Best way to save?

Stevenj214

On my course at uni, there is an option to spend a semester abroad in 3rd year (which would be Jan 2008 for me). Possibly also with some more travelling afterwards.

I'm hoping to save some money for this regularly once I get a job sorted out, possibly £50-100 per month and also supplement this with any gifts (birthdays etc).

What would be the best way to save this?

cadboll

The first step would be to set up an ISA account - you could save up to £3,000 in a tax year and get the interest tax-free. From memory Halifax are offering 5% Gross/AER. If you think you are going to save more than that each year, put the additional amount into a high-interest account. Halifax have a Regular Savers Account at 7% Gross/AER.

grumbler

cadboll wrote:

... and get the interest tax-free...

If you earn less than £4895 during this tax year (figure changes every year) you don't pay taxes. Just submit R85 form to your bank(s).

For regular saving accounts read this article: Regularly Beat the Best Savings Accounts .