What to do with 2k

madlyn

I currently have £2000.00 hidden away in a draw doing nothing, and I would like to invest it somehow.
Other than my mortgage which I am overpaying on, I have no debts.
I'm prepared to lock it away for a couple of years or possibly longer, with the option to add to it if i wanted to and I am not to bothered about easy access and I am a basic rate taxpayer.
Thanks in advance for any suggestions.

kwame41

Lots of options:-


Fixed term savings - https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/


Cash / Stocks & shares Isa's - https://www.moneysavingexpert.com/savings/best-cash-isa/


https://www.moneysavingexpert.com/savings/lifetime-isas/


https://www.moneysavingexpert.com/savings/stocks-shares-isas/


Have a read.

madlyn

I am 44 so a LISA is out of the question, am interested in stocks and shares so will have a read of that thread.

Thrugelmir

Are you contributing to a pension scheme?

madlyn

I am yes, a work pension and I have a private pension.

xylophone

Perhaps consider an ISA with Vanguard?

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa?cmpgn=PS0617UKPABIS0001&gclid=EAIaIQobChMIwIG9weuZ3gIVAuh3Ch2gfgvkEAAYASAAEgJaMvD_BwE

http://monevator.com/using-vanguard-lifestrategy-funds-life/

Thrugelmir

madlyn wrote: »

I am yes, a work pension and I have a private pension.

One option would be to up your private pension contributions.

£2k isn't sufficient to have a meaningfull direct holding in stocks and shares.

madlyn

So having read the threads that Kwame41 kindly posted, I'm drawn to a fixed term saving account for 2 maybe even 3 years. I will continue with my research.

madlyn

Having read up on fixed term savings account, it seems that most of them do not allow additional deposits.
So it seems a regular savings account may be the way to go for me.

quirkydeptless

After a visit to a TSB branch a few days ago I was able to open a current account and register for online access on the day, and so I could put £1500 earning 5% there and then. They've had IT problems though.


Or you could put it in Nationwide, which is 5% for up to £2500 for 1 year (dropping to 1%), but they have a 5% Regular Saver which you'd get access to too.

Or you could to both Banks! So I think for up to £4000, current account saving at 5% seems to be the ticket, topped up with Regular Saver.

[Deleted User]

I've got an account you can put it in.
80% interest fixed for 60 years, no withdrawals until maturity.