The Student Room Group

Those aged 21-25, how much have you saved?

Basically, I'm trying to find out what to do with my savings and whether there are any out there also saving big when young.

I decided to move home after uni. Family home is in London, cannot see any reason to move out other than for freedom. Unfortunately, unlike many others, I don't value freedom at £8-10,000 a year.

But those who have graduated, what are yo doing with what you are saving? Are you just keeping it in the bank? Help to buy ISA? Investing?

Would be good to get a discussion going.

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A few thousands and I have it in ISAs:dontknow:
Reply 2
Original post by littlenorthernlass
A few thousands and I have it in ISAs:dontknow:


that's good.

Interest rates are just so depressing and there's nothing to help savers these days. So frustrating how consumption, debt and overspending is rewarded but savers are getting no help whatsoever
About £8k depending on what you call savings versus money in my current account. Not sure what I'm going to do with it yet. At some point I'd like to buy a car (after getting my licence) but I may need the money to live off when my PhD funding runs out. The rest I guess will go on a house deposit whenever I have a stable job.

Currently my money is spread between a low interest ISA (need to sort that out) and a current account. I do plan to open a help-to-buy account and then transfer it to the lifelong government ISA when they come into effect. I may also look into a stocks and shares account and investing some into the stock market, but only an amount I can afford to lose completely.
(edited 7 years ago)
I have some savings I've accumulated just in the last 8 months, but they're just sat in my current account. Not sure what I should put them in :erm:
Original post by accno1
that's good.

Interest rates are just so depressing and there's nothing to help savers these days. So frustrating how consumption, debt and overspending is rewarded but savers are getting no help whatsoever


On the other hand, at least the interest rates for housebuying will be low too!
Original post by Friar Chris
I have some savings I've accumulated just in the last 8 months, but they're just sat in my current account. Not sure what I should put them in :erm:


Put them somewhere with good interest, yo.
I have a fee current account, a monthly saver and yearly saver I ve spread 10 k across and transfer it between them monthly to make the most of interest rates as it's worthless left in an isa really.
~£60k (I'm 24 and live at home now, so at the upper end of your interval)

Santander 123 is 3% interest up to £20k so that's full up and decent considering current interest rates.
TSB classic account is 5% on the first £2k.
Rest is in ISAs and a little bit in Help to Buy ISAs.

Sad thing is £60k is nothing when you're trying to buy a house in Greater London.

Keep saving, you'll need it!
Original post by claireestelle
I have a fee current account, a monthly saver and yearly saver I ve spread 10 k across and transfer it between them monthly to make the most of interest rates as it's worthless left in an isa really.


Don't you find that a nuisance?
Original post by littlenorthernlass
On the other hand, at least the interest rates for housebuying will be low too!


Not much consolation when the house prices are out of control! And when the rates go back up, those who have bought in this insane market may have real difficulty. It's a depressing situation.
Original post by Anon07079191
~£60k (I'm 24 and live at home now, so at the upper end of your interval)

Santander 123 is 3% interest up to £20k so that's full up and decent considering current interest rates.
TSB classic account is 5% on the first £2k.
Rest is in ISAs and a little bit in Help to Buy ISAs.

Sad thing is £60k is nothing when you're trying to buy a house in Greater London.

Keep saving, you'll need it!


I have those as well:biggrin:
I tried to get the Santander 123, but I got rejected by them:cry2: Idk why:emo:
Original post by littlenorthernlass
Don't you find that a nuisance?


Probably by standing orders. I do the same!
Not graduated yet but have nearly 3k in savings which I've accumulated over the past couple of years.

Those savings are emergency money to fall back on and then eventually will be saving more serious amount of money for a house deposit.
Original post by littlenorthernlass
Don't you find that a nuisance?


It's all set up with standing orders on my online banking but it gets me 4% interest on half of it (and 1.5% on the rest) compared to 0.5% if I left it in an isa so worth the hassle really.
Original post by Anon07079191
Probably by standing orders. I do the same!


Exactly, only way to make a remotely decent amount on your savings :smile:
Original post by accno1
Basically, I'm trying to find out what to do with my savings and whether there are any out there also saving big when young.

I decided to move home after uni. Family home is in London, cannot see any reason to move out other than for freedom. Unfortunately, unlike many others, I don't value freedom at £8-10,000 a year.

But those who have graduated, what are yo doing with what you are saving? Are you just keeping it in the bank? Help to buy ISA? Investing?

Would be good to get a discussion going.


Ive saved £35,000.
Ive got in in a couple of ISA's and a savings account.
None. But then again, I'm not in that age range so pointless commenting :h:
Original post by Emma:-)
Ive saved £35,000.
Ive got in in a couple of ISA's and a savings account.


:gasp: You've done well!
Original post by littlenorthernlass
:gasp: You've done well!


Im a bit of a tight wad, lol.
I didnt go to uni either so that helped.

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