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    I need a savings account for £5,000.

    I'd rather not be able to touch it for 6 months, a lot of banks (including my current) do ISA accounts, but it all confuses the hell out of me.

    Could anyone suggest a suitable way to save such an amount?


    Much appreciated x ^_^
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    (Original post by in_jeopardy)
    I need a savings account for £5,000.

    I'd rather not be able to touch it for 6 months, a lot of banks (including my current) do ISA accounts, but it all confuses the hell out of me.

    Could anyone suggest a suitable way to save such an amount?


    Much appreciated x ^_^
    Do you actually pay tax at the moment? If not, you'll be unlikely to see much benefit from using an ISA as ISA interest rates are usually lower than the best 'normal' savings accounts right now. Generally, most accounts that 'lock up' your money do so for terms of a year or more, but I'd suggest that you take a look at some of the accounts listed here.
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    (Original post by Illusionary)
    Do you actually pay tax at the moment? If not, you'll be unlikely to see much benefit from using an ISA as ISA interest rates are usually lower than the best 'normal' savings accounts right now. Generally, most accounts that 'lock up' your money do so for terms of a year or more, but I'd suggest that you take a look at some of the accounts listed here.
    Nope, no tax for me, still a full time student.

    That's awesome, thank you! I'd forgotten all about moneysavingexpert... you would think I would have reminded myself of it while typing the thread... :woo:
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    (Original post by in_jeopardy)
    Nope, no tax for me, still a full time student.

    That's awesome, thank you! I'd forgotten all about moneysavingexpert... you would think I would have reminded myself of it while typing the thread... :woo:
    While this isn't the main thrust of the thread (and maybe you didn't mean to imply this), I have to point out that being a full-time student has no effect on whether or not you should be paying Income Tax.

    This is a very widespread misconception, but the important factor is your level of annual income, not your status as a student. Take a look at my tax sticky here for more information about this.
 
 
 
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