Investing for uni, stocks and shares isaWatch
I'm 18 years old and am planning on going to university next year. I have saved up £2500 through a job and I am considering investing this in a stocks and shares isa. If anyone reading this has done something like this or knows about investing in stocks and shares is this a good idea? Will my money likely be safe? If so where would be the best place to invest, Largreaves landsdown? Vanguard? Any help would be appreciated. Edit: this is money I am going to need to have access to in uni
You need to look at savings accounts, rather than investments. Interest rates are piss poor at the moment, but some of the best rates can still be found, ironically, in current accounts. For instance, you could earn 5% for a year (absolutely market beating) on amounts up to £2500 in a Nationwide FlexDirect account, so long as you are able to deposit £1000 monthly (you can 'cycle' this money between a non Nationwide account and your FlexDirect account if necessary). You won't get anywhere near 5% in a run-of-the mill instant-access savings account. I highly recommend this for the amount you have, as it's exactly the maximum amount on which this rate is paid! You'll need to pass a credit check for this account (as with all current accounts) but it's not a particularly harsh one, particularly if you're not looking for any borrowing facility.
I'm 18 years old and am planning on going to university next year. ... Edit: this is money I am going to need to have access to in uni
Save your investments for when you are saving for the long term (ie; minimum of 5-10 years) and when you have sufficient emergency savings (eg; 3-6 months of living expenses) to prevent you having to sell your investments at a significant loss to meet unforeseen expenses.