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Author Savings account advice - BLAST FROM THE PAST UPDATE
deano87
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Registered: 21st Oct 06
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16th Jul 07 at 10:12   View User's Profile U2U Member Reply With Quote
Basically I have £200 from my Uni bursary, which I want to put in a savings account, which I can get at, but will leave it in there till I graduate from Uni in 2009. Obviously, a bit of interest will be nice!

What would be the best type of account to use? I currently have it in a Barclays e-savings account, but it doesn't seem to give very good returns.

What banks/places have people used? i.e. their bank, the Post Office, building societies etc?!

Thanks in advance

[Edited on 24-04-2008 by deano87]
willay
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16th Jul 07 at 10:14   View Garage View User's Profile U2U Member Reply With Quote
you are expecting a good return from £200?
Richie
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16th Jul 07 at 10:18   View User's Profile U2U Member Reply With Quote
Just put it into a premium bond
deano87
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16th Jul 07 at 10:20   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by willay
you are expecting a good return from £200?

Not a brilliant return, but better than e-savings. It doesn't seem very good at all. I've had over £3000 in there before and not got much.

Also, if it is a savings account where 'you can't get at it for 2 years', can you actually get at it?!
deano87
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16th Jul 07 at 10:21   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Richie
Just put it into a premium bond

Minimum investments seem to be £500 I can't afford to save another £300 from my part-time wage.
willay
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16th Jul 07 at 10:29   View Garage View User's Profile U2U Member Reply With Quote
I think you are day dreaming, you wont get anything from £200 unlesss its some high risk not likely you are going to get your money back investment.

You are better buying and and selling something for profit, maybe like £200 worth of herion or something?
Kathryn W
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16th Jul 07 at 10:31   View User's Profile U2U Member Reply With Quote
Most banks dont allow you to put anything less than a grand into a savings account.

The interest is better yes, but the more money thats in there the more interest you'd get... £200 i doubt you'd even add another hundred onto it...

I think you are able to go into the account once a year, either to put money in or take it out
Rebecca
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16th Jul 07 at 10:32   View User's Profile U2U Member Reply With Quote
Just spend it.
deano87
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16th Jul 07 at 10:41   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by novabex
Just spend it.

I can't, it isn't quite that simple

Thanks for all your advice guys. I think I'll leave it in my e-savings

[Edited on 16-07-2007 by deano87]
Richie
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16th Jul 07 at 10:56   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by deano87
quote:
Originally posted by Richie
Just put it into a premium bond

Minimum investments seem to be £500 I can't afford to save another £300 from my part-time wage.


Minimum investment is £100 then in £10 increments after that

http://www.nsandi.com/products/pb/index.jsp
deano87
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16th Jul 07 at 11:34   View User's Profile U2U Member Reply With Quote
Cool, cheers

I just got an email from MoneySupermarket.com about Savings advice. Freaky.

Premium bonds look the best bet. But if I didn't win over 2 years, I'd still have £200, which would be worth less in 2 years time, than if I put into savings account, as it would gain some interest.

[Edited on 16-07-2007 by deano87]
ssj_kakarot
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16th Jul 07 at 11:39   View User's Profile U2U Member Reply With Quote
no point, most intrest you will get would be 6% through or just under it through hsbc ect, there savings account lets you withdraw money when you want (you dont get intret in the month you withdraw though).

but realistically speaking its not worth the chew after tax ect you get probs less than 5% intrest.

abbey do a 12% savings acount for the first year (think its abbey) but you have to put in £500 a month.
Cosmo
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16th Jul 07 at 11:39   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by deano87
Not a brilliant return, but better than e-savings. It doesn't seem very good at all. I've had over £3000 in there before and not got much.


I get over £15 a month on £5k in my e-savings account. Not too bad considering I have access to it right away.
ssj_kakarot
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16th Jul 07 at 11:40   View User's Profile U2U Member Reply With Quote
btw my £3800 student loan is in a hsbc account win.
Cosmo
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16th Jul 07 at 11:40   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by ssj_kakarot
btw my £3800 student loan is in a hsbc account win.


illegal isnt it?!
ssj_kakarot
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16th Jul 07 at 11:43   View User's Profile U2U Member Reply With Quote
quote:
Originally posted by Cosmo
quote:
Originally posted by ssj_kakarot
btw my £3800 student loan is in a hsbc account win.


illegal isnt it?!


lol no why would it be, its a loan i need to repay its not meens testerd i can do what i want with it.

my friends choose to piss theres up the wall and buy clothes i choose to earn intrest, which i will continue to do for the next 2 or 3 years i recieve a loan.
Cosmo
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16th Jul 07 at 11:44   View User's Profile U2U Member Reply With Quote
sure there is something in the student loans info that says you cant invest it or keep hold of it in a savings account or something like that.
Cosmo
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16th Jul 07 at 11:58   View User's Profile U2U Member Reply With Quote
BTW...if you are going to invest your student loan, put £3k a year into an ISA. You'll earn a load more than in an e-saver.
deano87
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24th Apr 08 at 07:16   View User's Profile U2U Member Reply With Quote
UPDATE



Anyway, managed to save a bit more than the £200, well, had £350 in the account at the close of business on April 5th or something. So my interest for that tax year was. . .£9.49
Fonz
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24th Apr 08 at 07:50   View Garage View User's Profile U2U Member Reply With Quote
what about an ISA?
FruitBooTeR
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24th Apr 08 at 07:54   View User's Profile U2U Member Reply With Quote
I won £1000 on the premium bonds before

You should think about doing the same
James
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24th Apr 08 at 08:21   View User's Profile U2U Member Reply With Quote
Yeah you won't get a good return, banks don't just give money away.

The average ISA is about 6% ish.

Even if you fill it up (£3600), you only get £216 which isn't huge amounts in the big scheme of things.

Your £200 would make £12
deano87
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24th Apr 08 at 08:42   View User's Profile U2U Member Reply With Quote
This is in an ISA with National Savings & Investments

 
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