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  • FIRST POST
    • safeashouses
    • By safeashouses 15th Sep 18, 9:59 PM
    • 123Posts
    • 48Thanks
    safeashouses
    savings advice
    • #1
    • 15th Sep 18, 9:59 PM
    savings advice 15th Sep 18 at 9:59 PM
    We will shortly have between 100k and 140k which we want to put into savings until we find an investment property to rent out. Where is the best place to put the money?
Page 1
    • Vet
    • By Vet 15th Sep 18, 10:24 PM
    • 54 Posts
    • 30 Thanks
    Vet
    • #2
    • 15th Sep 18, 10:24 PM
    • #2
    • 15th Sep 18, 10:24 PM
    Many different options. LISAs, Max out current accounts and linked savers first. if you dont need it for 5+ years then may be worth investing it. If you need easy access then use easy access savers e.g. Shawbrook etc.}
    Also make sure you use your full ISA allowance for the year!
    • xylophone
    • By xylophone 15th Sep 18, 10:35 PM
    • 26,478 Posts
    • 15,721 Thanks
    xylophone
    • #3
    • 15th Sep 18, 10:35 PM
    • #3
    • 15th Sep 18, 10:35 PM
    Easy access, all in one place and no worries about FSCS protection, NS&I Income Bonds might suit.

    https://www.nsandi.com/income-bonds

    Otherwise you might consider interest paying current accounts, regular savers.deposit accounts..

    https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
    • safeashouses
    • By safeashouses 16th Sep 18, 8:26 PM
    • 123 Posts
    • 48 Thanks
    safeashouses
    • #4
    • 16th Sep 18, 8:26 PM
    • #4
    • 16th Sep 18, 8:26 PM
    Thank you, I want it all in one place for easy access but the economy isn't kind to savers is it!
    • Alexland
    • By Alexland 16th Sep 18, 8:56 PM
    • 3,093 Posts
    • 2,434 Thanks
    Alexland
    • #5
    • 16th Sep 18, 8:56 PM
    • #5
    • 16th Sep 18, 8:56 PM
    LISAs
    Originally posted by Vet
    Lifetime ISAs are not suitable for buying an investment property.

    It needs to be where you intend to live.

    https://www.moneyadviceservice.org.uk/en/articles/lifetime-isa-faq#is-the-property-im-buying-eligible-for-the-government-bonus

    Alex
    • safeashouses
    • By safeashouses 18th Sep 18, 7:38 AM
    • 123 Posts
    • 48 Thanks
    safeashouses
    • #6
    • 18th Sep 18, 7:38 AM
    • #6
    • 18th Sep 18, 7:38 AM
    Thanks, we definitely will not be living in it.
    • RedbullRJ
    • By RedbullRJ 18th Sep 18, 2:02 PM
    • 5 Posts
    • 2 Thanks
    RedbullRJ
    • #7
    • 18th Sep 18, 2:02 PM
    • #7
    • 18th Sep 18, 2:02 PM
    There is not much safe return on cash anywhere at the moment (I use Santander 123; 3 x accounts at 1.5%, which is less than inflation but simple), so you could consider other means of investing, which provide higher returns; absolute return funds (use a discount broker like HL), peer to peer lending or a mixture of these two and a savings account? (There is a section on MSE website about p2p). This would be higher risk, but so is investing 140k in a property.

    If you have other means or money, a rental property could be an excellent diversification and I know people who have done well from it and I wish you luck, look for high yielding areas, with lots of rental demand and do a thorough check on potential tenants. If not, you are relying on this one investment performing well and the tenant paying the rent every month. You may possibly also have money tied up in your own home too.
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