Hi, I'm currently a final year student who is looking to start getting to grips with my finances. I currently have no ISAs or other saving accounts other than a flexible saver which has about 17K in it. I work part time and largely rely on student finance to help with my expenses as I live in student accommodation in London and have been for the past 4 years.
I'm starting my masters later this year and will need to have access to at least 10K of my savings to pay for tuition, accommodation and other expenses. But I feel like I should be doing something with the rest of the money that I have saved.
I'm not really sure how banking works and I've tried looking into a bunch of different banks (moneybox, Natwest, Trading 212 etc.) But I have no idea what the best one is for someone in my situation and I don't understand the terminology even after I've read up on it.
I also will need to have access to all of my finances after masters so that I can move to a flat or house share by myself which likely won't be student accommodation and therefore it will probably be more expensive than what I'm paying now :/ So whatever savings account I put my money into should ideally only last for 1 year so that I can access everything again after July next year.
If anyone has any knowledge that could help explain how this all works to me or reccommendations/advice I'd really appreciate it!
Financial Advice for a final year student going into masters
byu/Feisty-Meeting5694 inpersonalfinance
Posted by Feisty-Meeting5694
3 Comments
Honestly just throw the 7K you don’t need into an easy access Cash ISA. You won’t get taxed on the interest and you can pull it out whenever you need it. Don’t overcomplicate it.
Purpose drives money management
If you can’t have the money invested for 10+ years; then cash is the best option
Since cash is the best option; find the best place for your cash….whatever bank is offering the highest rates
Tbh if you’ll need the money within a year, don’t overcomplicate it or chase investing right now. A high-yield savings account or cash ISA is probably the best fit since your priority is keeping the money safe and easy to access for tuition, deposits, and moving costs after your masters.