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Help with what to do with £11k

(10 Posts)
BumpowderSneezeonAndSnot Mon 13-Nov-17 15:51:55

The sum total of my savings. What should I do to make it work better for me. Currently I'm using an HSBC regular saver to put money aside each month, then what? Ideally I would love to be a home owner at some point or It will get sucked up on the kids uni fees. Any advice is welcome

MissConductUS Mon 13-Nov-17 15:59:44

Good for you for being a saver. How long before your kids are going to be applying to uni? If you can buy the house before then that's likely your best option.

In the US retirement accounts aren't counted when applying for uni aid. That might be another option if the rule is the same in the UK.

BumpowderSneezeonAndSnot Mon 13-Nov-17 16:32:00

Thanks. Yes I would prefer to buy a property before they start university which doesn't really give me much time

Ttbb Mon 13-Nov-17 16:35:27

So don't leave it a savings account-at current interest rates you might as well be burning money. Buy safe stocks with it. You can go to a broker for profession advice or do it yourself using a service like Hargreaves Landsdown

JoJoSM2 Tue 14-Nov-17 20:26:46

How old are you? If under 40, then you can put money into a Lifetime ISA - up to 4K a year and the government adds another 25% on top. It can be used as a deposit on your first property or cashed in tax free after 55.

Other ISAs would also bed good options - we’ll invested money will give you good returns. In savings accounts you tend to lose money as the interest rates tend to be below inflation.

Shen0102 Wed 15-Nov-17 20:06:53

@JoJo thanks for that ...I didn't know about lifetime isa, seems like a good deal :-)

specialsubject Thu 16-Nov-17 22:30:26

Its the Hargreaves lansdown plugger again! There are no safe stocks.

fussychica Thu 21-Dec-17 13:22:49

You can't cash in a Lisa until you are 60 not 55.

dontcallmethatyoucunt Sun 24-Dec-17 23:10:58

safe stocks well we'll read someone spotted a unicorn dancing in Tesco next

ChinkChink Sun 24-Dec-17 23:15:05

I'd bung it in Premium Bonds until interest rates improve.

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