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New in savings
GuyRum
Posts: 3 Newbie
Greetings. I got 30k savings from previous 2 tax years and i am thinking where to invest it. Now i keep them just in regular bank account.
I am absolutely new in investing, because i live in UK only for 2 years. Never investing before.
I am 29 years old. Have wife- we can split that amount for both. No child. Nor Renting flat in small town in Cornwall.
I will not need that money for a long term, because we plan to buy property not earlier than after 3-5 years.
Where should i put my attention on?
Thanks.
I am absolutely new in investing, because i live in UK only for 2 years. Never investing before.
I am 29 years old. Have wife- we can split that amount for both. No child. Nor Renting flat in small town in Cornwall.
I will not need that money for a long term, because we plan to buy property not earlier than after 3-5 years.
Where should i put my attention on?
Thanks.
0
Comments
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Start a Lifetime ISA each and get £8K into those, drip-feeding the rest over subsequent tax years. In the mean time, maximise interest on the rest: https://www.moneysavingexpert.com/savings/which-saving-account/0
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With investing (i. e. Capital at risk, stocks shares etc) you run risk of getting back less than you put in if you come to withdraw at a down period in the market. This risk goes down the longer you invest, If you need your money in 3-5 years this is a short period of time for this.
As above Lifetime ISA is your friend (1k bonus from government).
You can eek out a bit more interest by dripfeeding into regular savers.
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/
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