Help needed investing 30k

Tonytone11

best way to invest?

Eco_Miser

If the car loan is interest free, there's no point in paying it off early.

A Santander 123 pays 3% AER on up to £20k.

Most people can get better interest, even after tax, in current accounts, than in ISAs.

Jsscmm

Eco_Miser wrote: »

A Santander 123 pays 3% AER on up to £30k.

It's only 20k per account, so if you had one and a partner had one or you ahead a joint one that would work.

Alternatively a tsb account (2k @5%), lloyds club account (5k @4%) a Santander 123 and a tesco or bos account (3k or 3-5k @3% respectively) would get to 30k with slightly more interest. Bos instead of tesco would let you have somewhere to put the interest at 3% even.

You could make this better still through using regular savers e.g m&s or club lloyds, but that would increase the effort needed to set up by a fair amount (club lloyds regular saver as a home for the interest instead of bos should work nicely though)

Given what and when you are saving for, saving as cash with guaranteed returns seems more appropriate than investing in shares or funds which could result in a loss.

kidmugsy

Jsscmm wrote: »

Given what and when you are saving for, saving as cash with guaranteed returns seems more appropriate than investing in shares or funds which could result in a loss.

I couldn't agree more.

Eco_Miser

Jsscmm wrote: »

It's only 20k per account,

Thanks for pointing that out, senior moments are coming thick and fast.

macman

Help to Buy ISA seems a no-brainer if you have never owned a property before, though it's not available until the autumn.

SeduLOUs

So many people slipping up on here and deleting posts lately!

https://forums.moneysavingexpert.com/discussion/5230437