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ISAs

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Home, Law & Money
Has anyone taken out a student loan and put the money in an ISA? I've been reading about them and basically, I gather that they are just another type of bank account to stick up to £3000 a year where it can't be touched? If anyone has any first hand info it'd really appreciate it, I may take out a loan this year and save it for when I need it after graduation etc. Ta very much

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    You can get better rates elsewhere. ISAs are only worthwhile if you actually pay tax (which most students don't).

    Buy the Sunday Times and check out the Money section for high interest savings accounts. I have one with ING Direct, which was an excellent rate but is about average now.
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