Help with investment please!

acsrjsk

Hello there, I have 70K sitting in my cash ISA, which I save up for years! I absolutely have no idea on investments and reading about this on Google just confuses me!

I really need to invest for better returns. I am 44 and happy to lock my money away for five years. 
Can you please let me know what exactly I do to invest this and how to go about it. 

I don't think I need to access part of the 70K for the next few years but it would be good to have the option - for example, family expenses, but if it needs to be locked away then its ok. 

I wanted to speak to a Finance Advisor but worried that that I will have to pay a percentage and some says its not worth it.

Is Stocks and Shares ISA best way forward? I have my money locked on fixed Cash ISA until next April. Do I have to wait until then? How should I proceed with Stocks and Shares ISA? Can I also add more money year on year - alhtough I doubt it will entire 20K allowance but it will be something like 1 or 2K every year or so, whatever I can save after expenses. 

Thank you so much. 

tacpot12

Your Fixed Rate Cash ISA is likely to have a penalty if you withdraw it before April. What rate of interest are you getting on this Cash ISA? 

My partner invested in a Cash ISA Bond with United Trust Bank recently. This could be a good option to improve your rate of return, although the money can't be accessed without penalty unless the bond ends.

I would suggest that you don't invest your savings in a Stocks & Shares ISA until you are more comfortable with investing. 

If you haven't paid £20,000 into your Cash ISA this tax year, you can open a Stocks & Shares ISA this year, and start saving into it. You can find providers that will allow you to set up a regular amount that will be invested each money, or you can just pay money in when you find you have some free, and then decide what to invest in. 

acsrjsk

Thank you so much!

I am also with United Trust Bank - something like 5%

I do have lot more question on your last paragraph but let me get my thoughts together on this before I ask them. Thank you though for taking the time in responding quickly!

droopsnoot

Keep in mind that with a Stocks and Shares ISA, you still need to consider what investments you hold inside it. It's worth doing a decent amount of research, but if your current ISA is locked until April you have plenty of time. 

Also remember that with investments, a five year term is often thought of as the absolute minimum to consider, and it's wise to have investments where you are unlikely to need to cash out in an emergency. I generally find the investments I have inside S&S ISAs to be good, but if you'd asked me seven months after I first put money in one, I'd have had a very different opinion.

Eyeful

1. Before you invest you should have an emergency fund to pay for things like a broken boiler or car repairs etc.
    So you do not have to sell your investments when the market is low, like a few years ago.
    How large should this fun be all depends on the person. Some people think at least 6 months salary, other may think more. 

2. Pay off debt first (except for a mortgage). You do not want to pay credit cards interest etc, as you will not make it back through investing.

3. Have you got a pension? If not think about getting one. 

4. If you are going to need the money within the next 5 years it should be in a savings account.
    Make sure the bank or building society account is covered by the FSCS up to £85k.   
    https://www.fscs.org.uk/check/check-your-money-is-protected/

5. If you do invest it should be for at least 5 years. Far better 10 years. Remember with investing nothing is guaranteed, so you may less out than you put in.

6. Before you invest watch this:   
    https://www.kroijer.com/

7. I suggest you look into a low cost global multi asset index fund or ETF. This is a basic buy it and forget approach                                                        https://monevator.com/passive-fund-of-funds-the-rivals/

8. This may be of interest:
    https://monevator.com/find-the-best-online-broker/