£20,000 to invest and not a clue!

Samian_2

Hi all,

My brother and I have recently come into an inheritance of £20,000 after the sad passing of our grandma. We want to do a joint investment for somewhere between 2-5 years and to top this up with £100 a month each. We aren't home owners and currently both rent, so the end game is to try and have enough for a mortgage.

Is keeping our cash separate in 2 different individual ISAs the best way to go? I know you get tax free on your interest, but I'm thinking that surely our money working together would get more money in the long run?

Thanks in advance for any help. I've always been interested in finance and have passively read topics on this forum in the past, but have never had a substantial sum like this to work with, and am the first to admit i'm a little financially illiterate / naive.

CLAPTON

Samian wrote: »

Hi all,

My brother and I have recently come into an inheritance of £20,000 after the sad passing of our grandma. We want to do a joint investment for somewhere between 2-5 years and to top this up with £100 a month each. We aren't home owners and currently both rent, so the end game is to try and have enough for a mortgage.

Is keeping our cash separate in 2 different individual ISAs the best way to go? I know you get tax free on your interest, but I'm thinking that surely our money working together would get more money in the long run?

Thanks in advance for any help. I've always been interested in finance and have passively read topics on this forum in the past, but have never had a substantial sum like this to work with, and am the first to admit i'm a little financially illiterate / naive.

if you are saving for a deposit for a house then investment is a poor idea so that leaving saving accounts.


there are no merit in joint savings and lots of potential hassles


you need just to look for the best saving rates and put your money there


a the moment the best rates are current a/cs e.g santander 123 a/c , TSB etc
look at the main section of the board under savings

xylophone

You have £10,000 each. You could each open two TSB classic plus accounts and two BOS Classic Vantage. You could each open a Nationwide Flex direct.

Set up the TSBs with a £500 direct debit from each to other on the same day - cycle £1000 into the first BOS from the second and back again and then on to NW and back.

You could also consider a 123 account with Santander.