Lump Sum help!!!

darrenwis

Hi,

I have a lump sum of £1,000 left to me and don't want to be able to touch it. However, with so many different saving accounts I really haven't a clue where to put it!

Could anyone help me with my options please?

Thanks,
Darren

McKneff

Have you used your iSA allowance yet.
Thats your best way forward at the moment if you havent.

darrenwis

Thanks for the reply.

I do have an ISA with £800 pounds in that I am planning to use for a car with my Lloyds TSB account.... I just use it as a money storing place than anything else.... How should I be using it? I want somewhere where I can just keep adding say £20 a week two and see the 1k turning into a few "k" for something like a mortgage deposit

McKneff

There is nothing stopping you from adding it to the £800 and keep adding the £20 a week and not pay tax. When youre ready to buy your car just draw th e£800 out.

bendix

darrenwis wrote: »

Thanks for the reply.

I do have an ISA with £800 pounds in that I am planning to use for a car with my Lloyds TSB account.... I just use it as a money storing place than anything else.... How should I be using it? I want somewhere where I can just keep adding say £20 a week two and see the 1k turning into a few "k" for something like a mortgage deposit

No disrespect but waiting for a £1000 lump sum to turn into a deposit for a house by adding £20 a week to it could be a very very very long wait.