Save or Invest £30k ?

MoneySaver616161

I have £30k in a Fixed term account which is due to Mature soon, I am torn between a Fixed rate bond for around 4.45% a year, or invest it ?, I already have investments with NatWest that have made around 10.79% in an Ambitious Fund.

Best 1 Yr bond from my banks is around 4.45%, but ideally I want it in Joint Names, and the only bank which does Joint bonds is Barclays, reason for Joint is I seen the issues and problems that my Mother in Law had when her husband died as he had so many savings etc in his name only and it was a nightmare to get the banks to part with the money, where the Joint accounts were easy.

Any advice would be appreciated.

sheslookinhot

Do you want to save it in a fixed rate product or invest it ?

MoneySaver616161

sheslookinhot said:

Do you want to save it in a fixed rate product or invest it ?

Really just looking for suggestions as what is best, either save or invest ?.

tacpot12

The decision as to whether to save or invest is usually best made on the basis of how long you want to save/invest for. Short durations are generally better held as savings, long durations are better held as investments. 

Your issue isn't just about savings or investments, it's about access after death. You don't necessarily need a solution for your £30K if you already have enough money that would be immediately accessible after your death to allow your spouse/partner to deal with the requirement to get a grant of probate.

Do you have any private pension provision? If you do, you should make a nomination to leave your pension to your spouse/partner as another source of income that they can have access to quickly if you die. 

xylophone

Have you checked here

https://moneyfactscompare.co.uk/savings-accounts/1-year-fixed-rate-bonds/?id=null&business-type=16&activity-type=null&investment-amount=30000&investment-type=1&account-types=1&interest-paid-frequencies=null&terms=2&account-opening-methods=null&account-management-methods=null&notice-periods=null&include-notice-period=true&include-term=true&age=21&has-withdrawal-restrictions=2&existing-customers-only=2&is-shariaa=2&joint-account-only=1

El_Torro

If you won't need the money for at least 10 years then you should invest it. Ideally in a Stocks & Shares ISA or pension. 

If you will need the money in 5 - 10 years then investing isn't ideal but might still be a possibility. If you can be a bit flexible on when you take it then arguably investing is still a good idea, as long as you don't withdraw the money at the bottom of a crash. 

If using an ISA (either Cash or Stocks & Shares) then you can split the money and keep £15k each. Joint ISAs are not an option. This only works if both of you have ISA allowances remaining. 

jimjames

MoneySaver616161 said:

I have £30k in a Fixed term account which is due to Mature soon, I am torn between a Fixed rate bond for around 4.45% a year, or invest it ?, I already have investments with NatWest that have made around 10.79% in an Ambitious Fund.

If the choice is savings or investment with Natwest I'd probably choose savings. There are much better investment options available than Natwest which is what I'd be looking at if I didnt need the money

MoneySaver616161

jimjames said:

MoneySaver616161 said:

I have £30k in a Fixed term account which is due to Mature soon, I am torn between a Fixed rate bond for around 4.45% a year, or invest it ?, I already have investments with NatWest that have made around 10.79% in an Ambitious Fund.

If the choice is savings or investment with Natwest I'd probably choose savings. There are much better investment options available than Natwest which is what I'd be looking at if I didnt need the money

If investing what Company would you recommend ?, if not NatWest.

MoneySaver616161

El_Torro said:

If you won't need the money for at least 10 years then you should invest it. Ideally in a Stocks & Shares ISA or pension. 

If you will need the money in 5 - 10 years then investing isn't ideal but might still be a possibility. If you can be a bit flexible on when you take it then arguably investing is still a good idea, as long as you don't withdraw the money at the bottom of a crash. 

If using an ISA (either Cash or Stocks & Shares) then you can split the money and keep £15k each. Joint ISAs are not an option. This only works if both of you have ISA allowances remaining. 

We still have our £20k ISA Allowance for this year, so which Company would you recommend for a ISA, High Street Bank or other ?. Thanks.

Eco_Miser

MoneySaver616161 said:

El_Torro said:

If you won't need the money for at least 10 years then you should invest it. Ideally in a Stocks & Shares ISA or pension. 

If you will need the money in 5 - 10 years then investing isn't ideal but might still be a possibility. If you can be a bit flexible on when you take it then arguably investing is still a good idea, as long as you don't withdraw the money at the bottom of a crash. 

If using an ISA (either Cash or Stocks & Shares) then you can split the money and keep £15k each. Joint ISAs are not an option. This only works if both of you have ISA allowances remaining. 

We still have our £20k ISA Allowance for this year, so which Company would you recommend for a ISA, High Street Bank or other ?. Thanks.

For S&S ISA, IWEB (which is Halifax Share Dealing Ltd, which is Lloyds Banking Group), only charge £5 per transaction, no percentage or monthly/annual fees. Ideal for lump sums.