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
£129.13 (current account)
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.
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