u/Virtual_Train3097

I recently got some money (over 5k). This is the most I’ve ever had so far and I have no clue how to manage it nor do I currently have any financial literacy. I wanted to put the vast majority of it into a savings account for when I start university, which will be in about two years. I currently only have a checking account. I don’t even have a credit card. I heard a high-yield account with compounding interest is the best option, but I don’t even know how to start with that. I also heard that the interest is taxed. I don’t want anything that would screw my chances with FAFSA. I‘d rather not share any of this information with anyone in my personal life, hence the throwaway. Any advice is appreciated. Thanks.