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  • FIRST POST
    • Charlluke114
    • By Charlluke114 29th Nov 17, 10:24 AM
    • 1Posts
    • 0Thanks
    Charlluke114
    What to do with £30k?????
    • #1
    • 29th Nov 17, 10:24 AM
    What to do with £30k????? 29th Nov 17 at 10:24 AM
    Hi all, I probably sound completely daft but honestly all this Investments, tax-free Isa's etc baffle the hell out of me!

    Me and my husband (trough work and hard savings) have now managed to save £30,000 for what we had planned to be a deposit on our first home. We have now realised that until our credit ratings improve we will need to wait 2-3 years before we can apply and be successful. I have a 5 y/old CCJ and Husband a 1 y/old CCJ, both are satisfied but with bad credit over the past few years, bad habits in past relationships etc they have said to wait until it improves.

    Were not too bothered as we are reasonably happy where we are at the moment and to be honest were only thinking of buying as it seems to be the 'thing to be doing' at the moment.

    What I would like some advice on is the money is basically sat in a bog standard Barclays online savings acc not doing a great deal and wont be for a couple of years- Where should we put it??

    Many Thanks in advance!!
Page 1
    • MallyGirl
    • By MallyGirl 29th Nov 17, 10:34 AM
    • 2,090 Posts
    • 6,951 Thanks
    MallyGirl
    • #2
    • 29th Nov 17, 10:34 AM
    • #2
    • 29th Nov 17, 10:34 AM
    I would take a look at this link:

    http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=2.148007861.320750121.1511775815-1057817352.1511775815

    unfortunately most of the best interest rates are associated with bank accounts and you might struggle to get accepted for any of these with poor credit. There are still some traditional savings accounts that are probably better than your current one.
    A couple of years is much too short a timescale to be thinking about investment / stocks and shares so the best thing to do is get the best interest you can. You can probably get slightly better returns by fixing for a year or 2 which fits with your goals.
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com
    Any views are mine and not the official line of MoneySavingExpert.com.
    • xylophone
    • By xylophone 29th Nov 17, 11:42 AM
    • 23,621 Posts
    • 13,753 Thanks
    xylophone
    • #3
    • 29th Nov 17, 11:42 AM
    • #3
    • 29th Nov 17, 11:42 AM
    Are you both eligible for LISA?

    https://www.moneysavingexpert.com/savings/lifetime-ISAs


    http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
    • DiggerUK
    • By DiggerUK 29th Nov 17, 12:02 PM
    • 2,809 Posts
    • 2,698 Thanks
    DiggerUK
    • #4
    • 29th Nov 17, 12:02 PM
    No, I wonít forgive you for sounding daft.
    • #4
    • 29th Nov 17, 12:02 PM
    You genuinely do sound daft, and directing blame elsewhere is not a very good justification for the place you now find yourself.

    CCJ fairies donít deliver court judgements in the middle of the night. Yet you still managed to put by £30,000....well done.

    If you are serious about home purchase, then help to buy, or lifetime ISAís would do........just one problem, rates are low. But the bonuses work to your favour.
    In your place I would put the rest in Premium Bonds, at least theyíre safe..._

    p.s., wise up.
    I am not now, nor have I ever been, a Financial Adviser.
    Forward, to the 'British Spring'
    • eskbanker
    • By eskbanker 29th Nov 17, 1:32 PM
    • 5,886 Posts
    • 5,844 Thanks
    eskbanker
    • #5
    • 29th Nov 17, 1:32 PM
    • #5
    • 29th Nov 17, 1:32 PM
    directing blame elsewhere is not a very good justification for the place you now find yourself
    Originally posted by DiggerUK
    Seems an unnecessary comment - where does OP even hint at directing blame elsewhere? To me the post doesn't suggest anything other than that credit-related problems were self-inflicted and was simply seeking advice about how best to proceed rather than looking back or pointing fingers....
    • kidmugsy
    • By kidmugsy 29th Nov 17, 3:07 PM
    • 9,893 Posts
    • 6,670 Thanks
    kidmugsy
    • #6
    • 29th Nov 17, 3:07 PM
    • #6
    • 29th Nov 17, 3:07 PM
    If you find it hard to open bank accounts consider plonking the money into Premium Bonds. There's no risk of tax complications and you can view them as paying out around 1.25% p.a. in small prizes, with an extra 0.15% p.a. reserved to give you a tiny chance of a big prize.

    They suit a time span of "a couple of years" pretty well.The best idea is to buy them late in the month and cash them in early in the month.
    Free the dunston one next time too.
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