Advice on investing in a bond or savings account please?

Question

I'm going to uni in October, and I've spent my gap year working and have saved around £3000. I don't want to use this money at university, I want to put it in an account that will give me the most interest and the least tax.

My account is with Nationwide, with whom I have a Flex Account, ISA and e-Savings account. I notice they have something called an e-Bond. Can anyone give me some advice on the best place to put my money so that I will earn lots of interest on it?

Thanks for any advice :D

Answer 1

Stupid Yank that I am, I am not sure of your investment options across the pond.  

If I were you it really depends on how long you want to invest the money.  If you need to get at it in the next 5-10 years you are not going to be making any huge interest gaining investments without taking a great deal of risk.  The longer you invest, 9-10 years in a mutual fund, is ideal.

A high interest CD, or a money market account with full check writing privileges could be the way to go for you.

Go to an investment agency near you that is willing to explain all your options.  Whatever you invest in, make sure you understand it.  Never invest in something just on the basis of, "somebody told me this was a good investment."

I hope that points you in the right direction.  Good luck.