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Savings options
Tuftymittens
Posts: 5 Forumite
Hi, I have about £25k sitting in the bank at the moment, what are the best options for this??
Should I put down a deposit on a 2nd property and go down the buy to let route?
Or invest in something?
ISA, stocks , shares, or higher risk?
What do people suggest??
Not looking to get rich quick but knowing my money is earning for my kids future would be nice
Thanks in advance
Should I put down a deposit on a 2nd property and go down the buy to let route?
Or invest in something?
ISA, stocks , shares, or higher risk?
What do people suggest??
Not looking to get rich quick but knowing my money is earning for my kids future would be nice
Thanks in advance
0
Comments
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Impossible to give meaningful advice without significantly more detail of your wider financial circumstances, but in very general terms, if you're likely to need access within about five years then save it, if it can wait until you reach 57+ then pension contributions may be worth considering, and anything in between may be suitable for investing.
Or if it's money for your kid's (or kids'?) future then giving the money to them could be a possibility?1 -
If you want to be on the safe side put your 25k into a well paying FSCS protected savings account and let your money grow without thinking about risks. ISA or none-ISA would depend on your personal tax circumstances.Tuftymittens said:Hi, I have about £25k sitting in the bank at the moment, what are the best options for this??
Should I put down a deposit on a 2nd property and go down the buy to let route?
Or invest in something?
ISA, stocks , shares, or higher risk?
What do people suggest??
Not looking to get rich quick but knowing my money is earning for my kids future would be nice
Thanks in advance2 -
Buy to let - no.
If you're happy to leave it invested for 5 years or more, perhaps £20k into a stocks and shares ISA. Choose a global tracker or a multi-asset fund, aligned to your personal attitude to risk. Lots of other posts on here with suggestions of where to invest and good places to research.
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What is your pension situation?0
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I have a very small private pension and (hopefully a state pension 😂)Albermarle said:What is your pension situation?1 -
..whatever you do, the BTL option should be at the very bottom of your list of options..........
.."It's everybody's fault but mine...."1 -
Better start working on making it a bigger one !Tuftymittens said:
I have a very small private pension and (hopefully a state pension 😂)Albermarle said:What is your pension situation?1
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