What to do with money at 19

I have around 6k from a CTF and have saved up 2k whilst working during my gap year. Any advice as to where I should move that money into, so that I can at least gain some interest from it? Given that I probably won't use it anytime soon

(edited 1 year ago)

What’s CTF?

OP

Original post by PastelColours

What’s CTF?

Child trust fund

Reply 3

PastelColours

18

Omg let me go and claim mine ty for the reminder

Reply 4

martin7

20

Original post by keeno25

I have around 6k from a CTF and have saved up 2k whilst working during my gap year. Any advice as to where I should move that money into, so that I can at least gain some interest from it? Given that I probably won't use it anytime soon

What sort of time scale do you mean by "not anytime soon"? Six months? A year? Five years? Ten years?

Reply 5

keeno25

OP

17

Original post by martin7

What sort of time scale do you mean by "not anytime soon"? Six months? A year? Five years? Ten years?

I'm going uni for 5 years so until after

Save it / add to it. Look at long term bonds and investing etc

Reply 7

DTON

9

Personally I'd keep it in the bank for now, I know inflation is a killer right now but the stock market isn't too clever either. Don't but low cap crypto either lol.

Reply 8

04MR17

Volunteer Section Leader

22

Original post by keeno25

I'm going uni for 5 years so until after

There are some fixed rate bonds out there that are 3 or 5 years. You can't touch it during that time but the interest is (comparably) pretty good. If you're thinking really long term then I'd suggest a help to buy isa or lifetime isa. Or do a combination of both, but 3k in a lifetime isa and but 2k in a fixed rate bond, save 1k as insurance while you work out your cost of living as a student.

Reply 9

AliceKS

14

Original post by keeno25

I have around 6k from a CTF and have saved up 2k whilst working during my gap year. Any advice as to where I should move that money into, so that I can at least gain some interest from it? Given that I probably won't use it anytime soon

if you don't need it for uni at all, i would recommend putting it in a LISA or stocks and shares ISA so that it can grow while you're at uni. if you think you will need some/all of it put the bit you think you will need into a fixed or easy access savings account (use money saving expert to find a good one)

Reply 10

Pque17

8

Original post by keeno25

I have around 6k from a CTF and have saved up 2k whilst working during my gap year. Any advice as to where I should move that money into, so that I can at least gain some interest from it? Given that I probably won't use it anytime soon

Here are some true honest facts on what a good way to spend that would be.... um... it's coming... ME!!! I need money. Please!😅

Reply 11

AliceKS

14

Original post by 04MR17

There are some fixed rate bonds out there that are 3 or 5 years. You can't touch it during that time but the interest is (comparably) pretty good. If you're thinking really long term then I'd suggest a help to buy isa or lifetime isa. Or do a combination of both, but 3k in a lifetime isa and but 2k in a fixed rate bond, save 1k as insurance while you work out your cost of living as a student.