your interest free overdrafts and buy some premium bonds with it.
The money that you'd get in interest would be fairly minimal, and from your post it doesn't sound like you need the money!
At least with premium bonds you'll have the money there at the end to clear the overdraft - and who knows, you may even win a million pounds!
Just remember if you do where you heard it from
0 -
When I was at university, the interest rate on student loans jumped up by 2% in a year. The rate is likely to rise every year, and there is also the possibility that interest rates will be cut.
My advice would be not to take the loan if you can afford not to, and open a student account with overdraft.0
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