I need advice on my savings and invest and if I’m using them right and how to improve on them.
I’m 21 year old student in my second year of uni and wanted to start investing and building a portfolio while also saving some money on the side. Right now I have a Lloyds and starling bank account for my day to day in expenses.
I opened a club Lloyds saving account in January for there is a max deposit of £400 a month for a year with an interest rate of 6.25% gross ( not exactly sure what it means). I have been maxing it out ever month since I opened it and have saved £2,000 so far. The main reasons I opened it was because I wanted to get in the main set of saving money. Should I keep on doing this ir not max it out?
Another thing I wanted to do this year is investing, but I’m not sure how to open an account or who to open it with. Also how much should I be putting in it each month. I understand that investing takes patience and that I won’t see real returns for around 5 years but I would like to put the effort now so that I can get ahead.
Also at the end of the year I would have around £4-5,000 from my savings should I put this in investments or start another savings account. I anted to keep around £1,500 in my starling spaces as a just in case space and to maybe go on holiday with it.