Where to put my savings?

amandakeddie

I have a lifetime ISA which I'm topping up every week saving fir my first home. My parents have been saving since I was born and together have very kindly made a total of around £16,000. My question is what is the best thing to do with this money? I'd like to get some interest on it and won't be using it for a couple of years. Thanks in advance!

Alexland

Obviously try and use your full £4k LISA contribution allowance by the end of this tax year on the 5th April (or weirdly earlier with at least one provider) and then put £4k in next tax year. You might want to open one or more Virgin Money current accounts for the 2% interest rate on up to £1k per account. You might then want to use some promo rate regular savers to get a good rate on more of the money.

Albermarle

Also look at Premium Bonds .
Couple of years is too short a timescale to be looking at investments .

ChilliBob

If you can be inflexible and fix it for a year you'll get the best savings rate. Priority wise though 
ISA (Lisa or isa whatever suits your circumstances)
Virgin account 
Premium bonds 
Other savings - where a fix for a year will get you a (marginally) better rate. 

In my view