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A place for Get Rich Slowly readers to ask questions
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It is currently Thu Apr 24, 2014 1:48 am




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 Post subject: Finance in the UK
PostPosted: Tue Feb 24, 2009 10:53 am 

Joined: Tue Feb 24, 2009 9:00 am
Posts: 2
Location: Germany
Hi all!

I have been a reader of GRS for a while now but only just joined this forum. I was wondering if anyone would be able to advise me on my finances as I find I'm a little stuck as to how I can further them.

This is England specific so if any readers are from England or know about finance in England I'd greatly appreciate it.

I currently have the following:

ISA (tax-free savings): £5796.17

Online accounts:

£800 (3%)

£129.13 (current account)

£3.14 (1.5%)

£1000 (3.6%)

Regular savings accounts:

£521.24 (deposit maximum of £250 per month for 12 months (ends in November 09) - 7.75 %)

£200 (deposit between £20 - £500 per month for 12 months (ends in January 2010) - 6 %)

German current account: €1913.41

Premium Bonds: £2200

The rate of my ISA has dropped from 6.25 % - 1.55 %. It is however tax free and only £3600 can be deposited a year.

As a student working part time I earn less than £6035 a year and therefore have a tax-free status so all of my savings accounts pay gross interest. Since this is the case I wonder whether it's worth pulling out all of my funds from my ISA and moving it into a fixed bond of which I can get about 3.5%.

The thing is that I will graduate in June 2010 and hopefully get a job. As a result I will start getting taxed so I'm wondering whether to leave my ISA alone.

I am currently 20, researching investing in index funds (and I do want to invest early to make the most of compounding) but I don't want to invest until I am in a stable job because as a student I really don't want to risk any of my capital.

Can anyone recommend how I can further my money? I am also expecting my wages soon and my final loan installment will arrive at the end of April.

Any suggestions will be greatly appreciated.

Mo118

_________________
"A bank is an organisation that will only lend you an umbrella when the sun is shining."

~ Martin Lewis, moneysavingexpert in UK ~


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 Post subject:
PostPosted: Tue Feb 24, 2009 11:29 am 

Joined: Fri Aug 22, 2008 11:10 am
Posts: 217
You shouldn't have posted this under Success Stories... not many people will read it.

Move it to Personal Finance.


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