20K to put in Lifetimeisa

eskbanker

IloveElephants wrote: »

Im wondering on the Money box app if I deposit my £4k in the stocks and shares ISA then select "adventures" High risk investing do you think this is a bad idea if I have no intention of touching the money because in the long term it will hopefully grow?

Or shall I play it safe and just open the Lifetime ISA and simply deposit 4k in and after the tax year add another 4k ?

You really ought to decide what the money is most likely to be used for and when, before choosing where to put it.

A simplistic rule of thumb is to save (in cash products) money that is likely to be needed in five years or less, and to consider investing in S&S beyond that (only if you have enough in cash form first).

The difference is more significant with LISAs where there are the withdrawal penalties if accessing the money earlier than intended, so deciding whether it's house money or retirement money becomes more important.

Moneybox is more complicated than most as it offers a cash LISA, a S&S LISA and a S&S ISA - their cash LISA offers a market-leading rate but if you're interested in investing then other S&S LISA providers offer more choice at lower cost....

IloveElephants

:jHi Esk

Ive opened a Money Box Cash ISA, im just getting familiar with the app and tools and will deposit 4k in once im comfortable, yes the app looks good and user friendly so far.