We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
What to do with money in cash isa?
nrbr
Posts: 3 Newbie
I have a cash ISA with about ~£30k earning 0.25% interest, and perhaps the same again elsewhere earning no interest. I intend to buy a property for the first time in the next 1-2 years. Any suggestions for where to put it? Just opened an NS&I Income bonds, seems like about the best interest you can get right now...
As interest will be within tax-free limit, it doesn't seem an issue to be transferring out of an ISA as I will probably spend the money before interest rates go up. Is that correct?
0
Comments
-
The short answer is yes, but if you haven't owned a property before and are under 40 then the 25% bonus achievable from £4K/year in a Lifetime ISA will comfortably outperform interest earned elsewhere....nrbr said:I have a cash ISA with about ~£30k earning 0.25% interest, and perhaps the same again elsewhere earning no interest. I intend to buy a property for the first time in the next 1-2 years. Any suggestions for where to put it? Just opened an NS&I Income bonds, seems like about the best interest you can get right now...As interest will be within tax-free limit, it doesn't seem an issue to be transferring out of an ISA as I will probably spend the money before interest rates go up. Is that correct?
https://www.moneysavingexpert.com/savings/which-saving-account/
https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards