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Savings account or Stocks & Shares ISA

Should I transfer my money from my Tesco online saver to Moneybox stocks and shares ISA?

For Tesco I got £6.76 interest for year with about £6000

For Moneybox I’ve currently got £5.32 interest for £105

I want the money available for summer holidays/ for emergencies and don’t want to put it in my LISA that I have. Any help or ideas would be greatly appreciated!

Comments

  • Albermarle
    Albermarle Posts: 28,285 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    For Moneybox I’ve currently got £5.32 interest for £10
    Just to be clear , you did not earn interest , your investments increased during that period .
    Going forward they could increase further , or just as easily go down and you could well have less than you started with.
    You can not make a straight comparison with a savings account where your money will never go down .
    For Tesco I got £6.76 interest for year with about £6000
    You must be in a very poor savings account . Normally £6K should earn at least £100
  • S&S are not generally a good choice for short term savings or emergency funds. They are a long term (5+ years) investment vehicle.

    The general advice is that you should not consider S&S until you have enough cash savings to cover all your short term / emergency requirements.
  • Alexland
    Alexland Posts: 10,183 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    Yes even balanced risk S&S investment is only suitable for money you will not need to access for at least 5 years to manage the risk you withdraw less than you contributed.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    Open a Nationwide flexdirect account & stick £2500 in @ 5%
    Open a TSB current account & stick £1500 in @ 3%
    Open a Marcus account & stick remaining £2000 in @ £1.5%
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