What to do with £30k?????

Charlluke114 · 29 November 2017 at 11:24AM

Hi all, I probably sound completely daft but honestly all this Investments, tax-free Isa's etc baffle the hell out of me!

Me and my husband (trough work and hard savings) have now managed to save £30,000 for what we had planned to be a deposit on our first home. We have now realised that until our credit ratings improve we will need to wait 2-3 years before we can apply and be successful. I have a 5 y/old CCJ and Husband a 1 y/old CCJ, both are satisfied but with bad credit over the past few years, bad habits in past relationships etc they have said to wait until it improves.

Were not too bothered as we are reasonably happy where we are at the moment and to be honest were only thinking of buying as it seems to be the 'thing to be doing' at the moment.

What I would like some advice on is the money is basically sat in a bog standard Barclays online savings acc not doing a great deal and wont be for a couple of years- Where should we put it??

Many Thanks in advance!!

MallyGirl · 29 November 2017 at 11:34AM

I would take a look at this link:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=2.148007861.320750121.1511775815-1057817352.1511775815

unfortunately most of the best interest rates are associated with bank accounts and you might struggle to get accepted for any of these with poor credit. There are still some traditional savings accounts that are probably better than your current one.
A couple of years is much too short a timescale to be thinking about investment / stocks and shares so the best thing to do is get the best interest you can. You can probably get slightly better returns by fixing for a year or 2 which fits with your goals.

xylophone · 29 November 2017 at 12:42PM

Are you both eligible for LISA?

https://www.moneysavingexpert.com/savings/lifetime-ISAs

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

DiggerUK · 29 November 2017 at 1:02PM

You genuinely do sound daft, and directing blame elsewhere is not a very good justification for the place you now find yourself.

CCJ fairies don’t deliver court judgements in the middle of the night. Yet you still managed to put by £30,000....well done.

If you are serious about home purchase, then help to buy, or lifetime ISA’s would do........just one problem, rates are low. But the bonuses work to your favour.
In your place I would put the rest in Premium Bonds, at least they’re safe..._

p.s., wise up.

eskbanker · 29 November 2017 at 2:32PM

DiggerUK wrote: »

directing blame elsewhere is not a very good justification for the place you now find yourself

Seems an unnecessary comment - where does OP even hint at directing blame elsewhere? To me the post doesn't suggest anything other than that credit-related problems were self-inflicted and was simply seeking advice about how best to proceed rather than looking back or pointing fingers....

kidmugsy · 29 November 2017 at 4:07PM

If you find it hard to open bank accounts consider plonking the money into Premium Bonds. There's no risk of tax complications and you can view them as paying out around 1.25% p.a. in small prizes, with an extra 0.15% p.a. reserved to give you a tiny chance of a big prize.

They suit a time span of "a couple of years" pretty well.The best idea is to buy them late in the month and cash them in early in the month.

What to do with £30k?????

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