Al Rayan Bank pays a market-leading 1. The bank is Sharia compliant. Gatehouse Bank pays a market-leading rate of 2. Cynergy Bank pays a tax-free 0.
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Setting up a pension plan in this way gives Susan the flexibility to pay extra amounts when she can afford it without being tied to regular payments. The balance of pounds 9, should be used as an emergency reserve and gradually invested into a Tessa tax-exempt special savings account with a good building society.
Susan can invest over a five-year period in a deposit- style account and have the interest credited free of any liability to UK tax. The plan should be funded by the payment of a lump sum at the start of each year of pounds 3, in year one, pounds 1, in each of years two to four and pounds in year five.
The Tessa would cease to be tax-exempt on early withdrawal of capital, but should the money be needed Susan would be no worse off than if it were invested in an ordinary building society account from the outset. I would recommend that the remaining pounds 6, waiting to go into the Tessa be placed into the Yorkshire Building Society's First Class Access acount, currently paying 6.
The pounds a month that Susan has released from her mortgage repayment could then be used entirely to boost her spending power. Alternatively, she could consider some form of regular saving with part of this money. By using the pounds 60, in this way Susan has reduced her debt substantially and helped to protect her home. She has also started to save for retirement, achieved a cautious spread of investment and increased her spending money. Work out what you want to achieve with your money.
If you have never invested before, you need to decide how much risk you are prepared to take. Generally, the higher the risk, the higher the potential return but there are no guarantees and you could end up losing money. If in doubt, get advice. Forget your pension and mortgage. This may not sound like much, but if it's something you enjoy then it shouldn't be hard work and is another thing for your CV. To get started, head over to Slicethepie now or read our quick guide for more info.
There are sites out there that you can upload your notes to, along with your price, and then when another student downloads them you get paid. You can either advertise on campus or list them online very easily on Amazon Marketplace just bear in mind they take a commission on books sold. Here are 29 other things you can sell right now! Types of competitions available to enter vary from simple registration forms and Facebook page liking to answering questions correctly over the phone to being a TV game show contestant.
Imagine you made it onto Deal or No Deal instead of just watching it! Start by entering our very own monthly student competition Follow our Instagram page to see when our next one is! Then head to our active competitions page to enter other free competitions that we have found.
Just note that some of these sites may send you spam so use an alias email address and opt-out of as many of the offers as possible. For loads more tips on achieving success and making money from competitions, read our guide to entering competitions.
Buy and sell domain names. A domain name is just a website address eg. In VacationRentals. Now you're probably not going to come across anything like that, but you can still turn a quick profit with a bit of searching. The trick is to find available domain names which have some commercial value, snap them up and then list them for sale on a site like Sedo. Mystery shopping Today becoming a mystery shopper is easier than you think and you can get rewarded handsomely.
There are dozens of agencies that pay you to visit all sorts of shops and restaurants to feedback on how they are performing. We've reviewed the best agencies in our guide how to become a mystery shopper. Tasking apps are another form of mystery shopping, where you earn rewards for completing small local tasks.
It can be a lot of fun too! Be an Extra Do you fancy yourself as a budding young actor or just that person that walks past in the background shot of an episode of Eastenders? It could be you if you apply to be an extra in TV or film. There are lots of casting agencies that place willing extras. They make their money by taking a cut from your earnings, so always ask what that is before you take on work.
Head over to our how to become an extra guide for 5 of the better agencies, plus lots more advice on getting your first gig. Sell all your old CDs, games and movies If you are looking to make a very quick buck, then selling your old bits and bobs that are cluttering up your room is a good idea. The best thing about it is that you can rip all the songs and films onto your laptop or external hard drive before selling them. This means that you are only really selling the plastic and artwork!
Whilst you're at it, see if your parents have any 'clutter' they'd be happy to see the back of. You can also sell almost anything for free on Amazon Marketplace or Preloved and sites like MusicMagpie will pay you instantly for sending in unwanted items. Sell on your education! Becoming a tutor to other students is easier than ever.
Until recently your market was limited to local face-to-face sessions, but thanks to online tutoring sites you can go global! Udemy allows anyone to create an online course on literally anything! For one-to-one tutoring, list yourself on Superprof and UK Tutors. Get started with our guide to making money as a private tutor.
Sell your photos If you think you've got a good shot and a little creativity, try uploading your photographs for free to stock websites. A good starting point is Adobe Stock or Getty Images. Make more money selling photo subjects that have fewer search results but you feel would have some demand.
It might be a good idea to test them out in print first yourself get free photo prints here. Rent out your car parking space Some student accommodation comes with a drive or garage. If you aren't using your parking space and you live in a busy area then you might be in luck. There are plenty of people that may work in the city centre and are fed up of paying through the roof for daily parking. Advertise your space on Gumtree, Parklet or Just Park. Or, check out our full guide to renting out your parking space.
Babysitting It's a classic money-maker, and for good reason. You get paid well to watch TV and not very much else - hopefully! Aside from advertising yourself, it's free to create a profile on Care Babysitting. It really can be easy money unless you get stuck with the child from hell!
Our guide to babysitting walks you through the main considerations. For instance, in the UK you will need a DBS Disclosure and Barring Service check to look after small children, even though some parents may not ask for one. Students especially are likely to have free time during the day when others are out at work and worried about their pets at home.
Join Care Pet Care who are best for dog sitting and walking. Become your own bank. It cuts out the middle-man, passing on higher interest rates to you and cheaper loans to borrowers. And it's all managed online from the comfort of your sofa. Founded in , Zopa is the most established P2P site.
Today they have over 60, active investors. If you can, go for the ISA account to earn interest tax-free. As with any traditional bank, there is some risk attached to peer-to-peer lending. Zopa have gone a long way to mitigating this by spreading your money across many different borrowers who are also credit checked.
You can also choose products that suit your appetite for risk and reward. Work as a charity collector Ok, so this job takes a certain kind of person, as you'll have to take a lot of rejection and be persistent. But if you are bubbly, personable and reckon you could sell ice to an Inuit then this could actually be a great student money making idea. Have a look at Wesser as well as charity websites like Oxfam. Rent out your house for filming Directors for TV and film are always on the hunt for houses to film in.
For instance, a scene for Coronation Street was recently filmed in the student house one of the Save the Student editors used to live in! Not only can you make good money but it's crazy seeing your own place on TV. Start out by looking at this site.
Rent out your body If you are comfortable taking off your kit then why not try life modelling. Sit there in the buff while budding artists capture your every curve or pokey bits in frightening detail!
Try RAM, a website especially designed for these kinds of jobs. You could also get involved in clinical drug trials, but be sure you fully appreciate any risks attached. Warning: Do not do anything you are not comfortable with, no matter how desperate you are for money! Freelance work Perhaps you enjoy writing, managing Facebook pages or doing a little bit of graphic design in your spare time.
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