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  • FIRST POST
    • cjames7588
    • By cjames7588 9th Sep 17, 8:55 PM
    • 1Posts
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    cjames7588
    Advice on Investment
    • #1
    • 9th Sep 17, 8:55 PM
    Advice on Investment 9th Sep 17 at 8:55 PM
    Hi All,

    I'm new on the forum and was after some advice regarding how to best invest £45k for a house deposit.

    My wife and I both have LISA's and have direct debits set up to have them filled by end of tax year so we're not looking to put the money into that first as the minimal interest hardly seems worth it.

    We are possibly looking to be ready to buy a house in the next year or so, but no guarantee of this.

    I would like to ask whether the best investment would be to put it in a fixed savings account for 12 months such as the Atom 1.9% account (Does anyone have any experience of Atom?), or to split this among other everyday savings accounts or to put it somewhere else entirely.

    Is it worth us paying for financial advice on where to put it?

    Thanks All!
Page 1
    • AlanP
    • By AlanP 9th Sep 17, 9:25 PM
    • 897 Posts
    • 618 Thanks
    AlanP
    • #2
    • 9th Sep 17, 9:25 PM
    • #2
    • 9th Sep 17, 9:25 PM
    Have a look on this forum and on the main MSE site at interest paying current accounts and regular savers.

    You won't get more than say, 3.5-4%, on average over your £45k but beats the 1.9%.

    Bit of "hassle" to set up and sort out DDs and/or SOs to shuffle the money around to meet account Ts&Cs but they are the best payers over all at the moment.
    • redpete
    • By redpete 10th Sep 17, 9:41 AM
    • 4,116 Posts
    • 3,633 Thanks
    redpete
    • #3
    • 10th Sep 17, 9:41 AM
    • #3
    • 10th Sep 17, 9:41 AM
    You are looking for savings rather than investments. The latter usually comes with risk which you do no not want on such short timescales and for something like a house deposit where you don't want to have any loss of capital.

    As suggested look at the info on here about regular savings and current accounts with the banks.

    A financial advisor would not get much help with this sort of problem.
    loose does not rhyme with choose but lose does and is the word you meant to write.
    • xylophone
    • By xylophone 10th Sep 17, 10:04 AM
    • 22,881 Posts
    • 13,241 Thanks
    xylophone
    • #4
    • 10th Sep 17, 10:04 AM
    • #4
    • 10th Sep 17, 10:04 AM
    If you each opened a couple of savings accounts with Tesco, this could enable you to set up the necessary DDs required for BOS current accounts with Vantage (three each, funded by internal round robin SOs).

    Thus £30,000 between you @ 3%.

    A Nationwide Flexdirect each and a sole (fund from external accounts - in and out same day SO in each direction.

    Thus £7,500 @ 5% for a year.

    You could each set up the Flexclusive monthly regular saver - £250 a month each @ 5%.

    You could also consider TSB current accounts (sole and joint) - 3% on a total of £4,500 (can be internally funded).
    • ColdIron
    • By ColdIron 10th Sep 17, 11:24 AM
    • 3,378 Posts
    • 3,955 Thanks
    ColdIron
    • #5
    • 10th Sep 17, 11:24 AM
    • #5
    • 10th Sep 17, 11:24 AM
    BoS with Vantage is only 2% nowadays?
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