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What to do with £4k

ronniet_3
Posts: 4 Newbie
Hi all,
First post, so be gentle!
I have £4k (with the Lloyds TSB) which I would like to get working for me. I was thinking of opening an account with Kaupthing Edge and putting the £4k in there (read good things about them on here) and leaving it to get me some interest, but how much interest would it make each month?
Only time I'd touch the £4k is in the event of an emergency.
I don't have any credit cards. I am paying back a loan to the bank (Lloyds TSB) but they can wait.
Any advice would be much appreciated!
First post, so be gentle!

I have £4k (with the Lloyds TSB) which I would like to get working for me. I was thinking of opening an account with Kaupthing Edge and putting the £4k in there (read good things about them on here) and leaving it to get me some interest, but how much interest would it make each month?
Only time I'd touch the £4k is in the event of an emergency.
I don't have any credit cards. I am paying back a loan to the bank (Lloyds TSB) but they can wait.

Any advice would be much appreciated!
0
Comments
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do you have an ISA?0
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I don't, no.
Is an ISA better than a Kaupthing Edge account?
(excuse my ignorance, I'm new at all this banking stuff)I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
An ISA is tax free. Unless you're a non-taxpayer and registered as such with your bank, you'll have 20% of your interest deducted as source to cover your income tax liability.
So if I was to max out an ISA with £3.5k, what would the interest on that be?
Are all ISA's roughly the same? Are LloydsTSB ISA's good/bad?...
Thanks for taking the time to help me out folks, I really appreciate it.0 -
So if I was to max out an ISA with £3.5k, what would the interest on that be?
Are all ISA's roughly the same? Are LloydsTSB ISA's good/bad?...
Thanks for taking the time to help me out folks, I really appreciate it.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
0
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Whats the rate of interest on your loan!? If the interest on your loan is higher then the amount you will make off an ISA investment you will just be wasting money.Living the good life spending all my money but loving it!!0
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Whats the rate of interest on your loan!? If the interest on your loan is higher then the amount you will make off an ISA investment you will just be wasting money.
Off the top of my head, I believe it's about 1 to 1.5% on my loan. It'll be payed back within seven years which will leave me debt free :j0 -
Off the top of my head, I believe it's about 1 to 1.5% on my loan. It'll be payed back within seven years which will leave me debt free :jI am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
Yeah I'd almost certainly say pay off the loan first (as long as there are no penalties for early settlement). If there was a loan available for 1% everyone would take it and invest the money.Living the good life spending all my money but loving it!!0
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