Saving / House Deposit

gfriel2104

ColdIron said:

Sure, why not? It would be just as easy to access

What do you mean by 'immediate'? Earlier you said:

I have no idea how long it'll take for me to find the right house so I could be sitting on it for a while.

And you won't complete all your renovations in a couple of weeks after moving in

But it depends upon what value you place on earning some interest against none at all

The offer is hopefully going in tomorrow so maybe not quite as long, but we'll see. Could easily fall through or get rejected and then I could be browsing for another few months. So you'd recommend me swapping my current account balance over into a higher interest / immediately available savings account?

ColdIron

At risk of repetition:

ColdIron said:

Sure, why not? It would be just as easy to access

What do you see as the disadvantage beyond the time to open one?

You seem to be prepared to open a LISA, a S&S ISA and a cash ISA

gfriel2104

ColdIron said:

At risk of repetition:

ColdIron said:

Sure, why not? It would be just as easy to access

What do you see as the disadvantage?

Probably the same thing that scares off everyone from getting into investments; lack of education & conformity to the 'norm'. But perfect I'll go with that strategy instead. I make a decent little chunk each month above my bills each month so it'd be the best place to move that money into and generate interest off of that too. Appreciate your insight!

ColdIron

To be clear, I am only talking about the money in your current account that is earning low interest (or no interest if it's in a 'standard Bank of Scotland current account'). That would be better in a easy/instant access savings account. I have no idea whether the other 3 accounts would suit your circumstances or objectives

dales1

I'm uncertain about the S&S ISA and S&S LISA ideas.

These should really be only for money not needed for 5 and preferably 10 years (since stock market downturns can be harsh and take years to recover).

(Say if you needed a new boiler or a big car repair, you might face selling these at a loss, without backup funds).

Also, platform and dealing fees can damage the returns on relatively small investments.

I think it might be easier and more flexible, to put all of this £20k ISA money into a cash ISA.