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  • FIRST POST
    • Rhysjc
    • By Rhysjc 19th Mar 17, 3:32 PM
    • 1Posts
    • 0Thanks
    Rhysjc
    Need advice
    • #1
    • 19th Mar 17, 3:32 PM
    Need advice 19th Mar 17 at 3:32 PM
    Hi all,

    About 6 months ago I was given a large sum (between 20 and 30k) by my mother to eventually use for a house deposit. At 23 I'm not quite at the point where I want to buy a house, so I'd like to put this money to good use and ideally grow it a bit. I'm earning a good salary (>30k) so I'm not worried about needing the money for an emergency.

    Obviously I've read about Help to Buy ISAs, but it seems like it's only worth putting up to 12,000 in one and also I can only put in 200 a month, so it'll take me at least 4 years to get to that point anyway.

    Does anyone have any advice on what I should do with the excess 14,000, and what to do with the money that's destined for the Help to Buy ISA?

    Cheers
Page 1
    • chockydavid1983
    • By chockydavid1983 19th Mar 17, 3:38 PM
    • 385 Posts
    • 221 Thanks
    chockydavid1983
    • #2
    • 19th Mar 17, 3:38 PM
    • #2
    • 19th Mar 17, 3:38 PM
    You say you're not too worried about needing money for an emergency because you had a salary but you should keep enough in savings to cover you in case of losing your job and needing time to find a new one, possibly combined with one or more other unexpected expenses at the same time.
    Once that is covered, the H2B ISA and then lifetime ISA is a no brainer for first time buyers and then it's a case of getting the best current accounts and regular savers as possible:
    http://www.moneysavingexpert.com/banking/compare-best-bank-accounts
    http://www.moneysavingexpert.com/savings/best-regular-savings-accounts
    • xylophone
    • By xylophone 19th Mar 17, 3:44 PM
    • 21,340 Posts
    • 12,258 Thanks
    xylophone
    • #3
    • 19th Mar 17, 3:44 PM
    • #3
    • 19th Mar 17, 3:44 PM
    http://blog.moneysavingexpert.com/2016/07/25/24984/?_ga=1.94740699.632060106.1405012823
    • parking_question_chap
    • By parking_question_chap 19th Mar 17, 6:40 PM
    • 1,070 Posts
    • 716 Thanks
    parking_question_chap
    • #4
    • 19th Mar 17, 6:40 PM
    • #4
    • 19th Mar 17, 6:40 PM
    Generally every post is a question asking for advice. Common theme is to say in the subject what you are asking for advice on so those in the know will open it.

    I would be inclined to split 75% isa and 25% into shares.
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