Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Shreevey
    • By Shreevey 17th Mar 17, 5:39 PM
    • 1Posts
    • 0Thanks
    Shreevey
    How do you maximise 20k plus?
    • #1
    • 17th Mar 17, 5:39 PM
    How do you maximise 20k plus? 17th Mar 17 at 5:39 PM
    Hi everyone,

    I have for the past four years saved and acquired 20k (currently sitting in a saving account with poor interest).

    This money will ultimately go towards my first house but as I live in London the dream of buying in London seems distant therefore I have been thinking about buying outside of London.

    Ideally, I would like to split the money into the following: high (10%) medium (20%) and low risk (70%) investments.

    Does anyone have any pointers or generally comments on how to utilise and maximise 20k???

    Cheers
Page 1
    • ermine
    • By ermine 17th Mar 17, 5:54 PM
    • 537 Posts
    • 754 Thanks
    ermine
    • #2
    • 17th Mar 17, 5:54 PM
    • #2
    • 17th Mar 17, 5:54 PM
    Ideally, I would like to split the money into the following: high (10%) medium (20%) and low risk (70%) investments.

    Does anyone have any pointers or generally comments on how to utilise and maximise 20k???
    Originally posted by Shreevey
    What's your time horizon? As a rule of thumb, if you want to call on the money in five years, you will be saving, not investing. Longer than that and you can consider investing rather than saving, or some mix of the two.

    Have you looked at Help to Buy ISAs and Lifetime ISAs? Free money is always nice, assuming you meet the criteria.

    Investing for house purchase deposits is always tough, because of the short-term requirement for the money. What is the basis for your high, medium and low risk split, and what do you mean by high, medium and low risk?
    • Flobberchops
    • By Flobberchops 17th Mar 17, 9:29 PM
    • 481 Posts
    • 328 Thanks
    Flobberchops
    • #3
    • 17th Mar 17, 9:29 PM
    • #3
    • 17th Mar 17, 9:29 PM
    High: Stocks and Shares ISA
    Medium: Peer to Peer
    Low: Help to Buy and/or Lifetime ISA?
    • JohnJames132
    • By JohnJames132 18th Mar 17, 10:10 AM
    • 1 Posts
    • 0 Thanks
    JohnJames132
    • #4
    • 18th Mar 17, 10:10 AM
    • #4
    • 18th Mar 17, 10:10 AM
    I'm kind of in the same boat as you.

    I have 40k. 20k of that I have sitting in a Santander account gaining interest every month.

    What I have in that account though s the other 20k and I just don't know where to put this. I've opened a Nationwide savings account this month so that will let me funnel some of it in. Now I am also thinking of a first time buyer ISA - because that is the plan, to buy an abode next year. If it isn't next year I can leave the money in there (I think) and continue to gain the interest. The only thing that puts a ? on this ISA for me are the linits of what you can spend on a propery. I also presume that I can just pull this money out and still get the interest I've accrued?

    I know there are ways of opening several Bank of Scotland accounts, but for me that is too much hassle (and their rate is dropping soon).

    So, if there are any other suggestions where I can put 20/25k I'd also be glad to hear them.
    • Fatbritabroad
    • By Fatbritabroad 18th Mar 17, 11:05 AM
    • 148 Posts
    • 66 Thanks
    Fatbritabroad
    • #5
    • 18th Mar 17, 11:05 AM
    • #5
    • 18th Mar 17, 11:05 AM
    Is it just you or do you have a partner you trust

    If just you it's taught. Could put 2500 in a nationwide account. 1500 in a tsb and pay 750 a month into the two regular savers those banks offer. Could do p2p but your capital is at risk so probably not the best option for a house deposit
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,459Posts Today

8,346Users online

Martin's Twitter
  • Beware the hidden £1,000s parents aren't told they must pay for University fees. My new FT column https://t.co/gDOyZDMCr9 (free to read) RT

  • Who do you think came out best in the Corbyn v May battle tonight?

  • Clever by Paxman; subtly testing out "strong & stable" by focusing on u-turns on Brexit view, social care, self employed tax & election date

  • Follow Martin