Hey there! Sign in to join this conversationNew here? Join for free
    • Thread Starter
    Offline

    2
    ReputationRep:
    Hi there.
    For the past few years my nan has been saving some money for me in a childs account, and has now given me the logbook. I want to move it into some kind of a savings account, but don't really know much about them. I need access to the money, as I will probably need it in September before I go uni.

    This is a link to Nationwide's E-savings:
    http://www.nationwide.co.uk/savings/...ess/e-savings/

    Or perhaps an instant access ISA would be better?:
    http://www.nationwide.co.uk/savings/...a/cash-isa.htm

    My normal bankaccount is a Nationwide Flexaccount which I have had no problems with.

    Thanks for any advice.
    Offline

    14
    ReputationRep:
    Well if you're going to be withdrawing the money regularly then there's probably not much point in putting it in a savings account. It all depends how much it is really.

    If it's around £5,000 or less, put it into a Cash ISA if you are eligible to pay tax, you can get some ISA's which won't charge you for withdrawing the funds but you will have a penalty on the interest % they offer.
    Offline

    14
    ReputationRep:
    Just to add Nationwide are very good, however have crap/no benefits to students. It only really works if you're earning. Switch to Lloyds Student Account - £500 and Credit card first year.
    Offline

    2
    ReputationRep:
    A stocks and shares ISA.. Saving's accounts are shocking at the moment, you will barely cover inflation if you're lucky. Read into a few funds and split across those, will perform much better.
    Offline

    2
    ReputationRep:
    (Original post by mituozo)
    A stocks and shares ISA.. Saving's accounts are shocking at the moment, you will barely cover inflation if you're lucky. Read into a few funds and split across those, will perform much better.
    That depends entirely on OP's attitude to risk. If he doesn't want to countenance the risk that a vast chunk of the money his nan has saved for him disappearing, he should find the highest-paying ISA he can and put it there.

    "What did you do with the money I saved you, Alex?"

    "I spaffed it all on a balanced portfolio but then the FTSE fell 50% across the board the day after Spain was bailed out and Ireland defaulted, so I bought a chocolate bar."

    "Oh, that's nice, dear"
    Offline

    2
    ReputationRep:
    (Original post by nonswimmer)
    That depends entirely on OP's attitude to risk. If he doesn't want to countenance the risk that a vast chunk of the money his nan has saved for him disappearing, he should find the highest-paying ISA he can and put it there.

    "What did you do with the money I saved you, Alex?"

    "I spaffed it all on a balanced portfolio but then the FTSE fell 50% across the board the day after Spain was bailed out and Ireland defaulted, so I bought a chocolate bar."

    "Oh, that's nice, dear"
    Yeah, if you just invested in a FTSE tracker or something, which for the risk isn't worth the relatively low returns.

    My money's spread across Russia, China (i.e. the two countries with no debt) then a world tracker fund and gold.

    If they all go to **** then the least of our concerns is whether I still have my money or not to be honest.

    At a young age you can take a more relaxed attitude to risk. If you're investing your retirement fund then it's a different matter.

    Since march I'm up over 20%.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Will you be richer or poorer than your parents?
    Useful resources
    How much money do you spend a week?The ultimate guide to tax!Guide to student bank accounts

    Sponsored features:

    Web Legend

    Win a Macbook Air!

    Blog about setting up a website for a chance to win in our Web Legend competition.

    Quick link:

    Unanswered money and finance threads

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.