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Lump Sum & regular monthly savings
Pejoco0
Posts: 1 Newbie
I have a lump sum approx. £42,000 that I want to put into an account so that it accumulates interest.
I also want to be be able to add regular amounts of £1,000 - £1,400 pcm to it for the next four an half years until I retire.
My plan then is to put it together with my retirement lump sum and buy a house.
What's the best way to do this?
I also want to be be able to add regular amounts of £1,000 - £1,400 pcm to it for the next four an half years until I retire.
My plan then is to put it together with my retirement lump sum and buy a house.
What's the best way to do this?
0
Comments
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Interest paying current accounts and regular savings accounts. Lots of information about these on the forum.0
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A single account that will let you do that will pay rubbish interest, and will also take you over the £85k FSCS guarantee limit.
However many accounts, as colsten suggests, will take care of the first year at least. Look at the governments new homebuyer's ISA when it comes out, if you will be a first-time buyer.Eco Miser
Saving money for well over half a century0 -
Whey do you want to buy a house? To live in or as an investment?
Why not consider some equity exposure?0 -
OP - do you have the option of making pension AVCs with your monthly surplus?0
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