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Deposit dilemma
Comments
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There’s a whole section of the forum dedicated to Savings & Investments which is really what you want to know about at the point in time. As your partner is under 40 (s)he should look at opening a LISA to get the government bonus.0
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OP has now provided some realistic context. The aim appears to be a save 5k in a 12 month period
given that modest target the question of where to save is answered in one place only: a HTB ISA is the "best" option given the 25% "free money" boost
Any interest earned on a "normal" savings product is meaningless given the low interest rates on all such other savings accounts and the 1 year timescale
Have you been on mumsnet? They're a nest of vipers. I think you meant netmums. They're the handholding huns.
People could be realistic with the OP and help him explore the options without being so negative!0 -
Well this HAS been an experience.
Be it on the wrong thread, not disclosing full details or simply asking tge wrong question I'll be off now.
Thanks for the advice.0 -
Don't be too hasty!
Number one question with an investment strategy is what's your timeframe and number two is what's your attitude to risk. You do need to provide that information so that people can help you.
It seems that you have a very short timeframe (1 year) and because of that number two is irrelevant - you simply can't afford to loose anything in such a short space of time as you have no margins to rebuild your capital. This rules out equities such as stocks and shares.
As such anything other than cash is not a good option. Interest rates are at an all time low so don't expect any returns. However the government runs two schemes - the Help to Buy ISA, and the Lifetime ISA - which will match 25% of your contributions provided you meet certain criteria.
Lots of Banks & BS offer both types of cash ISAs. Lifetime ISA allows for higher amounts to be paid in each month than the Help to Buy ISA, so I'd look into one of those.0 -
How on earth you expected answers when you didn't include the question in your first post is beyond me, and as already pointed out, this is the wrong forum . .Just need to choose the correct option of where to save for it to get the best interest.0
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