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  • FIRST POST
    • joshl
    • By joshl 8th Dec 19, 5:31 PM
    • 2Posts
    • 0Thanks
    joshl
    What to do with my money?
    • #1
    • 8th Dec 19, 5:31 PM
    What to do with my money? 8th Dec 19 at 5:31 PM
    Hi all.

    I hope Iím posting this in the correct area. First timer...

    Iím currently 27, living at home with parents and will be looking to buy an apartment or house in the next couple of years.

    I have a LISA which has been open for more than 12 months. My first question is; if I put £4,000 in that account tomorrow, would I get the 25% (£1,000) allowance at the end of the month? Or would it go in after a year?

    Secondly, Iím looking to save, but with easy access to my account. I currently have a flexi saver but the interest is garbage. I have a decent amount of money (under 10k atm) to transfer into an easy access saver or a ISA, which would you recommend? Or would it be the case of just choosing one with the best interest? Should I put all my savings in the same account? If so, could you point me in the best direction. Currently banking with HSBC and Monzo current accounts.

    Thanks for your help!
Page 1
    • Neil Jones
    • By Neil Jones 8th Dec 19, 7:04 PM
    • 3,260 Posts
    • 2,392 Thanks
    Neil Jones
    • #2
    • 8th Dec 19, 7:04 PM
    • #2
    • 8th Dec 19, 7:04 PM
    The LISA details are here:
    https://www.moneysavingexpert.com/savings/lifetime-isas/#tip2

    Top Easy access savings @ 1.45% is here:
    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#marcus
    • eskbanker
    • By eskbanker 8th Dec 19, 7:05 PM
    • 12,098 Posts
    • 15,006 Thanks
    eskbanker
    • #3
    • 8th Dec 19, 7:05 PM
    • #3
    • 8th Dec 19, 7:05 PM
    I have a LISA which has been open for more than 12 months. My first question is; if I put £4,000 in that account tomorrow, would I get the 25% (£1,000) allowance at the end of the month? Or would it go in after a year?
    Originally posted by joshl
    Neither, it would be added around the end of January - LISA bonuses work on claim periods from the 6th of one month to the 5th of the next, after which it's about 28 days.

    Secondly, Iím looking to save, but with easy access to my account. I currently have a flexi saver but the interest is garbage. I have a decent amount of money (under 10k atm) to transfer into an easy access saver or a ISA, which would you recommend? Or would it be the case of just choosing one with the best interest? Should I put all my savings in the same account? If so, could you point me in the best direction. Currently banking with HSBC and Monzo current accounts.
    Originally posted by joshl
    Most on here would choose accounts paying the best interest, but if something else is important to you then you may wish to do something different - some prefer branch-based accounts for example. Anyway, read these MSE articles and take your pick:

    https://www.moneysavingexpert.com/savings/which-saving-account/
    https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
    • joshl
    • By joshl 8th Dec 19, 9:00 PM
    • 2 Posts
    • 0 Thanks
    joshl
    • #4
    • 8th Dec 19, 9:00 PM
    • #4
    • 8th Dec 19, 9:00 PM
    Thanks for your help.
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