Info on Yorkshire building society savings accounts….
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Written on: 29.01.2010 [22:41]
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Nele
Nele
Topic creator
Posts: 4
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Hey I am new to this forum and I am hoping that some of you with investment knowledge might be able to help me. My mom just told me that since my sister and I were born she has been putting money in to Yorkshire building society savings accounts for us (we are twins). It seems like quite a lot of money £20,000 each approximately but as only my sister is going to university I am not sure what I should do with my half of the money. She will obviously use hers to pay for fees etc, but I don’t want to be reckless with mine and just blow it on a car or something, what should I do with it? Can I leave it in the savings account? Are YBS a safe choice at the moment? Is there anything else I could do with it instead? Who else could I talk to about this? |
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Written on: 31.01.2010 [16:43]
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Pratima
Pratima
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Well at least you are wise in saying that you don’t want to just spend it. I don’t think your mom would appreciate that. I would say that if you have a job at the moment and you are fine for money etc then yes you should leave it in savings. If you think that you will be fine for a few years I would take it out of a normal savings account and put it in to a bond and an ISA. I think the ISA is the safest move for 5k of it, and then the rest put in to bonds. |
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Written on: 02.02.2010 [16:55]
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Baron
Baron
Posts: 3
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Go in to YBS and ask to speak to someone about your options. They might be able to offer you some kind of special rate seeing as it is a considerable amount and they may want to entice you in to becoming one of their customers as I am guessing you are not usually with them. Also read up on investment, and the different ways to invest your money. I would agree that ISAs are the best way to save some of your money as you avoid taxation. Try reading some of these pages: http://www.monetos.co.uk/investment/ http://www.moneysavingexpert.com/savings/savings-accounts-best-interest http://www.thisismoney.co.uk/savings-and-banking |
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Written on: 03.02.2010 [10:07]
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Alana
Alana
Posts: 4
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How about just keeping it in a savings account and then perhaps in a few years it could come in very handy for if you need a deposit for buying your own house etc. I would say this is a wise move. Or you could even use it it to get a mortgage now and start with a buy to let property if you are interested in earning your own money. But do your research, LOTS of research before you go down this route. |
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Written on: 03.02.2010 [22:28]
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Nele
Nele
Topic creator
Posts: 4
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Thanks for the help everyone. I think I am going to look in to the buy-to-let suggestion. Does anyone know anywhere I could find some information on such things? Perhaps until I am sure I may end up putting the money in an ISA. What are the rates at the moment? |
