Mark W Posted March 7, 2006 Report Share Posted March 7, 2006 'lo all,Serious thread ahoy!Right, here's the deal.I have uni in 6 months. I have very little money now.Currently, I work 17 hours a week, and per week I earn £105-ish (it's around that figure). However, I get paid monthly, and with all the random decimals places they use (I used to do 40 hours a month, and get paid "Grade 1" wage which they wrote as £5.05, but I always got £202.03? Weird), it equate to around £415-420. Might as well use £415 as the figure for this. I've only just started getting this much, 'cos I've only just started doing a Sunday shift, which took it up to 68hrs per week. I also have a standing order from my Mum of £60 a month to cover phone bill and shit like that.I currently don't have any debt ('cept for £30 I owe my Mum, oh noes), except for the £25 a month to o2 for my contract. Therefore, I only really need to keep £30 spare (in case I slightly go over it). However, I'm also liable to spend a little more per month on peripheral stuff, so let's call it £50 per month on outgoings.Anyways, that leaves me with approx. £425 per month I've got sitting in a super low interest account.Because I'm going to uni in September, I want to try and maximise the interest on this account, as I won't be touching the money 'til around September time, or possibly even later seeing as I'll be rocking a student loan then. My knowledge of banking, and bank accounts in general is piss poor. Really, really piss poor. However, I know that a lot of people on here have a pretty good understanding of it, which is why I've posted this up.Basically, what I wanted to know was what sort of savings accounts people here use, and what sort of return I could expect? I'm not expecting a massive increase in my money in 6 months or anything, but what can I do to try and make the most of the money I'm saving?Thanks for any help, it's much appreciated.Mark Quote Link to comment Share on other sites More sharing options...
poopipe Posted March 7, 2006 Report Share Posted March 7, 2006 HSBC do an 8% interest savings account - whichis pretty high for a low hassle savings account. i think you can get your mitts on the cash at fairly short notice if you really need to. I think its a year turnaround time but it may be 6 months. To get massive interest you're most likely looking at a much longer term solution (several years) - with much arsier conditions on getting your money out of it. It might be worth weighing it up against the cost of a student loan.But I'd be surprised if the rates got good enough to cover it.Just to give you an idea, I've been paying over £100 a month out against mine for the last 2 and a bit years (out of the country & dole till then - ) and I only borrowed £2400The only surefire way to pay for university (unless mummy&daddy pay for it all) is to sell drugs - a part time job would just interfere with homework and you wouldnt earn feckall worth having anyway . Quote Link to comment Share on other sites More sharing options...
munkee Posted March 7, 2006 Report Share Posted March 7, 2006 (edited) Look for online banking, the interest rates are going to be much higher than a regular highstreet bank account. Also makes it a lot easier to see how the finances are going instead of having to go to banks after statements etc.I doubt putting in to a long term saving account like poopie said will be worth while. Most banks only offer around 2 years as lowest time period(there are some that offer less but you mase well just stick it in a normal account due to the low interest). During that time you cant use the money in there at all without it either killing the interest you have earned or the bank getting shitty and moving you to another account. They are good to use if your willing to just throw this extra money in to the account for a very long period of time, walk away and leave it there. Wake up when you 50 and get a phone call from the bank saying you have £100,000 waiting for you.Im guessing your going to want to use the money though really arent you? so like i said earlier.. try online.. or halifax who seem to do a lot of promotional high interest first few months shit. If you want to be totally different and what i would recommend... stick it all in premium bonds. Think of it as the national lottery where you dont actually lose your money. I dont get why hardly anyone bothers with them.. its bloody ace chance up to winning a million.. and your losing out on f**k all. If you come to a point where you need the money back just take the bonds back and there you go sorted. Edited March 7, 2006 by Spacemunkee Quote Link to comment Share on other sites More sharing options...
Michael Hardman Posted March 7, 2006 Report Share Posted March 7, 2006 (edited) Anyone seen the bank add offering 10% interest, whats that all about, surely theres a catch.On another note, Ive been saving my student loans in a members ISA at Natinwide and although I have to give 6 months notice its matured very nicely and Im wel on the way to a deposit for a house.More money to go in with the 6k I get for doing my PGCE course this year plus I have a disablitly so can scrounge freebies off the council.Mark arent you entitled to a grant aswell that you dont pay back. Apply for a stundent loan and use that to finance your iving you only pay it back when you earn more than £15k a year and even then you pay back like £30 a month or whatever you decide to pay. Also I hear is that if you pay only the minimun of your student loan back every mont then by the time you retire the remains of your student loan will be canceed, Im not sure if that is true just something I heard.Online is the way to go you can transfer money in and out of your savings at the cick of the button, its so easy to manage and if your strapped for cash you just transfer what you need onto your card. Edited March 7, 2006 by Michael Hardman Quote Link to comment Share on other sites More sharing options...
Walleee Posted March 7, 2006 Report Share Posted March 7, 2006 Yeh mark, get in touch with student support and see what they do for you.I paid my college fees in september, only two weeks ago I got a cheque from college paying me back as the student support people paid my fees for me instead, without telling me they were going to. It's a good job I didn't have to take out a loan to pay in september.I'd say generally, 6 months isn't going to be long enough to generate much interest unless your putting ALOT of money in.... Quote Link to comment Share on other sites More sharing options...
phil white Posted March 7, 2006 Report Share Posted March 7, 2006 the hsbc high interest savings has a restriction on withdrawl, they charge you if you cannot wait for the alloted time period. Quote Link to comment Share on other sites More sharing options...
poopipe Posted March 7, 2006 Report Share Posted March 7, 2006 (edited) the hsbc high interest savings has a restriction on withdrawl, they charge you if you cannot wait for the alloted time period.oo - my mistake, it's not massively long term though is it?I think they still waive the student loan when you're 65 (they'll probably up that with the retirement age) which is nice enough, but who the f**k wants to earn 15k a year their whole lifeA grant? in this day and age?I got a £75 quid grant for my first year at uni. I was insulted till it made my nose hurt Edited March 7, 2006 by poopipe Quote Link to comment Share on other sites More sharing options...
Michael Hardman Posted March 7, 2006 Report Share Posted March 7, 2006 (edited) oo - my mistake, it's not massively long term though is it?I think they still waive the student loan when you're 65 (they'll probably up that with the retirement age) which is nice enough, but who the f**k wants to earn 15k a year their whole lifeA grant? in this day and age?I got a £75 quid grant for my first year at uni. I was insulted till it made my nose hurtI was saying that you only pay your student loan back when you earn £15k or more so if your earing £40k you pay back about £50 a month tats still not going to pay back your student loan by the time you retire. It was advise, that advise was pay the minimun you can every month to spite the government and their stupid taxes.Im applying for a grant to pay my fees, all £3k of them. Sometingt o do with parents being split and not enough income, I should get a partial grant for my fees. I get free travel to uni becasue Im in zone 5 on the train thing by 1 station ucky me. More advise get as much from your council as possible. Edited March 7, 2006 by Michael Hardman Quote Link to comment Share on other sites More sharing options...
Mark W Posted March 7, 2006 Author Report Share Posted March 7, 2006 Yeah, I'm basically gonna go to this open day at the uni I've been accepted to and scope it out. To be honest, it'd have to be really, really wank for me to not go there. Anyways, after that I'm just going to withdraw the other five, and then just accept that one straight away. First dibs at all the different grants, loans and stuff, plus first choice for halls. Ching? Anyway, I wasn't expecting massive interest rates or anything, just something to mean I could put the money in somewhere where it'd be doing more than just being spent on new frames or something... With the top-up fees, do you pay that first? Or does that go into your student loan, which you pay off later? Quote Link to comment Share on other sites More sharing options...
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