The Student Room Group

10K in savings

Hi, I'm 22 yrs old, male and over the past year I've managed to save 10K.

My first question is, is this a good amount of savings for a 22 year old?

My second question is, what's the best way to invest my savings? It's currently sitting in a current account.
First things first switch it to a savings rather than current maybe an isa:smile:
Well i d say thats pretty good for 22 :smile: but depends what you re saving for really
put it in a savings account. BA BOOM
Original post by *Incognito
Hi, I'm 22 yrs old, male and over the past year I've managed to save 10K.

My first question is, is this a good amount of savings for a 22 year old?

My second question is, what's the best way to invest my savings? It's currently sitting in a current account.


If you have bills coming in and out, then Santander's "123 current account" gives you 3% interest, as well as up to 3% cashback on bills.

When i researched a few months back this was better than all of the current accounts. ISA might be better if you aren't in a very low tax bracket.

It has the perk of not locking savings up either.
Reply 4
Original post by stroppyninja
If you have bills coming in and out, then Santander's "123 current account" gives you 3% interest, as well as up to 3% cashback on bills.

When i researched a few months back this was better than all of the current accounts. ISA might be better if you aren't in a very low tax bracket.

It has the perk of not locking savings up either.


You could make your money work even harder by setting up a Club Lloyd's account. You can deposit up to £5k at 4% gross interest. Keep the Santander one open too, and make sure you set up standing orders to move 1,5k every month between the two to satisfy minimum deposits and fee waiver.


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Reply 5
Original post by *Incognito
My first question is, is this a good amount of savings for a 22 year old?


Entirely depends on how much you earnt in that time.

Original post by *Incognito
My second question is, what's the best way to invest my savings? It's currently sitting in a current account.


Depends how soon you'll need the money and at what level of risk.

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