What to do with my money?

joshl

Hi all.

I hope I’m posting this in the correct area. First timer...

I’m currently 27, living at home with parents and will be looking to buy an apartment or house in the next couple of years.

I have a LISA which has been open for more than 12 months. My first question is; if I put £4,000 in that account tomorrow, would I get the 25% (£1,000) allowance at the end of the month? Or would it go in after a year?

Secondly, I’m looking to save, but with easy access to my account. I currently have a flexi saver but the interest is garbage. I have a decent amount of money (under 10k atm) to transfer into an easy access saver or a ISA, which would you recommend? Or would it be the case of just choosing one with the best interest? Should I put all my savings in the same account? If so, could you point me in the best direction. Currently banking with HSBC and Monzo current accounts.

Thanks for your help!

Neil_Jones

The LISA details are here:
https://www.moneysavingexpert.com/savings/lifetime-isas/#tip2

Top Easy access savings @ 1.45% is here:
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#marcus

eskbanker

joshl wrote: »

I have a LISA which has been open for more than 12 months. My first question is; if I put £4,000 in that account tomorrow, would I get the 25% (£1,000) allowance at the end of the month? Or would it go in after a year?

Neither, it would be added around the end of January - LISA bonuses work on claim periods from the 6th of one month to the 5th of the next, after which it's about 28 days.

joshl wrote: »

Secondly, I’m looking to save, but with easy access to my account. I currently have a flexi saver but the interest is garbage. I have a decent amount of money (under 10k atm) to transfer into an easy access saver or a ISA, which would you recommend? Or would it be the case of just choosing one with the best interest? Should I put all my savings in the same account? If so, could you point me in the best direction. Currently banking with HSBC and Monzo current accounts.

Most on here would choose accounts paying the best interest, but if something else is important to you then you may wish to do something different - some prefer branch-based accounts for example. Anyway, read these MSE articles and take your pick:

https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

joshl

Thanks for your help.