Some financial advice; thinking of closing Santander account

TheNewGuy_2

Firstly thanks for taking the time to view this thread I was hoping to get the input and feedback on my future financial moves.

I currently have around £63,000 in total and after moving into a flat with my wife which has increased my expenditure I expect to be able to save at most £250 a month. I currently pay out £1,350 to my monthly savers and Isa, and so that's a shortfall of £1,100. So I am debating closing my Santander joint account as every month my balance will reduce by £1000, yet I have no cashback from direct debits (the energy and internet company we use don't count) and with the £5 a fee it seems silly to keep the account open.

So I was considering opening an investment Isa (can I open one in the same year I opened my help to buy Isa or do I need to wait to April?) or perhaps using a Peer to Peer lending company like Funding Circle. I am aware of the risks but now seems an especially good time to invest with the markets so low, or I could drip feed my money into investments whether they're up or down, as I've seen advised here on this forum.

My only hesitation is that I at some point will want to buy a house (I am mid twenties) and it wouldn't be that wise to lock up my money for too long; however I don't see my wife and I buying for a couple of years (we're still unsure about our future careers and might have to move.)

We're both pay basic tax and I currently I have the below accounts:

Santander 123 £15000
Santander 123 Joint £20000
BOS x 3 £15000 3%
LLoyds and monthly saver £7000 4%
TSB and monthly saver £3200 5%
Halifax Help to Buy Isa £1400 4%
Nationwide and monthly saver £3500 5%

& A select credit card -£5000 (No interest charged; a slow stooze).

I would have liked to open some joint savings accounts with her but after encouraging her to open a TSB, Nationwide, First Direct, and Clydesdale bank accounts, for the switch bonus and interest, her credit report needs a rest.

So again thanks for reading and any advice would be great. Would you close the Santander account and if so where would you save the money instead? Or would you do something completely different than my current set up? Thanks! :beer:

TheNewGuy_2

Anyone any advice?

xylophone

It seems to me that as you are anticipating buying a house in the next two to three years then it will be better to stay in cash.

You don't yet have Tesco current accounts - you and your wife could have two each.

In due course, your wife could look at the three BOS option.

You could look at a joint Lloyds account and a sole account for your wife.